Common use of Classification Clause in Contracts

Classification. The Borrower shall ensure that each of the Vessels maintains the highest classification required for the purpose of the relevant trade of such Vessel which shall be with a Pre-Approved Classification Society, in each case, free from any overdue recommendations and conditions affecting that Vessel’s class.

Appears in 4 contracts

Sources: Loan Agreement, Loan Agreement, Loan Agreement (Teekay LNG Partners L.P.)

Classification. The With effect from the Delivery Date, the Borrower shall ensure that each of the Vessels Vessel maintains the highest classification required for the purpose of the relevant trade of such the Vessel which shall be with a Pre-Approved Classification Society, in each case, Society free from any overdue recommendations and conditions affecting that the Vessel’s class.

Appears in 4 contracts

Sources: Loan Agreement (Teekay Offshore Partners L.P.), Secured Term Loan Facility (Teekay Offshore Partners L.P.), Loan Agreement

Classification. The Borrower shall ensure that each of the Vessels Vessel maintains the highest classification required for the purpose of the relevant trade of such Vessel which shall be with a Pre-Approved Classification SocietySociety or such other society as may be acceptable to the Agent, in each case, free from any overdue recommendations and conditions affecting the class of that Vessel’s class.

Appears in 4 contracts

Sources: Secured Reducing Revolving Loan Facility Agreement (Gulfmark Offshore Inc), Secured Reducing Revolving Loan Facility Agreement (Gulfmark Offshore Inc), Secured Reducing Revolving Loan Facility Agreement (Gulfmark Offshore Inc)

Classification. The Borrower shall ensure that each of the Vessels maintains Vessel is classed and maintained with the highest classification required for the purpose of the relevant trade of applicable class necessary to properly operate such Vessel which shall be with a Pre-Approved Classification Societyof Lloyds Register of Shipping, Det norske Veritas, the American Bureau of Shipping or such other classification society acceptable to the Agent and that such classification is not changed or impaired in each case, free from any overdue recommendations and conditions affecting that Vessel’s classway during the Facility Period.

Appears in 3 contracts

Sources: Deed of Amendment and Restatement (Stolt Offshore S A), Secured Multi Currency Revolving Loan Facility Agreement (Stolt Offshore S A), Loan Agreement (Stolt Offshore S A)

Classification. The Borrower shall procure that the Owners shall ensure that each of the Vessels Vessel maintains the highest classification required for the purpose of the relevant trade of such Vessel which shall be with a Pre-Approved Classification SocietySociety or such other society as may be acceptable to the Agent, in each case, free from any overdue recommendations and conditions affecting that Vessel’s class.

Appears in 3 contracts

Sources: Loan Facility Agreement, Loan Facility Agreement (Teekay LNG Partners L.P.), Loan Facility Agreement (Teekay Shipping Corp)

Classification. The Borrower shall ensure that each of the Vessels Vessel maintains the highest classification required for the purpose of the relevant trade of such the Vessel which shall be with a Pre-Approved Classification Society, in each case, Society free from any overdue recommendations and conditions affecting that the Vessel’s class.

Appears in 2 contracts

Sources: Secured Term Loan Facility Agreement (Teekay Offshore Partners L.P.), Secured Term Loan Facility Agreement

Classification. The Borrower shall procure that the Owner shall ensure that each of the Vessels maintains the highest classification required for the purpose of the relevant trade of such Vessel which shall be with a Pre-Approved Classification Society, in each case, free from any overdue recommendations and conditions affecting that Vessel’s class.. \P1\3549672.7

Appears in 1 contract

Sources: Loan Agreement (Teekay Shipping Corp)

Classification. The Borrower shall ensure that each of the Vessels maintains the highest classification required for the purpose of the relevant trade of such Vessel which shall be with a Pre-Approved Classification Society, in each case, free from any overdue recommendations and conditions adverse notations affecting that Vessel’s class.

Appears in 1 contract

Sources: Loan Agreement

Classification. The Borrower shall procure that the Owners shall ensure that each of the Vessels Vessel maintains the highest classification required for the purpose of the relevant trade of such Vessel which shall be with a Pre-Approved Classification SocietySociety or such other society as may be acceptable to the Agent, in each case, free from any overdue recommendations and conditions affecting the class of that Vessel’s class.

Appears in 1 contract

Sources: Secured Reducing Revolving Loan Facility Agreement (Gulfmark Offshore Inc)