Documentary evidence that Clause Samples
Documentary evidence that. (a) Ship A has been unconditionally delivered by the Lessor to, and accepted by, Borrower A under the MOA and that the full purchase price representing the Purchase Option Price payable to the Lessor and all other sums due to the Lessor under the MOA, other than the sums to be financed pursuant to the Utilisation of the Loan, have been paid;
(b) each Ship is definitively and permanently registered in the name of the relevant Borrower under the Approved Flag;
(c) each Ship is in the absolute and unencumbered ownership of the relevant Borrower save as contemplated by the Finance Documents;
(d) each Ship maintains the Approved Classification with the Approved Classification Society free of all overdue recommendations and conditions of the Approved Classification Society; and
(e) each Ship is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.
Documentary evidence that. (a) the Ship will on the Drawdown Date be definitively and permanently registered in the name of the Borrower under the Approved Flag;
(b) the Ship will on the Drawdown Date (or as soon as reasonably practicable therafter) be in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents;
(c) the Ship will on the Drawdown Date be classed with the highest available class with Lloyds Register of Ships (or IACS equivalent) free of all overdue recommendations and conditions of such classification society affecting Class;
(d) the Mortgage in respect of the Ship has been executed by the Borrower and has been, or will immediately following drawdown of the Loan be, registered against the Ship as a valid first priority ship mortgage in accordance with the laws of the Approved Flag State; and
(e) the Ship will on the Drawdown Date be insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances shall have been complied with.