Representations and Warranties of the Company as to Maritime Matters. (a) Each of the vessels described in the Registration Statement and the Prospectus as being owned by the Company or any Subsidiary as described therein (“Owned Vessels”) has been duly and validly registered in the name of a Subsidiary under the laws and regulations and flag of the nation of its registration; no other action is necessary to establish and perfect such entity’s title to and interest in any of the Owned Vessels as against any third party; and each Owned Vessel is owned directly by the Company or such Subsidiary free and clear of all liens, claims, security interests or other encumbrances, except such as are described in or contemplated by the Registration Statement and the Prospectus. Each such Subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests and claims and all defects of the title of record except for maritime liens incurred in the ordinary course and those liens arising under Credit Facilities, each as disclosed in the Registration Statement and the Prospectus.
Representations and Warranties of the Company as to Maritime Matters. (a) Each of the vessels described in the Registration Statement and the Prospectus as being owned by the Company or any Subsidiary as described therein (“Owned Vessels”) (A) has been duly and validly registered in the name of a Subsidiary under the laws and regulations and flag of the nation of its registration; (B) no other action is necessary to establish and perfect such entity’s title to and interest in any of the Owned Vessels as against any third party; and (C) each Owned Vessel is owned directly by the Company or such Subsidiary free and clear of all liens, claims, security interests or other encumbrances, except such as are described in or contemplated by the Registration Statement and the Prospectus and except where such failure to be validly registered, have a perfected interest or be free from encumbrances would not reasonably be expected to result in a Material Adverse Effect. Each such Subsidiary has good title to the applicable Owned Vessel, free and clear of all mortgages, pledges, liens, security interests and claims and all defects of the title of record except for maritime liens incurred in the ordinary course as disclosed in the Registration Statement and the Prospectus and except where such failure to have good title would not reasonably be expected to result in a Material Adverse Effect.
