AND DATE OF LAST DRYDOCKING.
(C)
EACH OF THE SUBJECT COMPANIES 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)
EXCEPT AS SET FORTH IN SCHEDULE 4.14(D), EACH OF THE OWNED VESSELS
IS DULY DOCUMENTED IN THE NAME OF THE RESPECTIVE SUBJECT COMPANY SET FORTH ON
SCHEDULE 4.14(D) 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).
(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, NONE OF THE SUBJECT COMPANIES HAS ANY 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
25
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)
NONE OF THE SUBJECT COMPANIES CURRENTLY OWNS, AND NONE OF THEM HAS
EVER 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 ANY OF THE SUBJECT
COMPANIES 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 FORCE