Common use of The Vessels Clause in Contracts

The Vessels. The Vessels will on the relevant Utilisation Date be: (a) in the absolute ownership of the relevant Borrower free and clear of all encumbrances (other than current crew wages and the Mortgages) and the relevant Borrower will be the sole, legal and beneficial owner of the relevant Vessel; (b) registered in the name of the relevant Borrower with the relevant Approved Ship Registry under the laws and flag applicable for the relevant Approved Ship Registry; (c) operationally seaworthy in every way and fit for service; and (d) classed with ABS or such other classification society as approved by the Agent, free of all overdue requirements and other recommendations.

The Vessels. The Vessels are or will on the relevant Utilisation Date be: (a) in the absolute ownership of the relevant Borrower free and clear of all encumbrances (other than current crew wages and the MortgagesMortgage) and the relevant Borrower will be the sole, legal and beneficial owner of the relevant Vessel; (b) registered in the name of the relevant Borrower with the relevant Approved Ship Registry under the laws and flag applicable for the relevant Approved Ship Registry; (c) operationally seaworthy in every way and fit for service; and (d) classed with ABS or such other classification society as approved by the Agent, free of all overdue requirements and other recommendations.