Common use of Vessel Operations and Management Clause in Contracts

Vessel Operations and Management. (a) Procure that each of the Vessels, shall at all times be (i) managed by the technical and commercial managers managing the Vessels as of the Closing Date or the applicable Drawdown Date (as the case may be), or such other managers acceptable to the Requisite Lenders in accordance with vessel management agreements acceptable to the Requisite Lenders, (ii) flagged under the laws of the Approved Jurisdictions and (iii) classed in the highest classification and rating for vessels of the same age and type without any outstanding conditions or recommendations affecting class (other than those for which the time prescribed for curing the condition or recommendation has not passed) with Lloyds Registry of Shipping, Det Norske Veritas, Bureau Veritas, American Bureau of Shipping, Nippon Kaiji Kyokai or such other classification society classing the Vessels as of the Closing Date or the applicable Drawdown Date (as the case may be), or with such other classification society acceptable to the Agent and permitted under the Approved Jurisdiction where the Mortgage is filed; provided, however, if a Vessel is reflagged under the laws of an Approved Jurisdiction, it shall be a condition to such reflagging that the Guarantor and the Borrowers deliver to the Agent (A) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that such Vessel has been registered in the name of the related Borrower under the laws of such jurisdiction; (B) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that the related Mortgage has been properly recorded under the laws of such jurisdiction and constitutes a first priority mortgage subject only to Permitted Encumbrances; (C) evidence that all necessary governmental or regulatory approvals, licenses and authorities which are necessary to the operation of the Vessel have been obtained; (D) evidence that insurances in compliance with the requirements of the Mortgage have been obtained; and (E) such other items as the Agent may reasonably require.

Vessel Operations and Management. (a) Procure that each of the VesselsVessels not laid-up in accordance with Section 4.17(c) hereof, shall at all times be (i) managed by the technical and commercial managers managing the Vessels as of the Closing Date hereof, or by Seabulk Tankers, Inc., or by a technical and commercial manager that was a Subsidiary Guarantor as of the applicable Drawdown Date (as the case may be)date hereof, or such other managers acceptable to the Requisite Lenders Counterparties in accordance with vessel management agreements acceptable to the Requisite LendersCounterparties, (ii) flagged under the laws of the an Approved Jurisdictions Jurisdiction and (iii) classed in the highest classification and rating for vessels of the same age and type without any outstanding conditions or recommendations affecting class (other than those for which the time prescribed for curing the condition or recommendation has not passed) with Lloyds Registry of Shipping, Det Norske norske Veritas, Bureau Veritas, American Bureau of Shipping, Nippon Kaiji Kyokai Shipping or such other classification society classing the Vessels as of the Closing Date or the applicable Drawdown Date (as the case may be), hereof or with such other classification society acceptable to the Agent and permitted under the Approved Jurisdiction where the Mortgage is filedAgent; provided, however, if a Vessel is reflagged under the laws of an Approved Jurisdiction, it shall be a condition to such reflagging that the Guarantor and the Borrowers Subsidiary Guarantors deliver to the Agent (A) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that such Vessel has been registered in the name of the related Borrower Subsidiary Guarantor under the laws of such jurisdiction; (B) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that the related Mortgage has been properly recorded under the laws of such jurisdiction and constitutes a first priority mortgage subject only to Permitted Encumbrances; (C) evidence that all necessary governmental or regulatory approvals, licenses and authorities which are necessary to the operation of the Vessel have been obtained; (D) evidence that insurances in compliance with the requirements of the Mortgage have been obtained; and (E) such other items as the Agent may reasonably require.

Vessel Operations and Management. (ai) Procure that each of the Vessels, Mortgaged Vessels shall at all times be (iA) managed by the technical and commercial managers managing the Vessels as of the Closing Date or the applicable Drawdown Date (as the case may be), Manager or such other managers manager acceptable to the Requisite Majority Lenders in accordance with vessel management agreements acceptable to the Requisite Majority Lenders, (iiB) flagged under the laws law of the Approved Jurisdictions Republic of Liberia and (iiiC) classed in the highest classification and rating for vessels of the same age and type without any outstanding conditions or recommendations affecting class (other than those for which the time prescribed for curing the condition or recommendation has not passed) with Lloyds Registry of Shippingthe Classification Society; PROVIDED, Det Norske Veritas, Bureau Veritas, American Bureau of Shipping, Nippon Kaiji Kyokai or such other classification society classing the Vessels as of the Closing Date or the applicable Drawdown Date (as the case may be), or with such other classification society acceptable to the Agent and permitted under the Approved Jurisdiction where the Mortgage is filed; provided, howeverHOWEVER, if a Mortgaged Vessel is reflagged under the laws of an Approved Jurisdictiona jurisdiction other than the Republic of Liberia that has been approved by the Majority Lenders, it shall be a condition to such reflagging that the Guarantor and the Borrowers relevant Borrower deliver to the Agent (A) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that such Mortgaged Vessel has been registered in the name of the related such Borrower under the laws of such jurisdiction; (B) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that the related Mortgage has been properly recorded under the laws of such jurisdiction and constitutes a first priority mortgage subject only to Permitted Encumbrancesmortgage; (C) evidence that all necessary governmental or regulatory approvals, licenses and authorities which are necessary to the operation of the such Mortgaged Vessel have been obtained; (D) evidence that insurances in compliance with the requirements of the Mortgage have been obtained; and (E) such other items as the Agent may reasonably require.

