The Ships each Ship will, on the Delivery Date relevant to such Ship, be:
(a) in the absolute ownership of the relevant Borrower who will, on and after its Delivery Date, be the sole, legal and beneficial owner of such Ship;
(b) registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State;
(c) operationally seaworthy and in every way fit for service; and
(d) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;
The Ships procure that throughout the Facility Period each Mortgaged Ship (and in relation to (a), her Earnings and Insurances, as defined in, and in accordance with the requirements of, the Ship Security Documents) will, except as the Agent, acting on the instructions of the Banks, may otherwise permit, be:
(a) in the absolute sole, legal and beneficial ownership, free of Encumbrances, of the relevant Owner;
(b) registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State;
(c) in compliance with the ISM Code and the ISPS Code and operationally seaworthy and in every way fit for service;
(d) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;
(e) managed in accordance with the terms of the relevant Management Agreements; and
(f) insured in accordance with the relevant Ship Security Documents;
The Ships each Ship will on the Drawdown Date relative to Advance A or, as the case may be, on the Delivery Date relative to such Ship be:
(i) in the absolute ownership of the relevant Owner who will on and after such Drawdown Date or, as the case may be, Delivery Date be the sole, legal and beneficial owner of such Ship;
(ii) registered in the name of the relevant Owner under the laws and flag of the relevant Flag State through the relevant Registry;
(iii) operationally seaworthy and in every way fit for service; and
(iv) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;
The Ships. Each Ship will upon her delivery to the relevant Borrower and at any time thereafter be:
(a) in the absolute and unencumbered (other than in favour of the Lenders or any other Creditor Party) ownership of the relevant Borrower who will on and after that Ship’s delivery be the sole, legal and beneficial owner of that Ship;
(b) registered in the name of the relevant Borrower under the laws and flag of the Flag State;
(c) operationally seaworthy and in every way fit for service, provided that the relevant Borrower will not be in violation of this sub-clause 10.21
The Ships. (a) each Newbuilding will be on the Drawdown Date of the Delivery Advance relevant to such Newbuilding; and
(b) each Additional Ship will be on the Additional Mortgage Date for that Ship; and
(c) each Ship (other than the Newbuildings and the Additional Ships) will be on the first Drawdown Date under this Agreement:
(i) in the absolute ownership of the relevant Owner who will, on and after such date, be the sole, legal and beneficial owner of such Ship;
(ii) registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;
(iii) operationally seaworthy and in every way fit for service; and
(iv) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;
The Ships each Ship will on the Drawdown Date of the Advance for such Ship be:
(a) in the absolute ownership of the relevant Borrower who will on and after such Drawdown Date be the sole, legal and beneficial owner of such Ship;
(b) permanently or, in the case of the Ships registered in the Republic of Liberia, provisionally registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State;
(c) operationally seaworthy and in every way fit for service; and
(d) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;
The Ships. In relation to the relevant Ship:
(a) evidence that the Ship is (whether provisionally or permanently) registered in the name of the relevant Owner at the Registry of the Flag State;
(b) evidence that the relevant Mortgage is registered against such Ship through the Registry under the laws of the Flag State; and
(c) evidence that the Ship:
(i) is classed with the relevant Classification of the relevant Classification Society, provisional and interim certificates shall be acceptable evidence, provided that the relevant Owner shall furnish to the Facility Agent the final certificates as soon as possible after such certificates have been issued, but not later than six (6) months from the date of delivery such Ship or two (2) months prior to the expiration of each and any of the provisional and interim certificates, whichever occurs first; and
(ii) has been delivered, and accepted for service under the relevant Time Charter;
The Ships. Each Tranche A Ship will, on the Drawdown Date of the Advance relative to such Ship, be:
(a) in the absolute ownership of the Owner thereof who is and will, on and after such Drawdown Date, be the sole, legal and beneficial owner of such Ship;
(b) registered through the offices of the relevant Registry as a ship under the laws and flag of the Republic of Greece;
(c) operationally seaworthy and in every way fit for service; and
(d) classed with the Classification referred to in the relevant Mortgage, free of all overdue requirements and overdue recommendations of the relevant Classification Society;
The Ships each Ship will on the Drawdown Date of the Advance relevant to such Ship be:
(a) in the absolute ownership of the relevant Borrower who will on and after such Drawdown Date be the sole, legal and beneficial owner of such Ship;
(b) provisionally registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State;
(c) operationally seaworthy and in every way fit for service; and
(d) classed with the relevant Classification free of all requirements and recommendations of the Classification Society;
The Ships each Newbuilding will be on the Drawdown Date of the Delivery Advance relevant to such Newbuilding, and the Collateral Ship will be on the Collateral Mortgage Date:
(a) in the absolute ownership of the relevant Owner who will, on and after such date, be the sole, legal and beneficial owner of such Ship;
(b) registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;
(c) operationally seaworthy and in every way fit for service; and
(d) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;
