Covenants of the Shipowner. The Shipowner covenants and agrees with the Mortgagee as follows:
Covenants of the Shipowner. 2.01. The Shipowner will immediately pay, when due, the Indebtedness, represented by the Indenture, the Notes, the Guarantee and the Security Documents, and will observe, perform and comply with the covenants, terms and conditions herein and in the Indenture expressed or implied, on its part to be observed, performed or complied with.
Covenants of the Shipowner. The Shipowner covenants and agrees until the date that this Mortgage ceases, determines and/or otherwise becomes void in accordance with Clause 3(a) that it:
Covenants of the Shipowner. Section 1. The Shipowner agrees that it will promptly and faithfully pay or cause to be paid the Indebtedness hereby secured and that it will perform and observe all agreements, covenants and conditions express or implied contained herein and in the Loan Agreement and the Note.
Covenants of the Shipowner. The Shipowner represents and, until termination of this Guarantee Commitment, agrees:
Covenants of the Shipowner. The Shipowner covenants that until all amounts owing under this Agreement and the Floating Rate Note have been paid in full, the Shipowner will, unless the Agents and the Lenders shall have consented in writing:
Covenants of the Shipowner. 3 SECTION 1.
Covenants of the Shipowner. 3 (1) Maintenance of Entity Status................................... 3 (2) Liens.......................................................... 3 (3) Maintenance of Mortgage........................................ 3
Covenants of the Shipowner. The Shipowner covenants and agrees with the Mortgagee as follows: SECTION 1.1. The Shipowner will make payment when due of all Obligations from time to time payable by the Shipowner to the Trustee under its Guarantee and will observe, perform and comply with the covenants, terms and conditions herein and in its Guarantee, express or implied, on its part to be observed, performed or complied with. SECTION 1.2. The Shipowner was duly organized and is now duly existing as a corporation under the laws of [the Republic of Liberia] [the Commonwealth of the Bahamas]; it is duly authorized to mortgage the Vessel; all corporate action necessary and required by law for the execution and delivery of this Deed and the Statutory Mortgage has been duly and effectively taken; its Guarantee is and will be a valid and enforceable obligation of the Shipowner in accordance with its terms; and the Shipowner shall at all times maintain its corporate existence and right to carry on its business. SECTION 1.3. The Shipowner lawfully owns 64/64th shares in and is lawfully possessed of the Vessel free from any lien, charge or encumbrance whatsoever (except for (i) the lien of this Deed, (ii) the Statutory Mortgage, (iii) liens for current crew's wages, if any and (iv) the Time Charter Party dated , with Palm Shipping Inc., as amended (including any further amendments, extensions or renewals thereof permitted by the Indenture, the "Time Charter Party")) and will warrant and defend the title and possession thereto and to every part thereof for the benefit of the Mortgagee against the claims and demands of all persons whomsoever. SECTION 1.4. The Shipowner will cause the Statutory Mortgage to be duly recorded or filed in a central office or at 3 5 the home port of the Vessel and in accordance with the applicable provisions of the law of the Bahamas and will otherwise comply with and satisfy all of the provisions of applicable law of the Bahamas in order to establish and maintain (a) the Statutory Mortgage as a first priority statutory mortgage thereunder upon the Vessel and upon all renewals, replacements and improvements made in or to the same and (b) this Deed as a first priority assignment of, charge over, and security interest in the Vessel or other property assigned thereunder. SECTION 1.5. The Shipowner will not cause or permit the Vessel to be operated in any manner contrary to law and the Shipowner will not engage in any unlawful trade or violate any law or carry any cargo tha...
Covenants of the Shipowner. The Shipowner covenants and agrees with the Mortgagee, to the extent not inconsistent with any agreements to the contrary in the Credit Agreement and the Guarantee, as follows:
