Common use of The Vessel Clause in Contracts

The Vessel. Immediately following the delivery of the Vessel to the Borrower under the Construction Contract the Vessel will be: a. legally and beneficially owned by the Borrower, b. registered in the name of the Borrower under the Bahamian or Maltese flag or such other flag as the parties may mutually agree, c. classed as required by Section 7.1.4(b), d. free of all recorded Liens, other than Liens permitted pursuant to Section 7.2.3, e. insured against loss or damage in compliance with Section 7.1.5, and