Common use of Ships Clause in Contracts

Ships. As of the acquisition date in respect of each Ship, such Ship will be: (a) in the sole and absolute ownership of a Guarantor and duly registered in such Guarantor’s name, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded against it and as permitted thereby; (b) seaworthy for hull and machinery insurance warranty purposes and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such Insurances will have been complied with; (d) in class (as evidenced by a Confirmation of Class Certificate) in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; and (e) managed by an Approved Manager pursuant to an Approved Management Agreement.

Ships. As of the acquisition date in respect of relevant Drawdown Date, each Ship, such Ship will be: (a) in the sole and absolute ownership of the a Guarantor Borrower and duly registered in such GuarantorBorrower’s namename under the law of an Approved Flag, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded against it and as permitted therebyPermitted Security Interests; (b) seaworthy for hull and machinery insurance warranty purposes and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such Insurances insurances will have been complied with; (d) in class (as evidenced by a Confirmation of Class Certificate) in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; and (e) managed by an Approved Manager pursuant to an Approved Management Agreement.

Ships. As of the acquisition date in respect of relevant Delivery Date and at all times thereafter, each Ship, such Ship will be: (a) in the sole and absolute ownership of a Guarantor Borrower and duly registered in such GuarantorBorrower’s namename under the law of an Approved Flag, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded against it and as permitted thereby; (b) seaworthy (including, without limitation, for hull and machinery insurance warranty purposes purposes) and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such Insurances insurances will have been complied with; (d) in class (as evidenced by a Confirmation of Class Certificate) in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; and (e) managed by an Approved Manager pursuant to an Approved Management Agreement.

Ships. As of the acquisition date in respect of relevant Delivery Date, each Ship, such Ship will be: (a) in the sole and absolute ownership of a Guarantor Borrower and duly registered in such GuarantorBorrower’s namename under the law of an Approved Flag, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded against it and as permitted thereby; (b) seaworthy for hull and machinery insurance warranty purposes and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such Insurances insurances will have been complied with; (d) in class (as evidenced by a Confirmation of Class Certificate) in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; and (e) managed by an Approved Manager pursuant to an Approved Management Agreement.

Ships. As of the acquisition date in respect of each Ship, such Each Ship will beis: (a) in the sole and absolute ownership of a Guarantor an Obligor and duly registered in such Guarantor’s nameObligor's name under the law of an Approved Flag, unencumbered save and except for the each Mortgage thereon in favor of the Common Security Trustee Agent or the relevant Existing Security Holder recorded against it and as permitted thereby; (b) seaworthy for hull and machinery insurance warranty purposes and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such Insurances insurances will have been complied with; (d) in class (as evidenced by a Confirmation of Class Certificate) in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; and (e) managed by an Approved Manager pursuant to an Approved Management Agreement.

Ships. As of the acquisition date in respect of relevant Drawdown Date, each Ship, such Ship will be: (a) in the sole and absolute ownership of a Guarantor and duly registered in such Guarantor’s namename under the law of the Approved Flag, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded registered against it and as permitted therebyPermitted Security Interests; (b) seaworthy for hull and machinery insurance warranty purposes and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such Insurances insurances will have been complied with; (d) in class (as evidenced by a Confirmation of Class Certificate) in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; and (e) managed by an Approved Manager pursuant to an Approved Management Agreement.

Ships. As of the acquisition date in respect of Effective Date, each Ship, such Ship will be: (a) in the sole and absolute ownership of a Guarantor and duly registered in such Guarantor’s namename under the law of the Approved Flag, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded registered against it and as permitted therebyPermitted Security Interests; (b) seaworthy for hull and machinery insurance warranty purposes and in every way fit for its intended service; (c) insured in accordance with the provisions of this Agreement and the requirements hereof in respect of such Insurances insurances will have been complied with; (d) in class (as evidenced by a Confirmation of Class Certificate) in accordance with the provisions of this Agreement and the requirements hereof in respect of such classification will have been complied with; and (e) managed by an Approved Manager pursuant to an Approved Management Agreement.