Common use of Trading, Classification and repairs Clause in Contracts

Trading, Classification and repairs. The Obligors shall keep or shall procure that: (a) the Rigs are kept in a good, safe and efficient condition and state of repair consistent with prudent ownership and management practice; (b) that the Rigs maintain their class at the highest level with Det Norske Veritas, Lloyd’s Register, American Bureau of Shipping or another classification society approved by the Required Lenders, free of any overdue recommendations and qualifications; (c) they comply with the laws, regulations (statutory or otherwise), constitutional documents and international conventions applicable to the classification society, the Ship Registry, the Obligors (ownership, operation, management and business ) and to the Rigs in any jurisdiction to which any of the Rigs or the Obligors may operate from time to time; (d) none of the Rigs enter the territorial waters (12 mile limit) of the United States of America unless (i) it is an emergency situation, (ii) if no Event of Default is outstanding, upon obtaining the prior written consent from the Agent, and (iii) if an Event of Default is outstanding, upon obtaining the prior written consent of the Lenders; and (e) they provide the Agent of evidence of such compliance upon request from the Agent.

Trading, Classification and repairs. The Obligors shall keep or shall procure that: (a) the Rigs are kept in a good, safe and efficient condition and state of repair consistent with prudent ownership and management practice; (b) that the Rigs maintain their class at the highest level with Det Norske Veritas, Lloyd’s Register, American Bureau of Shipping or another classification society approved by the Required Lenders, free of any overdue recommendations and qualifications; (c) they comply with the laws, regulations (statutory or otherwise), constitutional documents and international conventions applicable to the classification society, the Ship Registry, the Obligors (ownership, operation, management and business business) and to the Rigs in any jurisdiction to in which any of the Rigs or the Obligors may operate from time to time; (d) none of the Rigs enter the territorial waters (12 twelve (12) mile limit) of the United States of America unless (i) it is an emergency situation, (ii) if no Event of Default has occurred and is outstandingcontinuing, upon obtaining the prior written consent from the Agent, and or (iii) if an Event of Default has occurred and is outstandingcontinuing, upon obtaining the prior written consent of the Lenders; and (e) they provide the Agent of evidence of such compliance upon request from the Agent.

Trading, Classification and repairs. The Obligors shall keep or shall procure that: (a) the Rigs are kept in a good, safe and efficient condition and state of repair consistent with prudent ownership and management practice; (b) that the Rigs maintain their class at the highest level with Det Norske Veritas, Lloyd’s Register, American Bureau of Shipping or another classification society approved by the Required Lenders, free of any overdue recommendations and qualifications; (c) they comply with the laws, regulations (statutory or otherwise), constitutional documents and international conventions applicable to the classification society, the Ship Registry, the Obligors (ownership, operation, management and business ) and to the Rigs in any jurisdiction to which any of the Rigs or the Obligors may operate from time to time; (d) none of the Rigs enter the territorial waters (12 mile limit) of the United States of America unless (i) it is an emergency situation, or (ii) if no Event of Default is outstanding, upon obtaining the prior written consent from the Agent, and (iii) if an Event of Default is outstanding, upon obtaining the prior written consent of the Agent (on behalf of the Lenders) such consent not to be unreasonably withheld or delayed; and (e) they provide the Agent of evidence of such compliance upon request from the Agent.

Trading, Classification and repairs. The Obligors shall keep or shall procure that: (a) the Rigs are Rig is kept in a good, safe and efficient condition and state of repair consistent with prudent ownership and management practice; (b) that the Rigs maintain their class Rig is classified and maintained at the highest level with Det Norske Veritas, Lloyd’s Register, American Bureau of Shipping or another classification society approved by the Required LendersMajority, free of any overdue recommendations and qualifications; (c) they comply with the laws, regulations (statutory or otherwise), constitutional documents and international conventions applicable to the classification society, the Ship Registry, the Obligors (ownership, operation, management and business ) and to the Rigs Rig in any jurisdiction to which any of the Rigs Rig or the Obligors may operate from time to time; (d) none of the Rigs Rig does not enter the territorial waters (12 mile limit) of the United States of America unless (i) it is an emergency situation, (ii) if no Event of Default is outstanding, upon obtaining the prior written consent from the Security Agent, and (iii) if an Event of Default is outstanding, upon obtaining the prior written consent of the Lenders; and (e) they provide the Security Agent of evidence of such compliance upon request from the Security Agent.

Trading, Classification and repairs. The Obligors shall keep or shall procure that: (a) the Rigs are Rig is kept in a good, safe and efficient condition and state of repair consistent with prudent ownership and management practice; (b) that the Rigs maintain their Rig maintains its class at the highest level with Det Norske Veritas, Lloyd’s Register, American Bureau of Shipping or another classification society approved by the Required Lenders, free of any overdue recommendations and qualifications; (c) they comply with the laws, regulations (statutory or otherwise), constitutional documents and international conventions applicable to the classification society, the Ship Registry, the Obligors (ownership, operation, management and business business) and to the Rigs Rig in any jurisdiction to in which any of the Rigs Rig or the Obligors may operate from time to time; (d) none of the Rigs Rig does not enter the territorial waters (12 twelve (12) mile limit) of the United States of America unless (i) it is an emergency situation, (ii) if no Event of Default has occurred and is outstandingcontinuing, upon obtaining the prior written consent from the Agent, and or (iii) if an Event of Default has occurred and is outstandingcontinuing, upon obtaining the prior written consent of the Lenders; and (e) they provide the Agent of evidence of such compliance upon request from the Agent.