Common use of Vessel Undertakings Clause in Contracts

Vessel Undertakings. The Borrower shall procure that: (a) subject to paragraph (b), the Required Insurances for each Vessel are maintained on substantially the same terms (including as to governing law) as the Required Insurances for that Vessel existing as at the date of this Agreement (the Existing Insurances); (b) the Required Insurances for each Vessel are in the Required Insurance Amount applicable to that Vessel; (c) the Required Insurances for each Vessel are placed through commercially reputable brokers and with commercially reputable underwriters or insurance companies; (d) the Required Insurances include a loss payable clause in substantially the same form as provided in the Existing Insurances; (e) each Vessel’s classification and registration is maintained under the Vessel Flag; (f) nothing is done or omitted to be done by any party by which the registration of its Vessel would or might be defeated or imperilled; (g) each Vessel (including the operation thereof) complies with all Applicable Laws if failure so to comply would have a Material Adverse Effect; (h) each Vessel is maintained in good working order and repair (ordinary wear and tear excepted); (i) each Vessel is surveyed from time to time as required by the Classification Society in which that Vessel is entered at that time; (j) the classification of each Vessel is maintained with the applicable Classification Society or any other recognised classification society including, without limitation, American Bureau of Shipping and Det Norske Veritas), free of all overdue requirements and overdue recommendations; (k) all repairs to or replacement of any damaged, worn or lost parts or equipment are effected in a manner (both as regards workmanship and quality of materials) that does not diminish materially the value of the applicable Vessel; (l) each Vessel is managed in accordance with customary industry standards; (m) all debts and other liabilities that may give rise to a lien (other than any lien permitted pursuant to the terms of any Guarantee) or claim enforceable against a Vessel are promptly paid and discharged; and (n) each Guarantor complies with its obligations under the Time Charter Party Agreement to which it is a party if failure so to comply would have a Material Adverse Effect; in each case, from the date of the acquisition of each Vessel by the applicable Guarantor and only for so long as each Vessel is owned by a Guarantor.

Vessel Undertakings. The Borrower Company shall procure (in its capacity as parent company) ensure that: (a) Each Vessel Owner shall (i) ensure that all earnings related to the Vessels and any insurance or sale proceeds (in each case payable to the Group) shall be paid into the relevant earnings accounts or other accounts being subject to paragraph Security with either the Vessel Owner or the Company, (b), the Required Insurances for ii) each Vessel are maintained on substantially Owner remains a single purpose company owning and chartering the same terms relevant Vessel and/or involved in Permitted Chartering, and (ii) comply with laws, including as Sanctions, in all material respects, and (iii) upon request of the Agent arrange for the Agent or the Security Agent, and/or any person appointed by the Agent or the Security Agent, to governing law) as undertake a technical inspection of the Required Insurances for that Vessel existing as Vessels without interference of the daily operation of the Vessels and at the date expense of this Agreement the Company (the Existing Insuranceshowever limited to one yearly inspection per vessel unless an Event of Default has occurred and is continuing);. (b) The Vessels shall be registered in and fly the Required Insurances for each Vessel are in flag of an Approved Flag State. No other change of registry, ownership or flag without the Required Insurance Amount applicable Lenders' prior written consent such consent not to that Vessel;be unreasonably withheld. (c) The Vessels shall be classed with an Approved Classification Society with the Required Insurances for each Vessel are placed through commercially reputable brokers highest class and with commercially reputable underwriters no material overdue recommendations or insurance companies;adverse notations and there shall be no change in classification society, other than to another Approved Classification Society, without the Lenders’ prior written consent. (d) The Vessels shall be operated by the Required Insurances include a loss payable clause Vessel Managers in substantially the same form as provided all material respects in the Existing Insurances;accordance with applicable laws and regulations and good industry practice. (e) each Vessel’s classification and registration is maintained under No amendments, supplements, variations or waiver of any material terms of the Vessel Flag; (f) nothing is done Management Agreements shall be made if any such amendment, supplement, variation or omitted to be done by any party by which the registration of its Vessel would or might be defeated or imperilled; (g) each Vessel (including the operation thereof) complies with all Applicable Laws if failure so to comply waiver would have a Material Adverse Effect;. (f) The Vessels shall comply with the ISM Code and with the ISPS Code. (g) The Company shall use its best efforts to make available Green Passport for each Vessel as soon as reasonably possible and in any event no later than twenty four (24) Months following the Closing Date. (h) each No change or amendment shall be made to the name of a Vessel without the prior written consent of the Lenders, provided that such approval will not be required if a change is maintained in good working order required and repair (ordinary wear permitted pursuant to any Charter Contract for the relevant vessel and tear excepted);the Security Documents are not impaired. (i) each Each Vessel is surveyed from time to time as required by shall carry a copy of the Classification Society in which that Vessel is entered at that time;notice of mortgage and the Mortgage. (j) the classification of each No Vessel is maintained with the applicable Classification Society Owning Company shall declare or make any Distribution to any company other recognised classification society including, without limitation, American Bureau of Shipping and Det Norske Veritas), free of all overdue requirements and overdue recommendations;than Company. (k) all repairs to No Vessel Owning Company shall sell or replacement otherwise dispose of a Vessel, other than any damaged, worn or lost parts or equipment are effected in a manner (both as regards workmanship and quality of materials) that does not diminish materially the value of the applicable Vessel;Permitted Disposals. (l) each No Vessel is managed in accordance with customary industry standards; (m) all debts and other liabilities Owning Company shall cease to carry on its business or changes the general nature of its business from that may give rise to a lien (carried on at the Signing Date, other than any lien permitted pursuant to the terms in relation of any Guarantee) or claim enforceable against a Vessel are promptly paid and discharged; and (n) each Guarantor complies with its obligations under the Time Charter Party Agreement to which it is a party if failure so to comply would have a Material Adverse Effect; in each case, from the date of the acquisition of each Vessel by the applicable Guarantor and only for so long as each Vessel is owned by a GuarantorPermitted Disposal.

