Common use of Repairers’ liens Clause in Contracts

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. 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 unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for such Ship unless the relevant Owner has established to the reasonable satisfaction any of the Agent that it has sufficient reserves to pay for the cost of such work.

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 Borrower has established to the reasonable satisfaction of the Agent that it has sufficient reserves with the Account Bank to pay for the cost of such work.

Repairers’ liens. Except with approval, the Ship shall not be put into any other person’s '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 that person gives the Major Casualty Amount Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for such Ship unless the relevant Owner has established to the reasonable satisfaction any of the Agent that it has sufficient reserves to pay for the cost of such work.

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 $2,000,000 (or its equivalent in any other currency or currencies) unless the relevant Owner has established to the reasonable satisfaction of that person gives the Agent that it has sufficient reserves a written undertaking in approved terms not to pay exercise any lien on the Ship or its Earnings for any of the cost of such work.

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 that person gives the Agent that it has sufficient reserves a written undertaking in approved terms not to pay exercise any lien on the Ship or its Earnings for any of the cost of such work.

Repairers’ liens. Except with approval, the Ship shall not be put into any other person’s '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 that person gives the relevant Owner has established Security Agent a written undertaking in approved terms not to exercise any lien on the reasonable satisfaction Ship or its Earnings for any of the Agent that it has sufficient reserves to pay for the cost of such work or it is demonstrated to the Agent's reasonable satisfaction that the funds will be available to meet the full cost of that work, whether from insurers or otherwise (including sufficient reserves in the Earnings Account).

Repairers’ liens. Except with approvalapproval of the Required Lenders, the a Ship shall not be put into any other person’s 's possession for work to be done on the such 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 Obligors have sufficient funds to the reasonable satisfaction of the Agent that it has sufficient reserves to pay for meet the cost of such workwork or the Obligors can evidence to the Administrative Agent that the cost of such work will be met by the insurers of such Ship.

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 that person gives the relevant Owner has established Lender a written undertaking in approved terms not to exercise any lien on the reasonable satisfaction Ship or its Earnings for any of the Agent that it has sufficient reserves to pay for the cost of such work or it is demonstrated to the Lender’s reasonable satisfaction that the funds will be available to meet the full cost of that work, whether from insurers or otherwise (including sufficient reserves in the Earnings Account).

Repairers’ liens. Except with approvalapproval of the Required Lenders, the a Ship shall not be put into any other person’s possession for work to be done on the such 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 Obligors have sufficient funds to the reasonable satisfaction of the Agent that it has sufficient reserves to pay for meet the cost of such workwork or the Obligors can evidence to the Administrative Agent that the cost of such work will be met by the insurers of such Ship.

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 $2,500,000 (or its equivalent in any other currency or currencies) unless that person gives the Major Casualty Amount Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for such Ship unless the relevant Owner has established to the reasonable satisfaction any of the Agent that it has sufficient reserves to pay for the cost of such work.

Repairers’ liens. Except with approvalapproval by the Majority Lenders, the Ship shall not be put into any other person’s '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 that person gives the relevant Owner has established Security Agent a written undertaking in approved terms not to exercise any lien on the reasonable satisfaction Ship or its Earnings for any of the Agent that it has sufficient reserves to pay for the cost of such work.

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 $1,000,000 or the equivalent in any other currency unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for such Ship unless the relevant Owner has established to the reasonable satisfaction any of the Agent that it has sufficient reserves to pay for the cost of such work.

Repairers’ liens. Except with approvalapproval by the Majority Lenders, 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 that person gives the relevant Owner has established Security Agent a written undertaking in approved terms not to exercise any lien on the reasonable satisfaction Ship or its Earnings for any of the Agent that it has sufficient reserves to pay for the cost of such work.