Common use of Required Modifications Clause in Contracts

Required Modifications. At all times during the Charter Period, ---------------------- Charterer shall make (or cause to be made) all Severable and Nonseverable Modifications to the Vessel as may be required from time to time to meet the requirements of clause (ii) of Article 11(a) or to maintain any insurance coverage required by Article 16 (subject to the qualifications set forth in such Article) unless Charterer shall have elected to terminate this Charter Party pursuant to Article 18 or unless the Charterer shall have made the election provided in Article 13(f). Charterer shall complete (or cause to be completed) all such Modifications in a good and workmanlike manner, with reasonable dispatch and in a manner (but only to the extent practicable in the case of Modifications to the Vessel required pursuant to clause (ii) of Article 11(a) or to maintain any insurance coverage required by Article 16) which does not decrease except to a de minimis extent the Fair Market Sales Value of the Vessel -- ------- or decrease the remaining useful life or utility of the Vessel or cause the Vessel to become "limited use property" within the meaning of Revenue Procedure 76-30.

Required Modifications. At all times during the Charter Period, ---------------------- Charterer shall make (or cause to be made) all Severable and Nonseverable Modifications to the Vessel as may be required from time to time to meet the requirements of clause (ii) of Article 11(a) or to maintain any insurance coverage required by Article 16 (subject to the qualifications set forth in such Article) unless Charterer shall have elected to terminate this Charter Party pursuant to Article 18 or unless the Charterer shall have made the election provided in Article 13(f) ("Required Modifications"). Charterer shall complete (or cause to be completed) all such Required Modifications in a good and workmanlike manner, with reasonable dispatch and in a manner (but only to the extent practicable in the case of Modifications to the Vessel required pursuant to clause (ii) of Article 11(a) or to maintain any insurance coverage required by Article 16) which does not decrease except to a de minimis extent the Fair Market Sales -- ------- Value of the Vessel -- ------- or decrease the remaining useful life or utility of the Vessel or cause the Vessel to become "limited use property" within the meaning of Revenue Procedure 76-30.