Collateral Vessel. (a) Each Collateral Vessel is operational, seaworthy and fit for service and is registered in the name of the applicable Vessel Owner at the relevant registry in the Approved Flag State; and (b) except as approved by the Administrative Agent (acting on the instructions of the Required Lenders), there are no arrangements under which Earnings of any Collateral Vessel may be shared with anyone else.
Appears in 6 contracts
Samples: Credit Agreement (Atlas Corp.), Credit Agreement (Seaspan CORP), Credit Agreement (Atlas Corp.)
Collateral Vessel. (a) Each Collateral Vessel is operational, seaworthy and fit for service and is registered in the name of the applicable Vessel Owner at the relevant registry in the Approved Flag State; and (b) except as approved either in accordance with the Requisite Program Debt, subject to Section 24.9, or by the Administrative Agent (acting on the instructions of the Required Lenders)Holders, there are no arrangements under which Earnings of any Collateral Vessel may be shared with anyone else.
Appears in 2 contracts
Samples: Note Purchase Agreement (Atlas Corp.), Note Purchase Agreement (Atlas Corp.)
