Common use of Repair and classification Clause in Contracts

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.

Appears in 18 contracts

Sources: Term Loan Facility (Global Ship Lease, Inc.), Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Global Ship Lease, Inc.)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.

Appears in 10 contracts

Sources: Loan Agreement (Ardmore Shipping Corp), Loan Agreement (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions affecting that Ship's class.

Appears in 9 contracts

Sources: Reducing Revolving Credit Loan Facility (Navios Maritime Partners L.P.), Revolving and Accordion Facilities Agreement (Ardmore Shipping Corp), Term Loan Facility (Castor Maritime Inc.)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions with the Approved Classification Society.

Appears in 4 contracts

Sources: Term Loan Facility (United Maritime Corp), Facility Agreement (United Maritime Corp), Facility Agreement (United Maritime Corp)

Repair and classification. Each The Borrower shall keep the Ship owned by it Vessel in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.

Appears in 2 contracts

Sources: Term Loan Facility (Grindrod Shipping Holdings Ltd.), Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)

Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.

Appears in 2 contracts

Sources: Term Loan Facility Agreement (Okeanis Eco Tankers Corp.), Term Loan Facility (Okeanis Eco Tankers Corp.)

Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions affecting the Ship's class.

Appears in 2 contracts

Sources: Facility Agreement (Euroseas Ltd.), Facility Agreement (Euroseas Ltd.)

Repair and classification. Each The Borrower shall procure that each Owner shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.

Appears in 2 contracts

Sources: Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Costamare Partners LP)

Repair and classification. (a) Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (ai) consistent with first class ship ownership and management practice; (ii) so as to ensure that that Ship's Market Value is not materially reduced; and (biii) so as to maintain the Approved Classification free of material overdue recommendations and conditionsconditions or adverse notations. (b) Subject to Clause

Appears in 1 contract

Sources: Term Loan Facility (Diana Shipping Inc.)

Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.

Appears in 1 contract

Sources: Term Loan Facility Agreement (Globus Maritime LTD)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions affecting that Ship’s class.

Appears in 1 contract

Sources: Term and Accordion Facilities Agreement (Ardmore Shipping Corp)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification highest possible class free of overdue recommendations and conditionsconditions affecting that Ship's class.

Appears in 1 contract

Sources: Term Loan Facility (Star Bulk Carriers Corp.)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and; (b) classed with an Approved Classification Society; (c) so as to maintain the Approved Classification free of material overdue recommendations and conditionsand/or conditions affecting that Ship’s class or adverse notations; and (d) so as to ensure that its Market Value is not materially reduced.

Appears in 1 contract

Sources: Facility Agreement (Seanergy Maritime Holdings Corp.)

Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification with an Approved Classification Society free of overdue recommendations and conditions.

Appears in 1 contract

Sources: Secured Term Loan Facility (United Maritime Corp)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue major recommendations and conditionsconditions affecting that Ship's class.

Appears in 1 contract

Sources: Facility Agreement (Globus Maritime LTD)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and; (b) classed with an Approved Classification Society; (c) so as to maintain the Approved Classification free of material overdue recommendations and conditionsand/or conditions affecting that Ship's class or adverse notations; and (d) so as to ensure that its Market Value is not materially reduced.

Appears in 1 contract

Sources: Term Loan Facility (Seanergy Maritime Holdings Corp.)

Repair and classification. Each (a) The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (ai) consistent with first class ship ownership and management practice; (ii) so as to ensure that the Market Value is not materially reduced; and (biii) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions or adverse notations. (b) The Borrower shall not change the Approved Classification Society in respect of the Ship.

Appears in 1 contract

Sources: Term Loan Facility (Okeanis Eco Tankers Corp.)

Repair and classification. Each The Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditionsconditions with the Approved Classification Society.

Appears in 1 contract

Sources: Term Loan Facility (Pyxis Tankers Inc.)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of qualifications, conditions and overdue recommendations and conditionsrecommendations.

Appears in 1 contract

Sources: Term Loan Facility Agreement (Castor Maritime Inc.)

Repair and classification. Each Borrower Owner shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the Approved Classification free of overdue recommendations and conditions.

Appears in 1 contract

Sources: Term Loan Facility (Global Ship Lease, Inc.)

Repair and classification. Each The Borrower shall procure that the Owner and each Approved Manager shall, keep the Ship owned by it in a good and safe condition and state of repair, sea and cargo worthy in all respects: (a) consistent with first first-class ship ownership and management practice; and; (b) so as to maintain the Approved Classification highest class available for vessels of the same type, specification and age as the Ship free of overdue recommendations and conditions., with the Approved Classification Society; and

Appears in 1 contract

Sources: Loan Agreement (Capital Product Partners L.P.)

Repair and classification. Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: (a) consistent with first class ship ownership and management practice; and (b) so as to maintain the relevant Approved Classification with an Approved Classification Society free of overdue recommendations and conditions.

Appears in 1 contract

Sources: Facility Agreement (Seanergy Maritime Holdings Corp.)