Technical condition Clause Samples
Technical condition. Each Owner shall (and the Borrower shall procure that each Owner will) maintain its Vessel in a technical condition consistent with first class ship ownership and management practice, and it shall arrange to have its Vessel submitted for technical inspection in form and substance satisfactory to the Majority Lenders by an independent surveyor appointed by the Administrative Agent and the Borrower shall reimburse the costs thereof limited however to one inspection per year. In the event such inspection does not conclude with a report satisfactory to the Majority Lenders, the Borrower shall procure that the technical condition of such Vessel is rectified and re-submit such Vessel for technical inspections in the same manner within three months and at their own expense.
Technical condition. The Lessee shall provide, at its own expense, daily constant and regular maintenance of each Leased Item, keep them in good working condition, bear all the expenses for the maintenance of the Leased Items, including but not limited to such expenses as: the cost of petrol, oil, other consumables, the cost of repairs and tyre replacement, washing, storage and parking of the Leased Items, unless otherwise provided for in a separate agreement of the Parties. The Lessor shall not indemnify the Lessee for the cost of severable and non-separable improvements made by the Lessee in relation to any of the Leased Item, nor for the cost of the above-mentioned replacement of branded parts of any of the Leased Item.
Technical condition. For each case separately
Technical condition