Common use of Documentation of Vessels Clause in Contracts

Documentation of Vessels. The Charterer agrees that, at or ------------------------ before the time of delivery of the Vessel to the Owner Trust on the Delivery Date, the Charterer shall cause the Vessel to be documented, on a provisional basis, in the name of the Owner Trust at the Charterer's expense under the laws and the flag of the Xxxxxxxx Islands and shall cause the Vessel to be documented on a permanent basis in the name of the Owner Trust promptly after the Delivery Date. The Charterer shall throughout the Charter Period maintain the documentation of the Vessel in the Xxxxxxxx Islands (or in any other jurisdiction selected by the Charterer provided such other jurisdiction provides substantially equivalent (or better) protection for the rights of owner participants, lessors, lenders and mortgagees for similar transactions as the law of the Xxxxxxxx Islands), and shall not do or suffer or permit to be done anything which would prevent the maintenance of the documentation of the Vessel under the laws and the flag of the Xxxxxxxx Islands (or such other jurisdiction) or which would constitute or result in a violation of any applicable law or regulation of the Xxxxxxxx Islands (or such other jurisdiction) non-compliance with which could create any material risk of or danger of the sale, forfeiture or loss of any material part of or interest in the Vessel, provided, however, that in the event -------- ------- the Vessel is documented in a jurisdiction other than the Xxxxxxxx Islands, the Charterer shall make or cause to be made all filings and recordings or other actions necessary or advisable to establish the Indenture Trustee's and the Owner Trust's right, title and interest in and to the Vessel Interest, including the execution, delivery and filing of a ship mortgage in form and substance substantially similar to the Ship Mortgage with the appropriate governmental agency of such jurisdiction, provided further, however that such ship mortgage -------- ------- ------- shall not be adverse to the interests of the Owner Trust or the Indenture Trustee in any material respect or increase either parties liability under the Operative Documents.

Documentation of Vessels. The Charterer agrees that, at or ------------------------ before the time of delivery of the Vessel to the Owner Trust on the Delivery Date, the Charterer shall cause the Vessel to be documented, on a provisional basis, in the name of the Owner Trust at the Charterer's expense under the laws and the flag of the Xxxxxxxx Islands and shall cause the Vessel to be documented on a permanent basis in the name of the Owner Trust promptly after the Delivery Date. The Charterer shall throughout the Charter Period maintain the documentation of the Vessel in the Xxxxxxxx Islands (or in any other jurisdiction selected by the Charterer provided such other jurisdiction provides substantially equivalent (or better) protection for the rights of owner participants, lessors, lenders and mortgagees for similar transactions as the law of the Xxxxxxxx Islands), and shall not do or suffer or permit to be done anything which would prevent the maintenance of the documentation of the Vessel under the laws and the flag of the Xxxxxxxx Islands (or such other jurisdiction) or which would constitute or result in a violation of any applicable law or regulation of the Xxxxxxxx Islands (or such other jurisdiction) non-compliance with which could create any material risk of or danger of the sale, forfeiture for- feiture or loss of any material part of or interest in the Vessel, provided, -------- however, that in the event -------- ------- the Vessel is documented in a jurisdiction other than ------- the Xxxxxxxx Islands, the Charterer shall make or cause to be made all filings and recordings or other actions necessary or advisable to establish the Indenture Trustee's and the Owner Trust's right, title and interest in and to the Vessel Interest, including the execution, delivery and filing of a ship mortgage in form and substance substantially similar to the Ship Mortgage with the appropriate governmental agency of such jurisdiction, provided further, -------- ------- however that such ship mortgage -------- ------- ------- shall not be adverse to the interests of the ------- Owner Trust or the Indenture Trustee in any material respect or increase either parties liability under the Operative Documents.