Vessel Covenants Sample Clauses
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Vessel Covenants ensure that:
(i) each Relevant Vessel is in the sole and absolute ownership of the relevant Obligor and/or the Trustee and duly registered in the name of the relevant Obligor under the flag of the Designated Jurisdiction;
(ii) with respect to each non-Mexican flagged Relevant Vessel, the relevant Mortgage thereon shall have been duly filed for recording or recorded under the laws of such jurisdiction and that such Vessel shall be unencumbered, save and except for such Mortgage thereon or Deed of Covenants in favor of the Collateral Agent, recorded against it and as otherwise permitted thereby;
(iii) the relevant Obligor is the owner of record of the Mexican flagged Relevant Vessels, and such Relevant Vessels are registered under Mexican flag (which shall be established by an official communication issued by the appropriate Mexican authority stating that the flagging and registration (matriculación) under the laws and flag of the United Mexican States is in effect), and the Guarantee, Administration and Source of Payment Trust Agreement thereon shall have been duly filed for recording or recorded under the laws of Mexico and that such Vessel shall be, unencumbered, save and except for such Guarantee, Administration and Source of Payment Trust Agreement, or as otherwise permitted by the Guarantee, Administration and Source of Payment Trust Agreement and Deed of Covenants;
(iv) [Intentionally Omitted];
(v) each Relevant Vessel is classed in the highest classification and rating for vessels of the same age and type with a Classification Society acceptable to the Lenders and without any overdue recommendations;
(vi) each Relevant Vessel is operationally seaworthy and in every way fit for its intended service; and
(vii) each Relevant Vessel is insured in accordance with the provisions of the relevant Mortgage recorded against it or the Deed of Covenants and the Guarantee, Administration and Source of Payment Trust Agreement, as applicable, and the requirements thereof in respect of such insurances have been complied with, including, without limitation, with respect to the Mexican flagged Relevant Vessels, the endorsements to the relevant insurance policies and the notice to the relevant insurance companies, with respect to the Guarantee, Administration and Source of Payment Trust Agreement, referred to by Articles 109 and 110 of the Mexican Law of Insurance Contract (Ley sobre el Contrato de Seguro) and such insurance companies shall thereafter immediately make ...
Vessel Covenants. The Borrowers give the undertakings set out in this Clause 25 to each Finance Party and such undertakings shall, unless otherwise specified, remain in force from the date of this Agreement and throughout the Security Period.
Vessel Covenants. (i) Keep the Vessels registered in the name of the applicable Borrower;
(ii) Keep the Vessels in good and safe condition and state of repair (ordinary wear and tear and/or loss or damage by casualty or condemnation excepted);
(iii) Keep the Vessels insured in accordance with the provisions of Section 9.1(v) hereof and of the relevant Deed of Covenants and ensure that the requirements thereof in respect of any insurances have been complied with;
(iv) Notify the Facility Agent of all modifications to the Vessels and of the removal of any parts or equipment from the Vessels, in each case, which affect the interests of the Lenders in a materially adverse manner; and
(v) Provide the Facility Agent with all reasonably requested Vessel related information;
Vessel Covenants. Maintain a valid U.S. Coast Guard Certificate of Documentation with a valid fishery endorsement and a current U.S. Coast Guard Certificate of Inspection for each Vessel identified on Schedule 6.01(ll) as a U.S. flagged Vessel. Comply with all material (i) U.S. Coast Guard requirements and NMFFP requirements, (ii) ▇▇▇▇▇▇▇ requirements of each Vessel and (iii) requirements of the protection and indemnity and hull underwriters as is necessary to ensure full insurance coverage of each Vessel. Promptly, satisfy all maritime Liens, other than Liens created pursuant to the First Preferred Ship Mortgages and any other Permitted Liens.
