Vessel Undertakings Clause Samples
The 'Vessel Undertakings' clause sets out the specific obligations and commitments that the vessel owner or operator must fulfill under the contract. Typically, this includes requirements regarding the vessel's seaworthiness, compliance with applicable laws and regulations, and the maintenance of necessary certifications and crew qualifications. For example, the clause may require the vessel to be properly equipped, maintained, and manned throughout the charter period. Its core practical function is to ensure that the vessel meets agreed standards and legal requirements, thereby allocating responsibility and reducing the risk of disputes related to vessel condition or performance.
Vessel Undertakings. The undertakings in this Clause 23 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.
Vessel Undertakings. The undertakings in this Clause 48 shall remain in force throughout the Charter Period.
Vessel Undertakings. The Borrower shall procure that:
(a) subject to paragraph (b), the Required Insurances for each Vessel are maintained on substantially the same terms (including as to governing law) as the Required Insurances for that Vessel existing as at the date of this Agreement (the Existing Insurances);
(b) the Required Insurances for each Vessel are in the Required Insurance Amount applicable to that Vessel;
(c) the Required Insurances for each Vessel are placed through commercially reputable brokers and with commercially reputable underwriters or insurance companies;
(d) the Required Insurances include a loss payable clause in substantially the same form as provided in the Existing Insurances;
(e) each Vessel’s classification and registration is maintained under the Vessel Flag;
(f) nothing is done or omitted to be done by any party by which the registration of its Vessel would or might be defeated or imperilled;
(g) each Vessel (including the operation thereof) complies with all Applicable Laws if failure so to comply would have a Material Adverse Effect;
(h) each Vessel is maintained in good working order and repair (ordinary wear and tear excepted);
(i) each Vessel is surveyed from time to time as required by the Classification Society in which that Vessel is entered at that time;
(j) the classification of each Vessel is maintained with the applicable Classification Society or any other recognised classification society including, without limitation, American Bureau of Shipping and Det Norske Veritas), free of all overdue requirements and overdue recommendations;
(k) all repairs to or replacement of any damaged, worn or lost parts or equipment are effected in a manner (both as regards workmanship and quality of materials) that does not diminish materially the value of the applicable Vessel;
(l) each Vessel is managed in accordance with customary industry standards;
(m) all debts and other liabilities that may give rise to a lien (other than any lien permitted pursuant to the terms of any Guarantee) or claim enforceable against a Vessel are promptly paid and discharged; and
(n) each Guarantor complies with its obligations under the Time Charter Party Agreement to which it is a party if failure so to comply would have a Material Adverse Effect; in each case, from the date of the acquisition of each Vessel by the applicable Guarantor and only for so long as each Vessel is owned by a Guarantor.
Vessel Undertakings. The undertakings in this Clause 20 remain in force from the date of this Agreement for so long as any Commitment is in force or any amount is outstanding under the Finance Documents.
Vessel Undertakings. Each Collateral Owner covenants as follows from the Delivery Date of its Vessel (unless a contrary indication appears) and throughout the remainder of the Facility Period.
Vessel Undertakings. Each Obligor gives the undertakings in this Clause 25 to each Finance Party and such undertakings shall apply in respect of the Vessel and remain in force for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.
Vessel Undertakings. Each Borrower undertakes with each Bank that, from the Execution Date until the end of the Facility Period, it will, in respect of the Mortgaged Vessel owned by it:
8.5.1 Ship’s name and registration not change the name of such Mortgaged Vessel and to keep such Mortgaged Vessel registered with the relevant Registry under the laws of its Flag State and not do or suffer to be done anything, or omit to do anything the doing or omission of which could or might result in such registration being forfeited or imperilled or which could or might result in such Mortgaged Vessel being required to be registered otherwise than with the relevant Registry and not register such Mortgaged Vessel or permit its registration under any other flag or at any other port without the prior written consent of the Agent, such consent not to be unreasonably withheld or delayed;
Vessel Undertakings. Each Borrower covenants as follows from the Utilisation Date in connection with its Vessel (unless a contrary indication appears) and throughout the remainder of the Facility Period.
Vessel Undertakings. The undertakings in this clause 14 (Vessel Undertakings) apply from Delivery until the end of the Charter Period.
14.1 Change of flag or register The Charterer shall not and shall procure no Group Member or the Manager shall change the State of Registration of the Vessel without the prior written consent of the Owner (such consent not to be unreasonably withheld).
Vessel Undertakings. Each Borrower covenants as follows from the Delivery Date of its Vessel (unless a contrary indication appears) and throughout the remainder of the Facility Period.