Common use of Ships Clause in Contracts

Ships. Each Ship is: (a) in the sole and absolute ownership of an Obligor and duly registered in such Obligor's name under the law of an Approved Flag, unencumbered save and except for each Mortgage thereon in favor of the Common Security 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 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. Each As of the relevant Drawdown Date, each Ship iswill be: (a) in the sole and absolute ownership of an Obligor a Guarantor and duly registered in such Obligor's Guarantor’s name under the law of an the Approved Flag, unencumbered save and except for each the Mortgage thereon in favor of the Common Security Agent or the relevant Existing Security Holder recorded Trustee 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 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. Each As of the relevant Delivery Date, each Ship iswill be: (a) in the sole and absolute ownership of an Obligor a Borrower and duly registered in such Obligor's Borrower’s name under the law of an Approved Flag, unencumbered save and except for each the Mortgage thereon in favor of the Common Security Agent or the relevant Existing Security Holder 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 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. Each As of the Effective Date, each Ship iswill be: (a) in the sole and absolute ownership of an Obligor a Guarantor and duly registered in such Obligor's Guarantor’s name under the law of an the Approved Flag, unencumbered save and except for each the Mortgage thereon in favor of the Common Security Agent or the relevant Existing Security Holder recorded Trustee 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 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.