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. (a) 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 6.23 as a U.S. flagged Vessel, (b) comply with all material (i) U.S. Coast Guard requirements and NMFFP requirements, (ii) xxxxxxx 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. (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. 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(t) 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) xxxxxxx 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. 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 10.1(t) (Maintenance of Insurances) 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. The Borrower will, and will cause the Guarantors to, at all times (i) maintain the classification of each Vessel, (ii) maintain the flag and registry of each Vessel in an Approved Flag State (iii) keep each Vessel in good and safe condition and repair, consistent with prudent ownership and industry standards and (iv) procure that each Vessel be managed by a Manager. Notwithstanding the foregoing, the Borrower or a Guarantor may transfer or change the flag of any of its Vessels to the flag of any other Approved Flag State and in connection therewith the Facility Agent shall instruct the Security Agent to release the existing Mortgage and related Security Documents (insofar as they secure any obligations under the Finance Documents) to which any Vessel is subject in connection with the transfer or change of the flag of such Vessel to another Approved Flag State if (i) the owner of the Vessel has executed (A) a new Mortgage (granting the Security Agent a security interest in such Vessel subject only to Permitted Liens) and (B) the related Security Documents with respect to such Vessel, dated the date such Vessel shall be released from the existing Mortgage and related Security Documents to which it is subject, which Mortgage and related Security Documents shall be in appropriate form for recording or registration in the appropriate governmental offices of the Approved Flag State under which it is being reflagged and the appropriate governmental offices in the jurisdiction of incorporation and/or domicile of the Borrower or the applicable Guarantor if required by applicable law in order to perfect the security interests therein created, as to which the Facility Agent and the Security Agent will be entitled to rely on an Opinion of Counsel to the Borrower with respect thereto; and (ii) the Guarantor has made all necessary arrangements for recording the Mortgage referred to in sub-paragraph (i) above in the appropriate registry office of the Approved Flag State under which the Vessel is being reflagged as soon as reasonably practicable and to make any other filing necessary to perfect the security therein. In addition to the Opinion of Counsel referenced in (i)(B) above, prior to the Security Agent providing any such release, it shall be entitled to receive and to rely exclusively on an Officer’s Certificate and an Opinion of Counsel each stating that such release is authorized or permitted by the terms of the Finance Documents and that all conditions precedent ...
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 mxxxxxx 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 Permitted Liens.
Vessel Covenants. The Owner hereby covenants and agrees to comply with any and all covenants relating to the Vessel contained in the other Loan Documents, and covenants and undertakes at all times:
(a) to warrant and defend the title and possession of the Vessel and of every part thereof for the benefit of the Mortgagee against the claims and demands of all persons whomsoever;
(b) to remain authorized to register the Vessel in its name under the laws and flag of the Republic of Panama, so long as this Mortgage is in effect, and to give evidence thereof to the Mortgagee upon its reasonable request;
(c) to (i) keep the Vessel duly and validly registered under the laws and flag of the Republic of Panama and to do or suffer to be done nothing whereby such registration may be suspended, forfeited or canceled, and (ii) provide the Mortgagee at least seven (7) Business Days prior to the expiration of the then current provisional registration of the Vessel under the Panamanian flag written evidence that such registration has been extended or renewed for an additional three (3) month period from the then current provisional registration period;
(d) to not transfer or change, or permit to be transferred or changed, the flag or hailing port of the Vessel;
(e) to assign and provide that any Requisition Compensation is applied in accordance with the Note;
(f) to keep and to cause the Vessel to be kept free and clear of all Liens (except in favor of the Mortgagee) other than Permitted Maritime Liens, and not to pledge, charge, assign or otherwise encumber the Insurances or Earnings of the Vessel in favor of any person other than the Mortgagee, or to suffer the creation of any such pledge, charge, assignment or encumbrance as aforesaid to or in favor of any person other than the Mortgagee;
(g) to pay to the Mortgagee on demand all moneys (including, but not limited to, reasonable, documented, out-of-pocket fees of counsel), with interest thereon at the Default Rate, that the Mortgagee shall or may reasonably expend, be put to or become liable for which arise from the protection, maintenance or enforcement of the security created by this Mortgage or arise from the reasonable exercise by the Mortgagee of any of the powers vested in it hereunder;
(h) to comply with and satisfy all the requisites and formalities established by the laws of the Republic of Panama necessary to establish and maintain this Mortgage as a legal, valid, binding and enforceable “first priority naval mortgage” under th...
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;
