Common use of Vessel Documents Clause in Contracts

Vessel Documents. Subject to the provisions of Section 5.09, the Administrative Agent shall have received each of the following with respect to each Initial Vessel: (i) certificates of ownership from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the registered ownership of each Initial Vessel by the relevant Subsidiary Guarantor in a jurisdiction acceptable to the Required Lenders; (ii) the results of maritime registry searches with respect to each Initial Vessel, indicating no record liens other than Liens in favor of the Security Trustee and/or the Lenders, Permitted Liens and Liens being discharged prior to or contemporaneously with the initial Borrowing Date; (iii) class certificates from a classification society listed on Schedule VIII hereto or another internationally recognized classification society acceptable to the Security Trustee, indicating that each Initial Vessel meets the criteria specified in Section 7.23; (iv) a copy of the Operator’s DOC and the SMC, ISSC and IAPPC for each Initial Vessel; (v) Appraisals from at least two Approved Appraisers of each Initial Vessel of recent date in scope, form and substance reasonably satisfactory to the Administrative Agent; (vi) letters of undertaking of insurance brokers and insurance club managers; and (vii) a report, in form and scope reasonably satisfactory to the Administrative Agent, from a firm of independent marine insurance brokers appointed by the Administrative Agent with respect to the insurance maintained by the Credit Parties in respect of each Initial Vessel, together with a certificate from such broker certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such form, as are customarily insured against by similarly situated insureds for the protection of the Administrative Agent and/or the Lenders as mortgagee and (ii) conform with the insurance requirements of the respective Vessel Mortgage.

Vessel Documents. Subject to the provisions of Section 5.09, the The Administrative Agent shall have received each of the following with respect to each Initial Vessel: (i) certificates of ownership from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the registered ownership of each Initial Vessel by the relevant Initial Subsidiary Guarantor in a jurisdiction acceptable to the Required Lenders; (ii) the results of maritime registry searches with respect to each Initial Vessel, indicating no record liens other than Liens in favor of the Security Trustee and/or the Lenders, Permitted Liens and Liens being discharged prior to or contemporaneously with the initial Borrowing Effective Date; (iii) class certificates from a classification society listed on Schedule VIII hereto or another internationally recognized classification society acceptable to the Security Trustee, indicating that each Initial Vessel meets the criteria specified in Section 7.23; (iv) a copy of the Operator’s DOC and the SMC, ISSC and IAPPC for each Initial Vessel; (v) Appraisals from at least two Approved Appraisers of each Initial Vessel of recent date in scope, form and substance reasonably satisfactory to the Administrative Agent; (vi) letters of undertaking of insurance brokers and insurance club managers; and (vii) a report, in form and scope reasonably satisfactory to the Administrative Agent, from a firm of independent marine insurance brokers appointed by the Administrative Agent with respect to the insurance maintained by the Credit Parties in respect of each Initial Vessel, together with a certificate from such broker certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such form, as are customarily insured against by similarly situated insureds for the protection of the Administrative Agent and/or the Lenders as mortgagee and (ii) conform with the insurance requirements of the respective Vessel Mortgage.

Vessel Documents. Subject to the provisions of Section 5.09, the Administrative Agent shall have received each Each of the following with respect to each Initial Additional Vessel: (i) certificates of ownership from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the registered ownership of each Initial Additional Vessel by the relevant Additional Subsidiary Guarantor in a jurisdiction acceptable to the Required Lenders; (ii) the results of maritime registry searches with respect to each Initial Additional Vessel, indicating no record liens other than Liens in favor of the Security Trustee and/or the Lenders, Permitted Liens and Liens being discharged prior to or contemporaneously with the initial Delivery Borrowing Date; (iii) class certificates from a classification society listed on Schedule VIII hereto or another internationally recognized classification society acceptable to the Security Trustee, indicating that each Initial Additional Vessel meets the criteria specified in Section 7.23; (iv) a copy of the Operator’s DOC and the SMC, ISSC and IAPPC for each Initial Additional Vessel; (v) Appraisals from at least two Approved Appraisers of each Initial Additional Vessel of recent date in scope, form and substance reasonably satisfactory to the Administrative Agent; (vi) letters of undertaking of insurance brokers and insurance club managers; and (vii) a report, in form and scope reasonably satisfactory to the Administrative Agent, from a firm of independent marine insurance brokers appointed by the Administrative Agent with respect to the insurance maintained by the Credit Parties in respect of each Initial Additional Vessel, together with a certificate from such broker certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such form, as are customarily insured against by similarly situated insureds for the protection of the Administrative Agent and/or the Lenders as mortgagee and (ii) conform with the insurance requirements of the respective Vessel Mortgage.

Vessel Documents. Subject to the provisions of Section 5.09, the The Administrative Agent shall have received each of the following with respect to each Initial VesselVessel to which the Loans being made on such date relate: (i) a duly executed protocol of delivery and acceptance; (ii) certificates of ownership from appropriate authorities showing (or confirmation updating previously reviewed certificates and indicating) the registered ownership of each Initial such Vessel by the relevant Subsidiary Guarantor in a jurisdiction acceptable to the Required LendersGuarantor; (iiiii) the results of maritime registry searches with respect to each Initial such Vessel, indicating no record liens other than Liens in favor of the Security Trustee Collateral Agent and/or the Lenders, Permitted Liens and Liens being discharged prior to or contemporaneously with the initial Borrowing Datesuch acquisition; (iiiiv) class certificates from a classification society listed on Schedule VIII hereto or another internationally recognized classification society acceptable to the Security TrusteeCollateral Agent, indicating that each Initial such Vessel meets the criteria specified in Section 7.23; (ivv) a copy of the Operator’s DOC and the SMC, ISSC and IAPPC for each Initial such Vessel;. (vvi) Appraisals from at least two Approved Appraisers of each Initial such Vessel of recent date in scope, form and substance reasonably satisfactory to the Administrative Agent; (vi) letters of undertaking of insurance brokers and insurance club managers; and (vii) a report, in form and scope reasonably satisfactory to the Administrative Agent, from a firm of independent marine insurance brokers appointed by reasonably acceptable to the Administrative Agent with respect to the insurance maintained by the Credit Parties in respect of each Initial such Vessel, together with a certificate from such broker certifying that such insurances (i) are placed with such insurance companies and/or underwriters and/or clubs, in such amounts, against such risks, and in such form, as are customarily insured against by similarly situated insureds for the protection of the Administrative Agent and/or the Lenders as mortgagee and (ii) conform with the insurance requirements of the respective Vessel Mortgage.