Maintenance of Vessels. (a) The Mortgagor will at all times, without cost or expense to the Mortgagee, maintain and preserve the Vessels in all material respects, and cause the Vessels in all material respects to be tight, staunch, strong and well and sufficiently tackled, appareled, victualed, fitted, manned, furnished and equipped and to be maintained and preserved, in good running order and repair so that the Vessels in all material respects shall be well equipped and seaworthy, in good working order, repair and operating condition, ordinary wear and tear excepted. At all times, at its own cost and expense, the Mortgagor will exercise due diligence to maintain and preserve the Vessels in all material respects in as good condition, working order and repair as at the time of the execution of this Fleet Mortgage, ordinary wear and tear and depreciation excepted, and will maintain the Vessels in all material respects in accordance with good marine maintenance practice and procedures and applicable legal or regulatory requirements for the service in which they then are or will be engaged, and in such condition as will enable the Vessels in all material respects to pass such inspection as may be required by marine underwriters as a condition of their writing such insurance and in such amounts as is required under this Fleet Mortgage. Furthermore, the Mortgagor will cause each Vessel to be periodically inspected, drydocked and recoated (hull paint), and its machinery overhauled in accordance with normal marine practices or as may be required by the United States Coast Guard. At the request of the Mortgagee, the Mortgagor shall cause a marine surveyor satisfactory to the Mortgagee to perform a survey, inspection or other actions as may be necessary on a representative sample of the Vessels (the number or location of such Vessels included in such representative sample to be determined by the Mortgagee in its discretion), to prove or establish that the Vessels in all material respects have been maintained and preserved in accordance with the provisions of this Section 2.10(a). In addition, the Mortgagor shall provide at the end of each six-month period commencing six weeks following the date hereof to the Mortgagee a certificate of the chief marine operations officer (currently James J. Farley, Senior Vice President Transportation Services) of thx Xxxxxxxxx xxxting that the Vessels have been maintained and preserved in accordance with the requirements of this Section 2.10(a).
Maintenance of Vessels. The Borrowers will maintain, or cause to be maintained, the Vessels in the highest classification for such vessels with the American Bureau of Shipping, Lloyds Register of Shipping or such other classification society as the Agent may approve.
Maintenance of Vessels. The Partnership will maintain each Vessel in such condition as will entitle such Vessel to the highest classification and rating for vessels of the same age and type of the American Bureau of Shipping, or such other classification society of like standing which shall accept such Vessel for classification purposes.
Maintenance of Vessels. At its own cost and expense, maintain, repair, refurbish and keep (or cause to be maintained, repaired, refurbished or kept) each Vessel, (i) according to prudent industry practice, (ii) seaworthy and otherwise capable of performing in all material respects the function for which it was designed and shall be in good working order with allowance for normal wear and tear, (ii) suitable for continued commercial use, (iii) in a manner consistent with maintenance, repair and refurbishment practices used by it in respect of Vessels owned, serviced or leased by it (or any of its Affiliate), (iv) in accordance in all material respects with all manufacturer's warranties in effect and in accordance with all applicable provisions, if any, of insurance policies required to be maintained, and (v) in compliance in all material respects with any applicable laws (including, without limitation, annual inspections required under Panamanian law). In no event shall it adversely discriminate in any material respect as to the use or maintenance, repair or refurbishment of any Vessel as compared to any other vessel of a similar nature which it owns, services or leases. It will maintain, or cause to be maintained, in all material respects all records, logs and other materials required by applicable law, relevant industry standards or any Governmental Authority having jurisdiction over any Vessel. All such records, logs and other materials shall be held for the benefit of the Agent and the Lenders.
