Common use of Title to and Possession of the Vessels Clause in Contracts

Title to and Possession of the Vessels. On each Delivery Date for a Vessel, the Shipowner represents and warrants that as of such Delivery Date, it or its predecessor in interest lawfully owns 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. 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 owns 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 's security interest permitted under the Special Provisions hereof, (4) the Secretary’s 's rights hereunder, and (5) the liens permitted by paragraph (d)(3) of this Section). The Shipowner shall, for the Secretary’s '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 owns owned or will own such Vessel free from any liens, encumbrances, security interests, charges, or rights in rem 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 's security interest permitted under the Special Provisions hereof, (4) the Secretary’s 's rights hereunder, and (5) the liens permitted by paragraph (d)(3) of this Section). The Shipowner shall, for the Secretary’s '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.”"