Common use of Ownership Registration Clause in Contracts

Ownership Registration. When the BUYER has fulfilled all of its obligations under this Contract, the BUYER shall become the owner of the VESSEL upon signing of the Protocol of Delivery and Acceptance. The BUILDER may mortgage the VESSEL with pertaining materials as security for the construction financing, including the providing of refund guarantees, for the VESSEL. The BUYER shall if requested give their consent for that purpose. Any mortgages securing the BUILDER’S construction financing shall be cancelled at the latest on delivery of the VESSEL to the BUYER. Any materials, parts, machinery or equipment purchased by the BUILDER and appropriated for the VESSEL which are not utilized for the VESSEL shall remain the property of the BUILDER after the Delivery and Acceptance. The BUILDER may register this Contract and the VESSEL under construction in accordance with the rules of the Norwegian Maritime Act with the BUILDER as title holder.

Ownership Registration. When the BUYER has fulfilled all of its obligations under this Contract, the BUYER shall become the owner of the VESSEL upon signing of the Protocol of Delivery and Acceptance. The BUILDER may mortgage the VESSEL with pertaining materials as security for the construction financing, including the providing of refund guarantees, for the VESSEL. The BUYER shall if requested give their their-consent for that purpose. Any mortgages securing the BUILDER’S construction financing shall be cancelled at the latest on delivery of the VESSEL to the BUYER. Any materials, parts, machinery or equipment purchased by the BUILDER and appropriated for the VESSEL which are not utilized for the VESSEL shall remain the property of the BUILDER after the Delivery and Acceptance. The BUILDER may register this Contract and the VESSEL under construction in accordance with the rules of the Norwegian Maritime Act with the BUILDER as title holder.