Classification. With effect from the Delivery Date, the Borrower shall ensure that the Vessel maintains the highest classification required for the purpose of the relevant trade of the Vessel which shall be with a Classification Society free from any overdue recommendations and conditions affecting the Vessel’s class.
Appears in 4 contracts
Samples: Loan Agreement (Teekay Offshore Partners L.P.), Loan Agreement (Teekay Offshore Partners L.P.), Loan Agreement
Classification. With effect from the Delivery Date, the The Borrower shall ensure that the each Vessel maintains the highest classification required for the purpose of the relevant trade of the such Vessel which shall be with a Pre-Approved Classification Society or such other society as may be acceptable to the Agent, in each case, free from any overdue recommendations and conditions affecting the class of that Vessel’s class.
Appears in 4 contracts
Samples: Facility Agreement (Gulfmark Offshore Inc), Loan Facility Agreement (Gulfmark Offshore Inc), Gulfmark Offshore Inc
Classification. With effect from the Delivery Date, the The Borrower shall ensure that each of the Vessel Vessels maintains the highest classification required for the purpose of the relevant trade of the such Vessel which shall be with a Pre-Approved Classification Society Society, in each case, free from any overdue recommendations and conditions affecting the that Vessel’s class.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.)
Classification. With effect from the Delivery Date, the The Borrower shall ensure that the each Vessel maintains is classed and maintained with the highest applicable class necessary to properly operate such Vessel of Lloyds Register of Shipping, Det norske Veritas, the American Bureau of Shipping or such other classification required for society acceptable to the purpose of Agent and that such classification is not changed or impaired in any way during the relevant trade of the Vessel which shall be with a Classification Society free from any overdue recommendations and conditions affecting the Vessel’s classFacility Period.
Appears in 3 contracts
Samples: Stolt Comex (Stolt Offshore S A), Loan Facility Agreement (Stolt Offshore S A), Loan Facility Agreement (Stolt Offshore S A)
Classification. With effect from The Borrower shall procure that the Delivery Date, the Borrower Owners shall ensure that the each Vessel maintains the highest classification required for the purpose of the relevant trade of the such Vessel which shall be with a Pre-Approved Classification Society or such other society as may be acceptable to the Agent, in each case, free from any overdue recommendations and conditions affecting the that Vessel’s class.
Appears in 3 contracts
Samples: Loan Facility Agreement, Loan Facility Agreement (Teekay LNG Partners L.P.), Loan Facility Agreement (Teekay Shipping Corp)
Classification. With effect from the Delivery Date, the The Borrower shall ensure that the Vessel maintains the highest classification required for the purpose of the relevant trade of the Vessel which shall be with a Classification Society free from any overdue recommendations and conditions affecting the Vessel’s class.
Appears in 2 contracts
Samples: Loan Agreement (Teekay Offshore Partners L.P.), Loan Agreement
Classification. With effect from The Borrower shall procure that the Delivery Date, the Borrower Owner shall ensure that each of the Vessel Vessels maintains the highest classification required for the purpose of the relevant trade of the such Vessel which shall be with a Pre-Approved Classification Society Society, in each case, free from any overdue recommendations and conditions affecting the that Vessel’s class.. \P1\3549672.7
Appears in 1 contract
Classification. With effect from the Delivery Date, the The Borrower shall ensure that each of the Vessel Vessels maintains the highest classification required for the purpose of the relevant trade of the such Vessel which shall be with a Pre-Approved Classification Society Society, in each case, free from any overdue recommendations and conditions adverse notations affecting the that Vessel’s class.
Appears in 1 contract
Samples: www.lw.com
Classification. With effect from The Borrower shall procure that the Delivery Date, the Borrower Owners shall ensure that the each Vessel maintains the highest classification required for the purpose of the relevant trade of the such Vessel which shall be with a Pre-Approved Classification Society or such other society as may be acceptable to the Agent, in each case, free from any overdue recommendations and conditions affecting the class of that Vessel’s class.
Appears in 1 contract
