TYPE OF CHARTER, OF VESSEL TYPE, YEAR
BUILT, AMERICAN BUREAU OF SHIPPING CLASSIFICATION (INCLUDING ANY
RECOMMENDATIONS), FLAG, CAPACITY (AND/OR HORSEPOWER AS APPLICABLE), ASSOCIATED
LIENS (OTHER THAN PERMITTED LIENS), GROSS TONNAGE AND OPA 90 PHASE-OUT DATES AND
DATE OF LAST DRYDOCKING.
(C)
SIRIUS HAS EXERCISED DUE DILIGENCE TO KEEP AND MAINTAIN EACH OF
THE VESSELS SEAWORTHY IN ALL MATERIAL RESPECTS.
EXCEPT AS SET FORTH IN SCHEDULE
4.14(C), EACH OF THE VESSELS IS EQUIPPED WITH THE MACHINERY, ENGINES,
INSTRUMENTS, RIGGING, ANCHORS, CHAINS, CABLES, TACKLE, APPAREL, ACCESSORIES,
EQUIPMENT, RADIO INSTALLATION AND NAVIGATIONAL EQUIPMENT, INVENTORY, SPARE PARTS
AND ALL OTHER APPURTENANCES NECESSARY FOR THE OPERATION OF SUCH VESSEL IN THE
ORDINARY COURSE OF BUSINESS CONSISTENT WITH PAST PRACTICES.
EXCEPT AS SET FORTH
IN SCHEDULE 4.14(C), SINCE THE VESSELS' LAST DRYDOCKING, NO VESSEL HAS BEEN
GROUNDED, STRANDED OR SUFFERED ANY OTHER OCCURRENCE OR CASUALTY THAT COULD HAVE
CAUSED OR ACTUALLY DID CAUSE ANY DAMAGE TO SUCH VESSEL.
(D)
EACH OF THE OWNED VESSELS IS DULY DOCUMENTED IN SIRIUS'S NAME
UNDER THE LAWS AND FLAG OF THE UNITED STATES OF AMERICA AND EACH VESSEL
SATISFIES THE REQUIREMENTS FOR COASTWISE DOCUMENTATION, HAS NOT BEEN "SOLD
FOREIGN" WITHIN THE MEANING OF SECTION 12132 OF TITLE 46 OF THE UNITED STATES
CODE AND ALL COASTWISE LICENSES, PERMITS, CERTIFICATES, REGISTRATIONS, APPROVALS
AND OTHER AUTHORIZATIONS NECESSARY TO OPERATE THE VESSELS AS CURRENTLY OPERATED
ARE VALID AND CURRENT, SUBJECT TO THE TRADING RESTRICTIONS SET FORTH IN SCHEDULE
4.14(D).
25
(E)
EACH VESSEL HAS A VALID, CURRENT AND UNEXTENDED U.S. COAST GUARD
CERTIFICATE OF INSPECTION, WHERE APPLICABLE, AND ALL OTHER LICENSES, PERMITS,
CERTIFICATES, REGISTRATIONS, APPROVALS AND OTHER AUTHORIZATIONS (INCLUDING
CERTIFICATES OF FINANCIAL RESPONSIBILITY (WATER POLLUTION)) THAT ARE REQUIRED BY
APPLICABLE LAW.
EXCEPT AS SET FORTH IN SCHEDULE 4.14(E), THERE ARE NO
OUTSTANDING CG-835 CERTIFICATES OR CAPTAIN OF THE PORT ORDERS WITH RESPECT TO
THE VESSELS OR THE OPERATION THEREOF.
SECTION 4.15
ABSENCE OF UNDISCLOSED LIABILITIES.
EXCEPT AS SET FORTH
IN SCHEDULE 4.15, SIRIUS HAS NO LIABILITY (WHETHER ABSOLUTE, ACCRUED,
CONTINGENT, UNLIQUIDATED OR OTHERWISE, WHETHER DUE OR TO BECOME DUE), OTHER THAN
LIABILITIES (I) REFLECTED IN THE UNAUDITED FINANCIAL STATEMENTS OR IN THE
FINANCIAL STATEMENTS, (II) ARISING UNDER CONTRACTS DESCRIBED IN SCHEDULE 4.10
(CONTRACTS AND COMMITMENTS) OR CONTRACTS ENTERED IN THE ORDINARY COURSE OF
BUSINESS AND CONSISTENT WITH PAST PRACTICE THAT ARE NOT REQUIRED TO BE DISCLOSED
THEREIN DUE TO DOLLAR THRESHOLDS, (III) ARISING OUT OF MATTERS REFLECTED IN
SCHEDULE 4.7 (LITIGATION) OR (IV) TRADE ACCOUNTS PAYABLE INCURRED AFTER
MARCH 31, 2007 IN THE ORDINARY COURSE OF BUSINESS CONSISTENT WITH PAST PRACTICE,
AND (V) PERMITTED LIENS.
SECTION 4.16
REAL ESTATE.
(A)
SIRIUS DOES NOT CURRENTLY OWN, AND HAS NEVER OWNED, ANY REAL
PROPERTY.
SCHEDULE 4.16 SETS FORTH A LIST AND SUMMARY DESCRIPTION (INCLUDING
PROPERTY LOCATION, PARTIES AND ANNUAL RENTAL PAYMENTS) OF ALL LEASES, SUBLEASES
AND OTHER AGREEMENTS UNDER WHICH SIRIUS IS LESSOR OR LESSEE OF, OR USES OR
OCCUPIES OR ALLOWS THE USE OR OCCUPANCY OF, ANY REAL PROPERTY.
ALL SUCH LEASES,
SUBLEASES AND OTHER AGREEMENTS ARE VALID AND SUBSISTING AND IN FULL