Vessel Covenants. Except as otherwise permitted by this Agreement, with respect to each of the Vessels owned by it:
(i) keep the Vessels registered in the name of the applicable Subsidiary Guarantor;
(ii) keep the Vessels in good and safe condition and state of repair (ordinary wear and tear and/or loss or damage by casualty or condemnation excepted);
(iii) keep the Vessels insured in accordance with the provisions of Section 9.1(v) hereof and of the relevant Mortgage recorded against it and ensure that the requirements thereof in respect of any insurances have been complied with;
(iv) notify the Facility Agent of all material modifications to the Vessels and of the removal of any parts or equipment from the Vessels; and
(v) provide the Facility Agent with all reasonably requested Vessel related information;
Vessel Covenants. Maintain a valid U.S. Coast Guard Certificate of Documentation with a valid fishery endorsement (or coastwise trade endorsement, as its use may require) and a current U.S. Coast Guard Certificate of Inspection for each Vessel identified on Schedule 6.16 as a U.S. flagged Vessel, (b) comply with all material (i) U.S. Coast Guard requirements and NMFFP requirements, (ii) ▇▇▇▇▇▇▇ requirements of each Vessel and (iii) requirements of the protection and indemnity and hull underwriters as is necessary to ensure full insurance coverage of each Vessel, and (c) promptly, satisfy all maritime Liens, other than Liens created pursuant to the First Preferred Ship Mortgages and any other Permitted Liens.
Vessel Covenants. With respect to the Vessel:
(i) keep the Vessel registered in the name of the Borrower under the flag of an Approved Jurisdiction;
(ii) keep the Vessel in good and safe condition and state of repair (loss or damage by casualty or condemnation excepted);
(iii) keep the Vessel classed in the highest classification and rating for vessels of the same age and type with its Classification Society without any outstanding recommendations or qualification unless otherwise agreed by the Facility Agent in writing;
(iv) keep the Vessel insured in accordance with the provisions of the Mortgage recorded against it and the requirements thereof in respect of such insurances have been complied with;
(v) be in possession of a proper trading certificate at all times;
(vi) notify the Facility Agent of all modifications to the Vessel and of the removal of any parts or equipment from the Vessel; and
(vii) provide the Facility Agent with all requested Vessel related information;
Vessel Covenants with respect to each of the Vessels:
(i) keep the Vessels registered in the name of the applicable Borrower;
(ii) keep the Vessels in good and safe condition and state of repair;
(iii) keep the Vessels insured in accordance with the provisions of the relevant Mortgage recorded against it and the requirements thereof in respect of such insurances have been complied with;
(iv) notify the Facility Agent of all modifications to either of the Vessels and of the removal of any parts or equipment from either of the Vessels; and
(v) provide the Facility Agent with all requested Vessel related information;
Vessel Covenants. Except as otherwise permitted by this Agreement, with respect to each of the Vessels owned by it:
(i) keep the Vessels registered in the name of the applicable Vessel Owner;
(ii) keep the Vessels in good and safe condition and state of repair (ordinary wear and tear and/or loss or damage by casualty or condemnation excepted);
(iii) keep the Vessels insured in accordance with the provisions of Section 10.1(t) (Maintenance of Insurances) hereof and of the relevant Mortgage recorded against it or Vessel Owner Undertaking Letter and ensure that the requirements thereof in respect of any insurances have been complied with;
(iv) notify the Facility Agent of all material modifications to the Vessels and of the removal of any parts or equipment from the Vessels; and
(v) provide the Facility Agent with all reasonably requested Vessel related information;
Vessel Covenants. (i) Maintain a current U.S. Coast Guard certification for each Vessel (to the extent such Vessel is in active service), (ii) comply with (A) all U.S. Coast Guard requirements for the type of service the Vessels are engaged in, (B) all ▇▇▇▇▇▇▇ requirements, and (C) all requirements of the protection and indemnity and hull underwriters as is necessary to ensure full insurance coverage and (iii) promptly, satisfy all maritime Liens, other than Liens created pursuant to the Bankruptcy Court Order and any other Permitted Liens.