Common use of Dry Docking Clause in Contracts

Dry Docking. The Borrower shall procure that the Manager shall: (a) from time to time have sufficient liquid funds available to ensure that, on the date of the scheduled dry docking of a Secured Vessel, the Manager shall have sufficient available liquid funds to meet all of its obligations under the Management Agreement including, but not limited to, the cost of such scheduled dry docking in relation to that Vessel; and (b) provide to the Facility Agent a certificate signed by the chief executive officer of the Manager in the form of Schedule 9 on a semi-annual basis (the first such certificate to be provided six (6) months from the date of this Agreement).