Common use of No Existing Liens Clause in Contracts

No Existing Liens. The Shipowner lawfully owns and is lawfully possessed of the Ship free from any lien or encumbrance whatsoever other than (a) liens for current crew's wages, (b) liens covered by valid policies of insurance held by the Mortgagee and meeting the requirements of Section 14 below of this Article I, (c) liens not covered by insurance incurred in the ordinary course of business and not more than thirty days past due; and (d) Permitted Liens, and will warrant and defend the title and possession thereto and to every part thereof for the benefit of the Mortgagee against the claims and demands of all persons whomsoever.

No Existing Liens. The Shipowner lawfully owns and is lawfully possessed of the Ship Vessel free from any lien or encumbrance whatsoever other than (a) liens for current crew's wages, (b) liens covered by valid policies of insurance held by the Mortgagee and meeting the requirements of Section 14 below of this Article I, (c) liens not covered by insurance incurred in the ordinary course of business and not more than thirty days past due; and (d) Permitted Liens, and will warrant and defend the title and possession thereto and to every part thereof for the benefit of the Mortgagee against the claims and demands of all persons whomsoever.