Common use of Representations concerning the Vessel Clause in Contracts

Representations concerning the Vessel. (a) The Borrower (is and) will be during the life of this Agreement the sole legal owner of Vessel. (b) The Vessel will conform to existing international regulations, and will be registered as Ships under the laws and flag of the Flag State. (c) The Vessel is and will be during the life of this Agreement operationally seaworthy and in every way fit for service. The Vessel is and will always continue to be classed in the highest class with a Classification Society member of IACS and approved by the Bank free of all recommendations notations or average damage affecting class and will be insured in accordance with the provisions of this Agreement. (d) The Vessel will on the drawdown of the Commitment be subject to no charter or contract of affreightment nor to any agreement to enter into any charter or contract other than disclosed to the Bank. (e) Neither the Vessel, nor the Earnings, or Insurances nor any part thereof will, on the drawdown of the Commitment, or thereafter during the course of this Agreement, be subject to any encumbrances other than encumbrances in favour of the Bank, neither to any participation entitlement of any other except the Borrower. (f) The Borrower shall keep the Vessel insured at all times during the Loan period, while navigating or in port, to the Bank’s full satisfaction. All insurances shall be in form and substance satisfactory to the Bank and with Underwriters acceptable to it in accordance with the provisions of Schedule II and shall include as a minimum: (i) Hull and Machinery (disbursements and/or an increased value sum insured) for an amount not less than 120% of the aggregate amount of the Loan and the Swap Exposure. (ii) War Risks for the above amount. (iii) Protection and Indemnity (with Excess Liability Insurance for Oil Pollution and FD and D cover). (iv) Mortgagee’s Interest Insurance (MII) to be effected and maintained by the Bank at Borrower’s expense for an amount not less than 120% of the aggregate amount of the Loan and the Swap Exposure. (v) Mortgagee’s Additional Perils (Pollution) (MAPI) (if required by the Bank at its sole discretion) to be effected and maintained by the Bank on account of the Bank at Borrower’s expense for an amount not less than 120% of the aggregate amount of the Loan and the Swap Exposure. (g) The Vessel will on the Drawdown Date of the Commitment be in the absolute ownership of the Borrower. (h) There are and there will be no commissions, rebates, premiums or other repayments by or to or on account of the Borrower, any other Security Party other than as disclosed to the Bank by the Borrower in writing.

Representations concerning the Vessel. (a) The Borrower (is and) will be during the life of this Agreement the sole legal owner of Vessel. (b) The Vessel will conform to existing international regulations, and will be registered as Ships under the laws and flag of the Flag State. (c) The Vessel is and will be during the life of this Agreement operationally seaworthy and in every way fit for service. The Vessel is and will always continue to be classed in the highest class with a Classification Society member of IACS and approved by the Bank free of all recommendations notations or average damage affecting class and will be insured in accordance with the provisions of this Agreement. (d) The Vessel will on the drawdown of the Commitment be subject to no charter or contract of affreightment nor to any agreement to enter into any charter or contract other than disclosed to the Bank. (e) Neither the Vessel, nor the Earnings, or Insurances nor any part thereof will, on the drawdown of the Commitment, or thereafter during the course of this Agreement, be subject to any encumbrances other than encumbrances in favour of the Bank, neither to any participation entitlement of any other except the Borrower. (f) The Borrower shall keep the Vessel insured at all times during the Loan period, while navigating or in port, to the Bank’s 's full satisfaction. All insurances shall be in form and substance satisfactory to the Bank and with Underwriters acceptable to it in accordance with the provisions of Schedule II and shall include as a minimum: (i) Hull and Machinery (disbursements and/or an increased value sum insured) for an amount not less than 120% of the aggregate amount of the Loan and the Swap Exposure. (ii) War Risks for the above amount. (iii) Protection and Indemnity (with Excess Liability Insurance for Oil Pollution and FD and D cover). (iv) Mortgagee’s 's Interest Insurance (MII) to be effected and maintained by the Bank at Borrower’s 's expense for an amount not less than 120% of the aggregate amount of the Loan and the Swap Exposure. (v) Mortgagee’s 's Additional Perils (Pollution) (MAPI) (if required by the Bank at its sole discretion) to be effected and maintained by the Bank on account of the Bank at Borrower’s 's expense for an amount not less than 120% of the aggregate amount of the Loan and the Swap Exposure. (g) The Vessel will on the Drawdown Date of the Commitment be in the absolute ownership of the Borrower. (h) There are and there will be no commissions, rebates, premiums or other repayments by or to or on account of the Borrower, any other Security Party other than as disclosed to the Bank by the Borrower in writing.

Representations concerning the Vessel. (a) The Borrower (is and) will be on the Drawdown Date and during the life of this Agreement the sole legal owner of the Vessel. (b) The Vessel will conform to existing international regulations, and will be registered as Ships Ship under the laws and flag of the her Flag State. (c) The Vessel is and will be during the life of this Agreement operationally seaworthy and in every way fit for service. The Vessel is and will always continue to be classed in the highest class with a Classification Society member of IACS and approved by the Bank free of all recommendations notations or average damage affecting class and will be insured in accordance with the provisions of this Agreement. (d) The Vessel will on the drawdown of the Commitment be subject to no charter or contract of affreightment nor to any agreement to enter into any charter or contract other than disclosed to the Bank. (e) Neither the Vessel, nor the Earnings, her Earnings or Insurances nor any part thereof will, on the drawdown of the Commitment, or thereafter during the course of this Agreement, be subject to any encumbrances Encumbrances other than encumbrances Encumbrances in favour of the Bank, neither to any participation entitlement of any other except the Borrower. (fd) The Borrower shall keep the Vessel insured at all times during the Loan period, while navigating or in port, to the Bank’s full satisfaction. All Such insurances shall be in form and substance satisfactory to the Bank and with Underwriters acceptable to it in accordance with the provisions of Schedule II and shall include as a minimum: (i) Hull i. Xxxx and Machinery (disbursements and/or an increased value sum insured) for an amount not less than 120the market value of the Vessel and in any case not less than 125% of the aggregate amount of the Loan and the Swap ExposureLoan. (ii) . War Risks for the above amount. (iii) . Protection and Indemnity (with Excess Liability Insurance for Oil Pollution and FD and D cover). (iv) . Mortgagee’s Interest Insurance (MII) to be effected and maintained by the Bank at Borrower’s expense for an amount not less than 120110% of the aggregate amount of the Loan and the Swap ExposureLoan. (v) v. Mortgagee’s Additional Perils (Pollution) (MAPI) (if required by the Bank at its sole discretion) to be effected and maintained by the Bank on account of the Bank at Borrower’s expense for an amount not less than 120110% of the aggregate amount of the Loan and the Swap Exposure.Loan (ge) The Vessel will on the Drawdown Date of the Commitment be in the absolute ownership of the Borrower. (h) There there are and there will be no commissions, rebates, premiums or other repayments by or to or on account of the Borrower, any other Security Party other than as disclosed to the Bank by the Borrower in writing.