Common use of Vessel Classification Clause in Contracts

Vessel Classification. Except (a) as permitted by the laws and/or regulations of the relevant flag state or (b) with respect to a Vessel that has been laid-up in accordance with Section 6.20(c) of this Agreement, each Vessel is classified in the highest classification and rating for vessels of the same age and type with the respective classification society set forth in Schedule 4.20, without any conditions or recommendations affecting class other than those for which the time prescribed for curing the condition or recommendation has not passed.

Vessel Classification. Except (a) as permitted by the laws and/or regulations of the relevant flag state or (b) with respect to a Mortgaged Vessel that has been laid-up in accordance with Section 6.20(c) of this Agreementup, each Mortgaged Vessel is classified in at the highest appropriate and customary classification and rating for vessels of the same age and type with the respective classification society set forth in Schedule 4.203.24, without any conditions or recommendations affecting class other than those for which the time prescribed for curing the condition or recommendation has not passed.

Vessel Classification. Except (a) as permitted by the laws and/or regulations of the relevant flag state or (b) with respect to a Vessel that has been laid-up in accordance with Section 6.20(c) 4.17 of this AgreementGuarantee, each Vessel is classified in the highest classification and rating for vessels of the same age and type with the respective classification society set forth in Schedule 4.203.18, without any conditions or recommendations affecting class other than those for which the time prescribed for curing the condition or recommendation has not passed.