Common use of Vessel Documents Clause in Contracts

Vessel Documents. The Facility Agent shall have received evidence satisfactory to it and its counsel that each Vessel (other than Hull 8015 and Hull 8016): (i) is registered in the name of the relevant Vessel-Owning Guarantor as set forth in Schedule III under the United States flag, free of all liens and encumbrances of record other than the Mortgage and the other Permitted Liens, which Mortgage shall have been submitted to the National Vessel Documentation Center for recordation on or prior to the Closing Date; (ii) is insured in accordance with the provisions of its Mortgage and all requirements of 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 Facility Agent); (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) the technical and/or operational management for each Vessel is being provided by OSG Ship Management.

Vessel Documents. The Facility Agent shall have received evidence satisfactory to it and its counsel that each the relevant Vessel (other than Hull 8015 and Hull 8016):upon delivery to the relevant Borrower will be: (i) is in the sole and absolute ownership of such Borrower and duly registered in the such Borrower's name of the relevant Vessel-Owning Guarantor as set forth in Schedule III under the United States flag, or Panamanian flag (as applicable) free of all liens and encumbrances of record other than the Mortgage and the other Permitted Liens, which Mortgage shall have been submitted to the National Vessel Documentation Center for recordation on or prior to the Closing DateMortgages (as applicable) over such Vessel; (ii) is insured in accordance with the provisions of its the applicable Mortgage or Mortgages (as applicable) and all requirements of its the applicable Mortgage or Mortgages (as applicable) 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 Facility AgentLenders); (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) the technical and/or operational management operationally seaworthy and in every way fit for each Vessel is being provided by OSG Ship Managementits intended service.