Common use of Technical condition Clause in Contracts

Technical condition. Each Owner shall (and the Borrower shall procure that each Owner will) maintain its Vessel in a technical condition consistent with first class ship ownership and management practice, and it shall arrange to have its Vessel submitted for technical inspection in form and substance satisfactory to the Majority Lenders by an independent surveyor appointed by the Administrative Agent and the Borrower shall reimburse the costs thereof limited however to one inspection per year. In the event such inspection does not conclude with a report satisfactory to the Majority Lenders, the Borrower shall procure that the technical condition of such Vessel is rectified and re-submit such Vessel for technical inspections in the same manner within three months and at their own expense.

Technical condition. Each Owner shall (and the Borrower shall procure that each Owner will) maintain its Vessel in a technical condition consistent with first class ship ownership and management practicepractice and, and when required by the Agent, it shall arrange to have its Vessel submitted for technical inspection in form and substance satisfactory to the Majority Lenders by an independent surveyor appointed by the Administrative Agent and the Borrower Borrowers shall reimburse the costs thereof limited however to one inspection per year. In the event such inspection does not conclude with a report satisfactory to the Majority Lenders, the relevant Borrower shall procure that the technical condition of such its Vessel is rectified and re-submit such Vessel for technical inspections in the same manner within three (3) months and at their its own expense.