Common use of Vessel Documents Clause in Contracts

Vessel Documents. The Facility Agent shall have received evidence satisfactory to it and its counsel that the Vessel to which such Tranche relates, upon its delivery to the Borrower, will be: (i) in the sole and absolute ownership of the Borrower and is duly registered in the Borrower's name under M▇▇▇▇▇▇▇ Islands flag free of all liens and encumbrances of record other than its Mortgage; (ii) insured in accordance with the provisions of the relevant Mortgage and all requirements of the relevant Mortgage in respect of such insurance have been fulfilled (including, but not limited to, letters of undertaking from the insurance brokers, including confirmation notices of assignment, notices of cancellation and loss payable clauses acceptable to the Lenders); (iii) classed in the highest classification and rating for vessels of the same age and type with its Classification Society without any material outstanding recommendations; and (iv) operationally seaworthy and in every way fit for its intended service;

Vessel Documents. The Facility Agent Security Trustee shall have received evidence satisfactory to it and its counsel that the Vessel to which such Tranche relates, upon its delivery to the Borrower, will beeach Vessel: (i) is in the sole and absolute ownership of the relevant Borrower as set forth in Schedule III and is duly registered in the such Borrower's name under M▇▇▇▇▇▇▇ Islands flag United States or Panamanian flag, as the case may be, free of all liens and encumbrances of record other than its Mortgage; (ii) is insured in accordance with the provisions of the relevant its Mortgage and all requirements of the relevant its Mortgage in respect of such insurance have been fulfilled (including, but not limited to, letters of undertaking from the insurance brokers, including confirmation notices of assignment, notices of cancellation and loss payable clauses acceptable to the Lenders); (iii) is classed in the highest classification and rating for vessels of the same age and type with its Classification Society without any material outstanding recommendations; and (iv) is operationally seaworthy and in every way fit for its intended service;

Vessel Documents. The Facility Agent shall have received evidence satisfactory to it and its counsel that the Vessel to which such Tranche relates, upon its delivery to the Borrower, Borrower will be: (i) in the sole and absolute ownership of the Borrower and is duly registered in the Borrower's name under M▇▇▇▇▇▇▇ United States, Panamanian or Marshall Islands flag free of all liens and encumbrances of record other than its Mortgage; (ii) insured in accordance with accord▇▇▇▇ ▇▇▇h the provisions of the relevant Mortgage and all requirements of the relevant Mortgage in respect of such insurance have been fulfilled (including, but not limited to, letters of undertaking from the insurance brokers, including confirmation notices of assignment, notices of cancellation and loss payable clauses acceptable to the Lenders); (iii) classed in the highest classification and rating for vessels of the same age and type with its Classification Society without any material outstanding recommendations; and (iv) operationally seaworthy and in every way fit for its intended service;