Common use of Removal of parts Clause in Contracts

Removal of parts. The Borrower shall procure that no Owner shall remove any material part of that Ship, or any item of equipment installed on, a Ship unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and becomes on installation on that Ship the property of the relevant Owner and subject to the security constituted by the relevant Mortgage Provided that an Owner may not install equipment owned by a third party on the Ship unless such equipment is leased and installed in the ordinary course of business and can be removed without any risk of damage to the Ship owned by it and without incurring significant expense; and provided further that an Owner may remove obsolete equipment or equipment no longer required to ensure compliance with the rules and regulations of the classification society of that Ship.

Removal of parts. The Each Borrower shall procure that no Owner shall not remove any material part of the Ship owned by that ShipBorrower, or any item of equipment installed on, a that Ship unless the part or item so removed is forthwith replaced in a timely manner by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and and, if it was the property of that Borrower prior to its removal, becomes on installation on that Ship the property of the relevant Owner that Borrower and subject to the security constituted by the relevant Mortgage Provided that an Owner each Borrower may not install equipment owned by a third party on if the Ship unless such equipment is leased and installed in the ordinary course of business and can be removed without any risk of damage to the Ship owned by it and without incurring significant expense; that Borrower and provided further that an Owner may that Borrower can remove obsolete equipment or equipment no longer required to ensure compliance with the rules and regulations of the classification society Approved Classification Society of that Ship.

Removal of parts. The Borrower shall procure that no Owner shall remove any material part of that Shipthe Ship owned by it, or any item of equipment installed on, a the Ship unless the part or item so removed is forthwith replaced in a timely manner by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and and, if it was the property of the relevant Owner prior to its removal, becomes on installation on that the relevant Ship the property of the relevant Owner and subject to the security constituted by the relevant Mortgage and/or the relevant Deed of Covenant Provided that an Owner may not install equipment owned by a third party on if the Ship unless such equipment is leased and installed in the ordinary course of business and can be removed without any risk of damage to the Ship owned by it and without incurring significant expense; and provided further that an Owner may can remove obsolete equipment or equipment no longer required to ensure compliance with the rules and regulations of the classification society of that Ship.