Common use of Vessels Clause in Contracts

Vessels. The Borrower will (or will cause the applicable Principal Subsidiary to): (a) cause each Vessel to be chartered exclusively to or operated exclusively by the Borrower or one of the Borrower’s wholly-owned Subsidiaries, provided that the Borrower or such Subsidiary may charter out (i) any Vessels representing not more than 25% of the berths of all Vessels to entities other than the Borrower and the Borrower’s wholly-owned Subsidiaries and (ii) any Vessel for a time charter not to exceed one year in duration; and (b) cause each Vessel to be kept in such condition as will entitle her to classification by a classification society of recognized standing.

Vessels. The Borrower will (or will cause the applicable Principal Subsidiary to): (a) cause each Vessel Vessel, except for Island Star, to be chartered exclusively to or operated exclusively by the Borrower or one of the Borrower’s wholly-owned Subsidiaries, provided that the Borrower or such Subsidiary may charter out (i) any Vessels representing not more than 25% of the berths of all Vessels to entities other than the Borrower and the Borrower’s wholly-owned Subsidiaries and (ii) any Vessel for a time charter not to exceed one year in duration; and (b) cause each Vessel to be kept in such condition as will entitle her to classification by a classification society of recognized standing.

Vessels. A. The Borrower will (or will cause the applicable Principal Subsidiary to): (a) cause each Vessel to be chartered exclusively to or operated exclusively by the Borrower or one of the Borrower’s wholly-owned Subsidiaries, provided that the Borrower or such Subsidiary may charter out (i) any Vessels representing not more than 25% of the berths of all Vessels to entities other than the Borrower and the Borrower’s wholly-owned Subsidiaries and (ii) any Vessel for a time charter not to exceed one year in duration; and (b) cause each Vessel to be kept in such condition as will entitle her to classification by a classification society of recognized standing.