Maintenance of Vessels. The Owner will at all times and without cost and expense to the Mortgagee maintain and preserve or cause to be maintained and preserved the Vessels in good running order and repair, and will cause all equipment and parts thereof which become worn out, broken or damaged to be repaired or replaced and will keep the Vessels, or cause them to be kept, in such condition as will entitle each Vessel which is classed by the American Bureau of Shipping (or other classification society) to the highest classification and rating for vessels of the same age and type in American Bureau of Shipping (or other classification society of like standing satisfactory to the Mortgagee) in class without recommendation, and annually will furnish to the Mortgagee a certificate or certificates of such society that such classification is maintained, or, as to Vessels which are not so classed, to be covered by a valid Coast Guard Certificate of Inspection. Notwithstanding the preceding sentence, if at any time any Vessel shall fail to meet such standard, the Owner shall not be in breach of this Section 1.10 provided such failure is cured within the earlier of (i) thirty days and (ii) the time prescribed by the American Bureau of Shipping for curing such condition. Each Vessel shall, and the Owner covenants that it will, at all times comply, in all material respects, with all applicable United States law, treaties and conventions, and rules and regulations issued thereunder, and shall have on board, when required thereby, valid certificates showing compliance therewith. The Owner will not make, or permit to be made, any substantial change in the structure, type or speed of any of the Vessels or change in any of the Vessels' rig without first receiving the written approval thereof by the Mortgagee, not to be unreasonably withheld or delayed if no Default or Event of Default shall then exist.
Maintenance of Vessels. Owner will exercise due diligence to put the Vessels in good running condition, order and repair, well and sufficiently tackled, appareled, furnished and equipped and make them seaworthy, and Owner will, at all times, at its own expense and risk, so maintain and preserve the Vessels, ordinary wear and tear excepted. Owner shall keep the Vessels in such condition that they comply with all United States laws, treaties, conventions, rules, regulations and class certifications to which the Vessels are currently or may become subject, or that are otherwise applicable to vessels of the same type, and used in the same trade, as the Vessels, and keep on board the Vessels, when required thereby, valid certificates showing compliance therewith. Owner will not make, or permit to be made, any change in the structure, type, or speed of the Vessels, or any change in their rig, without receiving Mortgagee’s prior written approval. Owner shall provide notice of any loss of, or damage in excess of $100,000.00 to, a Vessel during the existence of this Mortgage within three (3) days following the occurrence giving rise thereto. Owner shall promptly repair any damage to such Vessel following a casualty or other occurrence (unless such Vessel has become a total, or constructive total, loss as a result of such casualty) in order to restore the Vessel to the condition required hereunder.
Maintenance of Vessels. The Borrowers will maintain, or cause to be maintained, the CAJUN HORIZON and the AMERICAN HORIZON in the highest classification for such vessels with the American Bureau of Shipping or such other classification society as the Lender may approve and will, within one hundred eighty (180) days of the date of the advance referred to in Section 2.1(c)(i) above as to the PHOENIX HORIZON and within ninety (90) days of the date of the advance referred to in Section 2.1(c)(iii) above as to the GULF HORIZON, cause such Vessels to be classed in the highest classification for such Vessels with the American Bureau of Shipping and thereafter to maintain such class as to all of the Vessels other than the MR. XXXXX.
Maintenance of Vessels. 5.1 Without limiting anything in the Marina Rules, the Licensee shall keep any vessel occupying the Berth in good serviceable condition and repair so as not to obstruct, interfere with or endanger other vessels navigating or berthed in Port Nikau Marina or damage any Structures.
Maintenance of Vessels. The Mortgagor will at its own expense at all times maintain, preserve and keep the Vessels in good condition, working order and repair and will from time to time make all needed and proper repairs, renewals, replacements, betterments and improvements, including without limitation those replacements required by Section 4.12 of Article IV. The Vessels shall, and the Mortgagor covenants that they will, at all times comply with all applicable laws, treaties and covenants and rules and regulations issued thereunder.
Maintenance of Vessels. The Vessels are equipped with all safety equipment required by the United States Coast Guard for such Vessels. The Vessels were overhauled and inspected by Owners prior to May 1, 2002 and at that time were found to be seaworthy and otherwise in good condition. Owners shall provide all maintenance aboard the Vessels including: routine inspections and repair. ATA shall not make any alterations in or to the Vessels. Owners shall provide fuel, potable water, food and refreshments along with all normal supplies for use aboard the Vessels in a manner that is comparable to what would be available under charter contracts with other yachts of this class. Owners have not and do not make any representation, warranty, or covenant, express or implied, with respect to the condition, quality, durability, or suitability for ATA's intended use of the Vessels. Owners will not be liable to ATA for any liability, loss, or damage caused by or alleged to be caused directly or indirectly by the Vessels, by any inadequacy of, or defect in, or any incident in connection with the Vessels, while they are in ATA's possession.
