Common use of The Vessels Clause in Contracts

The Vessels. Each of the Vessels will on the relevant Utilisation Date relating to such Vessel be: a) in the absolute ownership of the relevant Borrower, free and clear of all encumbrances (other than Permitted Encumbrances) and the relevant Borrower be the sole, legal and beneficial owner of such Vessel; b) registered in the name of the relevant Borrower with the Approved Ship Registry under the laws and flag of such Approved Ship Registry; c) operationally seaworthy in every way and fit for service; and d) classed with DNV GL, American Bureau of Shipping, Lloyds or any other classification society acceptable to the Majority Lenders (such consent not to be unreasonable withheld), free of all overdue material requirements, recommendations or adverse notations.

The Vessels. Each of the Vessels will on the relevant each Utilisation Date relating to such Vessel be: a) in the absolute ownership of the relevant BorrowerObligor, free and clear of all encumbrances (other than Permitted Encumbrances) and the relevant Borrower Obligor be the sole, legal and beneficial owner of such Vessel; b) registered in the name of the relevant Borrower Obligor with the Approved Ship Registry under the laws and flag of such Approved Ship Registry; c) operationally seaworthy in every way and fit for service; and d) classed with DNV GL, American Bureau of Shipping, Lloyds or any other classification society acceptable to the Majority Lenders (such consent not to be unreasonable withheld)Lenders, free of all overdue material requirements, recommendations or adverse notations.