Repairers’ liens Sample Clauses
A repairers’ lien is a legal right that allows a person or business that has repaired or improved property to retain possession of that property until payment for the work is received. In practice, this means that if a customer brings a vehicle or equipment in for repairs, the repairer can legally hold onto the item until the customer pays the bill. This clause ensures that repairers have a form of security for payment, protecting them from the risk of non-payment after providing their services.
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Repairers’ liens. Except with approval, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount for such Ship unless the relevant Owner has established to the reasonable satisfaction of the Agent that it has sufficient reserves to pay for the cost of such work.
Repairers’ liens not without the prior written consent of the Mortgagee to put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed the Casualty Amount unless such person shall first have given to the Mortgagee in terms satisfactory to it, a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise;
Repairers’ liens. Except with approval of the Agent, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount for such Ship unless either (i) that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for any of the cost of such work or (ii) the Ship’s insurers have specifically confirmed that the cost of the work is covered by the Ship’s insurances or (iii) the Borrower or the Parent provides evidence to the Agent that it has sufficient financial resources to cover the cost of that work together with a declaration of solvency and full disclosure of any existing relationship between the repairer and the Group on terms satisfactory to the Majority Lenders.
Repairers’ liens. It will not without the prior written consent by the Agent not to be unreasonably withheld put any Vessel into the possession of any person for the purpose of work being done upon such Vessel in an amount exceeding USD 500,000 (except for any costs for dry-docking, which have been specified in the Borrowers' budgets approved by the Lenders) and which may cause any lien on the Vessel to be incurred unless such person shall first have given to the Agent in terms satisfactory to it a written undertaking not to exercise any lien on the Vessel.
Repairers’ liens procure that each Owner does not without the prior written consent of the Security Trustee (as security agent and trustee on behalf of the Combined Creditors) put its Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed the relevant Casualty Amount unless such person shall first have given to the Security Trustee (as security agent and trustee on behalf of the Combined Creditors) in terms satisfactory to it, a written undertaking not to exercise any lien on such Ship or her Earnings for the cost of such work or otherwise;
Repairers’ liens. Except with approval, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost of that work will exceed or is likely to exceed $2,000,000 (or its equivalent in any other currency or currencies) unless (i) that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for any of the cost of such work or (ii) the cost of such work or repairs is recoverable under the Insurances and in respect of which the insurers have agreed to make payment in accordance with any applicable loss payable clause.
Repairers’ liens not without the prior written consent of the Majority Lenders, to put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed the Major Casualty Amount unless such person shall first have given to the Security Agent in terms satisfactory to it, a written undertaking not to exercise any lien on the Ship or its Earnings for the cost of such work or otherwise;
Repairers’ liens not without the previous consent in writing of the Mortgagee to put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed two hundred thousand Dollars ($200,000) (or the equivalent in any other currency) unless (i) such person shall first have given to the Mortgagee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise or (ii) the previous written consent of the Mortgagee shall have been obtained (which consent shall not be unreasonably withheld);
Repairers’ liens. Except with approval of the Facility Agent (acting reasonably), the Lampung FSRU shall not be put into any other person’s possession for work to be done on the Lampung FSRU if the cost to the Borrower of that work will exceed or is likely to exceed the Major Casualty Amount unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Vessel or the Vessel’s Earnings for any of the cost of such work.
Repairers’ liens. Save with respect to scheduled periodic dry-docking, except with approval, a Ship shall not be put into any other person’s possession for work to be done on that Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount for that Ship unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on that Ship or its Earnings for any of the cost of such work.