Title to and Possession of the Vessels Sample Clauses
The "Title to and Possession of the Vessels" clause establishes who legally owns and has the right to control the vessels covered by the agreement. Typically, this clause specifies when ownership and physical possession transfer from one party to another, such as upon delivery, payment, or fulfillment of certain conditions. By clearly defining the timing and conditions for the transfer of title and possession, the clause helps prevent disputes over ownership and ensures both parties understand their rights and responsibilities regarding the vessels.
Title to and Possession of the Vessels. On the date of this Security Agreement, the Shipowner represents and warrants that it lawfully owns each Vessel free from any liens, encumbrances, security interests, charges, or rights in rem (subject only to (1) the equity of the Shipyard under the Construction Contract, if any; (2) liens on any undelivered Vessel which the Shipyard is obligated to discharge under the Construction Contract; (3) any security interest subordinated to the Secretary's security interest permitted under the Special Provisions hereof; (4) the Secretary's rights hereunder; and (5) the liens permitted by paragraph (d)(3) of this Section). The Shipowner shall, for the Secretary's benefit, warrant and defend the title to, and possession of, each Vessel and every part thereof against the claims and demands of all Persons whomsoever.
Title to and Possession of the Vessels. On each Delivery Date for a Vessel built under the Construction Contract or the MLP Closing Date for each Additional Vessel, the Shipowner represents and warrants that as of such Delivery Date or MLP Closing Date, as the case may be, it or its predecessor in interest lawfully owned or will own such Vessel free from any liens, encumbrances, security interests, charges, or rights in rem (subject only to (1) the equity of the Shipyard under the Construction Contract, if any, (2) liens on any undelivered Vessel which the Shipyard is obligated to discharge under the Construction Contract, (3) any security interest subordinated to the Secretary's security interest permitted under the Special Provisions hereof, (4) the Secretary's rights hereunder, and (5) the liens permitted by paragraph (d)(3) of this Section). The Shipowner shall, for the Secretary's benefit, warrant and defend the title to, and possession of, each Vessel and every part thereof against the claims and demands of all Persons whomsoever."
Title to and Possession of the Vessels. 3 (B) SALE, MORTGAGE, TRANSFER OR CHARTER OF THE VESSELS.................................... 4 (C)
Title to and Possession of the Vessels. On each Delivery Date for a Vessel, the respective Shipowner taking delivery of such Vessel represents and warrants that as of that date, it lawfully owns such delivered Vessel free from any liens, encumbrances, security interests, charges, or rights IN REM (subject only to (1) the equity of the Shipyard under the Construction Contract, if any, (2) liens on any undelivered Vessel which the Shipyard is obligated to discharge under the Construction Contract, (3) any security interest subordinated to the Secretary's security interest permitted under the Special Provisions hereof, (4) the Secretary's rights hereunder and (5) the liens permitted by paragraph (d)(3) of this Section). The Shipowner shall, for the Secretary's benefit, warrant and defend the title to, and possession of, each Vessel and every part thereof against the claims and demands of all Persons whomsoever.