Ship definition
Examples of Ship in a sentence
There is no agreement or understanding to allow or pay any rebate, premium, inducement, commission, discount or other benefit to any Borrower or any other member of the Group, the Builder or a third party in connection with the purchase by a Borrower of a Ship, other than as disclosed to the Facility Agent in writing on or before the date of this Agreement.
No Borrower shall make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially and adversely alter the structure, type or performance characteristics of that Ship, subject to that Ship maintaining at all times the requirements of the relevant Approved Classification Society and its Approved Classification.
For the avoidance of doubt, "material alteration" shall include any amendments as a result of which a Borrower would not be in compliance with the required insured value of Ship owned by it or any other requirements under this Clause 23 (Insurance Undertakings).
Each Borrower shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it is complying with this Clause 24 (Ship Undertakings).
Each Borrower hereby acknowledges the Finance Parties' right to track the Ship owned by it.