Common use of The Ships Clause in Contracts

The Ships. each Ship will on the Drawdown Date of the Advance for such Ship be: (a) in the absolute ownership of the relevant Borrower who will on and after such Drawdown Date be the sole, legal and beneficial owner of such Ship; (b) permanently or, in the case of the Ships registered in the Republic of Liberia, provisionally registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State; (c) operationally seaworthy and in every way fit for service; and (d) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;

The Ships. each Mortgaged Ship will on the Drawdown Date of Facility A and the Advance under the Facility B in relation to the Initial Revolving Amount or, as the case may be, the Advance for such Ship be: (a) in the absolute ownership of the relevant Borrower Owner who will on and after such Drawdown Date be the sole, legal and beneficial owner of such Ship; (b) permanently or, in the case of the Ships registered in the Republic of Liberia, provisionally registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State; (c) operationally seaworthy and in every way fit for service; and (d) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;

The Ships. each Ship will on the Drawdown Date of relative to Advance A or, as the Advance for case may be, on the Delivery Date relative to such Ship be: (ai) in the absolute ownership of the relevant Borrower Owner who will on and after such Drawdown Date or, as the case may be, Delivery Date be the sole, legal and beneficial owner of such Ship; (bii) permanently or, in the case of the Ships registered in the Republic of Liberia, provisionally registered through the offices name of the relevant Registry as a ship Owner under the laws and flag of the relevant Flag StateState through the relevant Registry; (ciii) operationally seaworthy and in every way fit for service; and (div) classed with the relevant Classification free of all requirements and recommendations of the relevant Classification Society;