Responsible Ship Recycling Sample Clauses

Responsible Ship Recycling. The Borrower and the Guarantor shall ensure that, throughout the Security Period, any Fleet Vessel which is sold with the intention of being scrapped, shall be sold on the basis of a memorandum of agreement that contains language that ensures that that Fleet Vessel shall be dismantled in a safe, sustainable and socially and environmentally responsible way and that it shall be recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and/or EU Ship Recycling Regulation.

Responsible Ship Recycling. If a Ship is sold for scrapping, the Borrower owning that Ship shall use its best endeavours to ensure that that Ship shall be dismantled in a safe, sustainable and socially and environmentally responsible way (the requirements for that Ship to dismantled in a safe, sustainable, socially and environmentally responsible way shall be determined by the Agent in consultation with the relevant Borrower at the relevant time) and shall include, without limitation, the requirement that such Ship is recycled at a recycling yard which conducts its recycling business in a safely, socially and environmentally responsible manner and, to the extent applicable, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and the EU Ship Recycling regulation.

Responsible Ship Recycling. If a Ship is sold for scrapping, the Guarantor shall use its best endeavours to ensure that such Ship shall be dismantled in a safe, sustainable and socially and environmentally responsible way." (iii) by deleting paragraph (a) of clause 12.2 of the Corporate Guarantee in its entirety and replacing it with the following new paragraph: (a) pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of share capital (each, a "Distribution") (including, but not limited to, any Distribution in respect of any preferred shares); or"; (iv) by adding the words "or any other stock exchange acceptable to the Lenders" after the words "the New York Stock Exchange" in paragraph (d) of clause 12.2 of the Corporate Guarantee; (v) by deleting clause 12.3 of the Corporate Guarantee in its entirety and replacing it with the following new clause:

Responsible Ship Recycling. If a Ship is sold for scrapping, the Borrower owning that Ship shall use its best endeavours to ensure that that Ship shall be dismantled in a safe, sustainable and socially and environmentally responsible way (the requirements for that Ship to dismantled in a safe, sustainable, socially and environmentally responsible way shall be determined by the Agent in consultation with the relevant Borrower at the relevant time) and shall include, without limitation, the requirement that such Ship is recycled at a recycling yard which conducts its recycling business in a safely, socially and environmentally responsible manner and, to the extent applicable, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and the EU Ship Recycling regulation. For the purposes of this clause “EU Ship Recycling Regulation” means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC (Text with EEA relevance).