Classification Society definition

Classification Society or “Class” means the Society referred to in line 4.

Classification Society means, in relation to each Vessel, any International Association of Classification Societies classification society which the Lenders shall, at the request of the Borrowers, have agreed in writing shall be treated as the classification society in relation to such Vessel for the purposes of the relevant Ship Security Documents;

Classification Society means the Society referred to above.

Examples of Classification Society in a sentence

• The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society.

• However, the Buyers shall have the right at their expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel.

• The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society.

• This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers.

• If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ expense to the satisfaction of the Classification Society without condition/recommendation*.

More Definitions of Classification Society

Classification Society means, in relation to each Vessel, any IACS classification society which the Bank shall, at the request of the Borrower, have agreed in writing shall be treated as the classification society in relation to such Vessel for the purposes of the relevant Ship Security Documents;

Classification Society means, in relation to a Ship, Det Norske Veritas or such other first-class vessel classification society that is a member of IACS that the Agent may, with the consent of the Majority Lenders (such consent not to be unreasonably withheld), approve from time to time;

Classification Society means, in respect of any Mortgaged Vessel, Bureau Veritas, the American Bureau of Shipping, Lloyd’s Register of Shipping, Det norske Veritas, or such other classification society that is a member of the International Association of Classification Societies (IACS) as selected by the Company that is reasonably acceptable to the Administrative Agent.

Classification Society means, in relation to a Ship, the classification society specified in Schedule 2 (Ship information) or another classification society approved by the Majority Lenders as its Classification Society, at the request of the relevant Owner.

Classification Society means any Approved Classification Society or another member of the International Association of Classification Societies approved by the Facility Agent, with whom a Vessel is entered and who conducts periodic physical surveys and/or inspections of such Vessel;

Classification Society means the American Bureau of Shipping or such other classification society which is a member of the International Association of Classification Societies and which the Agent shall at the Borrower’s request have agreed in writing shall be treated as the Classification Society for the Vessel for the purpose of the Security Documents.

Classification Society means a body engaged in the survey and classification of vessels with respect to their design and structural standards;