Common use of Vessel Documentation Clause in Contracts

Vessel Documentation. The Loan Parties shall cause all Vessels owned by a Loan Party to be documented with the U.S. Coast Guard (including promptly commencing documentation of any Vessel not documented as of the Closing Date or when acquired) other than Vessels that (i) are obsolete as of the Closing Date, (ii) are scheduled for scrap as of the Closing Date or (iii) have a fair market value of less than $5,000,000 in the aggregate as of the Closing Date or during the term this Agreement.