Vessel Operations and Management. (a) Procure that each of the VesselsVessels not laid-up in accordance with Section 6.20(c) hereof, shall at all times be (i) managed by the technical and commercial managers managing the Vessels as of the Closing Date or the applicable Drawdown Date (as the case may be), or such other managers acceptable to the Requisite Lenders in accordance with vessel management agreements acceptable to the Requisite Lenders, (ii) flagged under the laws of the an Approved Jurisdictions Jurisdiction and (iii) classed in the highest classification and rating for vessels of the same age and type without any outstanding conditions or recommendations affecting class (other than those for which the time prescribed for curing the condition or recommendation has not passed) with Lloyds Registry of Shipping, Det Norske norske Veritas, Bureau Veritas, American Bureau of Shipping, Nippon Kaiji Kyokai Shipping or such other classification society classing the Vessels as of the Closing Date or the applicable Drawdown Date (as the case may be), or with such other classification society acceptable to the Agent and permitted under the Approved Jurisdiction where the Mortgage is filedAgent; provided, however, if a Vessel is reflagged under the laws of an Approved Jurisdiction, it shall be a condition to such reflagging that the Guarantor and the Borrowers Subsidiary Guarantors deliver to the Agent (A) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that such Vessel has been registered in the name of the related Borrower Subsidiary Guarantor under the laws of such jurisdiction; (B) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that the related Mortgage has been properly recorded under the laws of such jurisdiction and constitutes a first priority mortgage (or, in the case of the Second Lien Vessels, a second priority mortgage) subject only to Permitted Encumbrances; (C) evidence that all necessary governmental or regulatory approvals, licenses and authorities which are necessary to the operation of the Vessel have been obtained; (D) evidence that insurances in compliance with the requirements of the Mortgage have been obtained; and (E) such other items as the Agent may reasonably require.

Vessel Operations and Management. (a) Procure that each of the VesselsVessels not laid-up in accordance with Section 6.20(c) hereof, shall at all times be (i) managed by the technical and commercial managers managing the Vessels as of the Closing Date Effective Date, or by Seabulk Tankers, Inc., or by a technical and commercial manager that was a Subsidiary Guarantor as of the applicable Drawdown Date (as the case may be)Effective Date, or such other managers acceptable to the Requisite Lenders in accordance with vessel management agreements acceptable to the Requisite Lenders, (ii) flagged under the laws of the an Approved Jurisdictions Jurisdiction and (iii) classed in the highest classification and rating for vessels of the same age and type without any outstanding conditions or recommendations affecting class (other than those for which the time prescribed for curing the condition or recommendation has not passed) with Lloyds Registry of Shipping, Det Norske norske Veritas, Bureau Veritas, American Bureau of Shipping, Nippon Kaiji Kyokai Shipping or such other classification society classing the Vessels as of the Closing Effective Date or the applicable Drawdown Date (as the case may be), or with such other classification society acceptable to the Agent and permitted under the Approved Jurisdiction where the Mortgage is filedAgent; provided, however, if a Vessel is reflagged under the laws of an Approved Jurisdiction, it shall be a condition to such reflagging that the Guarantor and the Borrowers Subsidiary Guarantors deliver to the Agent (A) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that such Vessel has been registered in the name of the related Borrower Subsidiary Guarantor under the laws of such jurisdiction; (B) evidence (including an opinion of counsel, in form and substance satisfactory to the Agent) that the related Mortgage has been properly recorded under the laws of such jurisdiction and constitutes a first priority mortgage (or, in the case of the Second Lien Vessels, a second priority mortgage) subject only to Permitted Encumbrances; (C) evidence that all necessary governmental or regulatory approvals, licenses and authorities which are necessary to the operation of the Vessel have been obtained; (D) evidence that insurances in compliance with the requirements of the Mortgage have been obtained; and (E) such other items as the Agent may reasonably require.