Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.
Appears in 13 contracts
Samples: Facility Agreement (Global Ship Lease, Inc.), Facility Agreement (Navios Maritime Partners L.P.), Term Loan Facility (Navios Maritime Partners L.P.)
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditions.
Appears in 9 contracts
Samples: Loan Agreement (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp)
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions affecting that Ship's class.
Appears in 5 contracts
Samples: Term Loan Facility (Castor Maritime Inc.), Term Loan Facility (Navios Maritime Partners L.P.), Term, Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp)
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions with the Approved Classification Society.
Appears in 4 contracts
Samples: Term Loan Facility (United Maritime Corp), Facility Agreement (United Maritime Corp), Facility Agreement (United Maritime Corp)
Repair and classification. Each The Borrower shall procure that each Owner shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditions.
Appears in 2 contracts
Samples: Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Costamare Partners LP)
Repair and classification. Each The Borrower shall keep the Ship owned by it Vessel in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditions.
Appears in 2 contracts
Samples: Term Loan Facility (Grindrod Shipping Holdings Ltd.), Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)
Repair and classification. (a) Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(ai) consistent with first class ship ownership and management practice;
(ii) so as to ensure that that Ship's Market Value is not materially reduced; and
(biii) so as to maintain the Approved Classification free of material overdue recommendations and conditionsconditions or adverse notations.
(b) Subject to Clause
Appears in 1 contract
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of qualifications, conditions and overdue recommendations and conditionsrecommendations.
Appears in 1 contract
Samples: Term Loan Facility Agreement (Castor Maritime Inc.)
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and;
(b) classed with an Approved Classification Society;
(c) so as to maintain the Approved Classification free of material overdue recommendations and conditionsand/or conditions affecting that Ship’s class or adverse notations; and
(d) so as to ensure that its Market Value is not materially reduced.
Appears in 1 contract
Samples: Facility Agreement (Seanergy Maritime Holdings Corp.)
Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions affecting the Ship's class.
Appears in 1 contract
Samples: Facility Agreement (Euroseas Ltd.)
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue major recommendations and conditionsconditions affecting that Ship's class.
Appears in 1 contract
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification highest possible class free of overdue recommendations and conditionsconditions affecting that Ship's class.
Appears in 1 contract
Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditions.
Appears in 1 contract
Repair and classification. Each Borrower Owner shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditions.
Appears in 1 contract
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and;
(b) classed with an Approved Classification Society;
(c) so as to maintain the Approved Classification free of material overdue recommendations and conditionsand/or conditions affecting that Ship's class or adverse notations; and
(d) so as to ensure that its Market Value is not materially reduced.
Appears in 1 contract
Samples: Term Loan Facility (Seanergy Maritime Holdings Corp.)
Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions with the Approved Classification Society.
Appears in 1 contract
Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:
(a) consistent with first class ship ownership and management practice; and
(b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions affecting that Ship’s class.
Appears in 1 contract
Samples: Term and Accordion Facilities Agreement (Ardmore Shipping Corp)
