Common use of Existence; Authorization Clause in Contracts

Existence; Authorization. The Shipowner is a limited liability company duly organized and validly existing under the laws of the Republic of the Xxxxxxxx Islands and shall so remain during the life of this Mortgage. The Shipowner has full power and authority to own and mortgage the Vessel; has full right and entitlement to register the Vessel in its name under the flag of the Republic of the Xxxxxxxx Islands and all action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken; and each of the Indebtedness hereby secured and the Mortgage is and will be the legal, valid and binding obligation of the Shipowner enforceable in accordance with its terms.

Existence; Authorization. The Shipowner is a limited liability company duly organized and validly existing under the laws of the Republic of the Xxxxxxxx Marshall Islands and shall so remain during the life of this Mortgage. The Shipowner has Shipxxxxx xxs full power and authority to own and mortgage the Vessel; has full right and entitlement to register the Vessel in its name under the flag of the Republic of the Xxxxxxxx Marshall Islands and all action necessary and required by law for the execution and delivery xxx xxxxvery of this Mortgage has been duly and effectively taken; and each of the Indebtedness hereby secured and the this Mortgage is and will be the legal, valid and binding obligation of the Shipowner enforceable in accordance with its terms.

Existence; Authorization. The Shipowner is a limited liability company corporation duly organized and organized, validly existing and in good standing under the laws of the Republic of the Xxxxxxxx Mxxxxxxx Islands and shall so remain during the life of this Mortgage. The Shipowner has full power and authority to own and mortgage the Vessel; has full right and entitlement to register the Vessel in its name under the flag of the Republic of the Xxxxxxxx Mxxxxxxx Islands and all action necessary and required by law for the execution and delivery of this Mortgage has been duly and effectively taken; and each of the Indebtedness hereby secured and the this Mortgage is and will be the legal, valid and binding obligation of the Shipowner enforceable in accordance with its terms.