Common use of Ships Clause in Contracts

Ships. As of the relevant Drawdown Date, each Ship will be: (a) in the sole and absolute ownership of the a Borrower and duly registered in such Borrower’s name 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 Permitted 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 will have been complied with; (d) in class 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 relevant Drawdown Delivery Date, each Ship will be: (a) in the sole and absolute ownership of the a Borrower Guarantor and duly registered in such BorrowerGuarantor’s name 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 Permitted Security Interestsas 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 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 relevant Drawdown Dateacquisition date in respect of each Ship, each such Ship will be: (a) in the sole and absolute ownership of the a Borrower Guarantor and duly registered in such BorrowerGuarantor’s name under the law of an Approved Flagname, unencumbered save and except for the Mortgage thereon in favor of the Security Trustee recorded against it and Permitted Security Interestsas 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.