Common use of TITLE, RISK AND ENCUMBRANCES Clause in Contracts

TITLE, RISK AND ENCUMBRANCES. 1.1 On and from the Effective Date, the Builder (as legal and beneficial owner) hereby transfers and agrees to transfer to the Buyer (free and clear of all encumbrances whatsoever) - and the Buyer hereby agrees to accept such transfer - the Ship, as it is constructed from time to time including without limitation all of the Builder's ownership and interest (legal and beneficial) in the appurtenances, components, equipment items, machinery fittings and all materials of whatsoever kind (whether marked or not) from time to time intended for the construction of the Ship which the Builder has acquired or will acquire for this purpose, the agreed and irrevocable intention of the parties being that from the Effective Date the Buyer has and shall have full title (free and clear of all encumbrances whatsoever) to: (i) the Ship itself as it is in the course of progressive stages of construction. (ii) all materials and equipment from time to time appropriated or allocated for the construction on the Ship, all of which shall be marked as allocated to hull number S.668 as soon as reasonably practicable after the Effective Date; (iii) all parts assembled, fabricated or manufactured from the materials and equipment referred to above; and

TITLE, RISK AND ENCUMBRANCES. 1.1 On and from the Effective Date, the Builder (as legal and beneficial owner) hereby transfers and agrees to transfer to the Buyer (free and clear of all encumbrances whatsoever) - and the Buyer hereby agrees to accept such transfer - the Ship, as it is constructed from time to time including without limitation all of the Builder's ownership and interest (legal and beneficial) in the appurtenances, components, equipment items, machinery fittings and all materials of whatsoever kind (whether marked or not) from time to time intended for the construction of the Ship which the Builder has acquired or will acquire for this purpose, the agreed and irrevocable intention of the parties being that from the Effective Date the Buyer has and shall have full title (free and clear of all encumbrances whatsoever) to: (i) the Ship itself as it is in the course of progressive stages of construction. (ii) all materials and equipment from time to time appropriated or allocated for the construction on the Ship, all of which shall be marked as allocated to hull number S.668 S.667 as soon as reasonably practicable after the Effective Date; (iii) all parts assembled, fabricated or manufactured from the materials and equipment referred to above; and