Vessel Covenants. (a) The Issuer will at all times, and will cause the Vessel Guarantors at all times to, (i) maintain the classification of each Mortgaged Vessel, (ii) keep each Mortgaged Vessel in good and safe condition and repair, consistent with prudent ownership and industry standards and (iii) procure that each Mortgaged Vessel be managed by a Permitted Manager. The covenants in this Section 4.24(a) shall be deemed complied with as a consequence of the Vessel Guarantors performing their corresponding obligations under the deeds of assignment, deeds of covenant and other security documents.
(b) The Issuer will at all times, and will cause the Vessel Guarantors at all times to, maintain the flag and registry of a Mortgaged Vessel in a Permitted Flag Jurisdiction. Notwithstanding the foregoing, the Issuer or a Vessel Guarantor may transfer or change the flag of any of its Mortgaged Vessels to the flag of a Permitted Flag Jurisdiction and in connection therewith the Security Agent shall release the existing ship mortgage and related Security Documents to which any Mortgaged Vessel is subject in connection with the transfer or change of the flag of such Mortgaged Vessel to another Permitted Flag Jurisdiction if (i) the owner of the Mortgaged Vessel has executed (A) a new ship mortgage (granting the Security Agent a security interest in such Mortgaged Vessel subject only to Permitted Liens) and (B) the related Security Documents with respect to such Mortgaged Vessel, dated the date such Mortgaged Vessel shall be released from the existing ship mortgage and related Security Documents to which it is subject, which ship mortgage and related Security Documents shall be in appropriate form for recording or registration in the appropriate governmental offices of the Permitted Flag Jurisdiction under which it is being reflagged and the appropriate governmental offices in the jurisdiction of incorporation and/or domicile of the applicable Issuer or Vessel Guarantor if required by applicable law in order to perfect the security interests therein created, as to which the Trustee and the Security Agent will be entitled to rely on an Opinion of Counsel to the Issuer with respect thereto; and (ii) the Vessel Guarantor has made all necessary arrangements for recording the ship mortgage referred to in clause (i) above in the appropriate registry office of the Permitted Flag Jurisdiction under which the Mortgaged Vessel is being reflagged as soon as reasonably practicable and to make any ...
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. Except as otherwise permitted by this Agreement, with respect to each Vessel owned by it:
(i) keep the Vessel registered in the name of the applicable Borrower;
(ii) keep the Vessel 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 Vessel 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 Vessel and of the removal of any parts or equipment from the Vessel; and
(v) provide the Facility Agent with all reasonably 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 (loss or damage by casualty or condemnation excepted);
(iii) keep the Vessels insured in accordance with the provisions of the relevant Mortgage or Mortgages (as applicable) 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 the Vessels and of the removal of any parts or equipment from the Vessels; and
(v) provide the Facility Agent with all requested Vessel related information;
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. 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. 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. The Borrower gives the undertakings set out in this Clause 22 to each Finance Party and such undertakings shall remain in force throughout the Security Period.
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;