Vessel Undertakings. The Borrower shall procure that: (a) subject Capitalised terms used in this Clause 4.2 shall have the meaning ascribed to paragraph (b), them in the Required Insurances for each Vessel are maintained on substantially the same terms (including as to governing law) as the Required Insurances for that Vessel existing as at the date of this Agreement (the Existing Insurances);Bond Terms. (b) the Required Insurances for Each Vessel Owner, each Vessel are Manager and each Vessel Charterer undertakes to, comply with the following undertakings: (i) provide for reasonable and satisfactory maintenance and insurance of the Vessels owned by a Restricted Group Company and all relevant equipment related thereto at all times, hereunder to retain each such Vessel in class except while stacked; (ii) during operation of the Required Insurance Amount applicable to Vessels owned by a Restricted Group Company, ensure that the Vessel Manager or Vessel Charterer (as applicable) runs proper maintenance of such Vessel; (ciii) ensure that the Required Insurances for each Vessel are placed through commercially reputable brokers Vessels owned by a Restricted Group Company shall be adequately insured under the Mandatory Insurances. The Security Agent (and the RCF Agent) shall take out a Mortgagee Interest Insurance and Mortgagee Additional Perils Insurance in respect of the Security Vessels at the expense of the Company. The insurances and Loss Payee Clause shall be in accordance with commercially reputable underwriters the Nordic Marine Insurance Plan, American Institute Hull Clauses or insurance companiesother insurances with at least similar terms or otherwise acceptable to the Security Agent; (div) ensure that the Required Insurances include Vessels owned by a loss payable clause Restricted Group Company are operated in substantially the same form as provided all material respects in the Existing Insurancesaccordance with applicable laws and regulations (including but not limited to applicable sanctions) and good industry practice; (ev) each Vessel’s classification and registration is maintained under no amendments, supplements, variations or waiver of any material terms of the Vessel FlagManagement Agreement of any Security Vessel to be made if any such amendment, supplement, variation or waiver would have a material adverse effect; (fvi) nothing is done or omitted to be done by upon request of the Security Agent and with reasonable advance notice, arrange for the Security Agent, and/or any party by which the registration of its Vessel would or might be defeated or imperilled; (g) each Vessel (including the operation thereof) complies with all Applicable Laws if failure so to comply would have a Material Adverse Effect; (h) each Vessel is maintained in good working order and repair (ordinary wear and tear excepted); (i) each Vessel is surveyed from time to time as required person appointed by the Classification Society in which that Vessel is entered at that time; (j) the classification of each Vessel is maintained with the applicable Classification Society or any other recognised classification society includingSecurity Agent, without limitation, American Bureau of Shipping and Det Norske Veritas), free of all overdue requirements and overdue recommendations; (k) all repairs to or replacement of any damaged, worn or lost parts or equipment are effected in undertake a manner (both as regards workmanship and quality of materials) that does not diminish materially the value technical inspection of the applicable Vessel; Vessels owned by a Restricted Group Company without interference of the daily operation of such Vessel and at the expense of the Company (l) each however limited to maximum one yearly inspection per Vessel unless an Event of Default has occurred and is managed in accordance with customary industry standards; (m) all debts and other liabilities that may give rise to a lien (other than any lien permitted pursuant to the terms of any Guarantee) or claim enforceable against a Vessel are promptly paid and dischargedcontinuing); and (nvii) each Guarantor complies procure that the Vessel Managers or Vessel Charterers (as applicable) operate the Security Vessels in accordance with its obligations under good industry standards and in accordance with the Time Charter Party Agreement to which it is a party if failure so to comply would have a Material Adverse Effect; relevant Vessel Management Agreements and in each case, from compliance with the date of terms hereof and the acquisition of each Vessel by the applicable Guarantor and only for so long as each Vessel is owned by a GuarantorTransaction Security Documents.