The Vessels Sample Clauses

The Vessels. Each of the Vessels will on each Utilisation Date be: a) in the absolute ownership of the relevant Obligor, free and clear of all encumbrances (other than Permitted Encumbrances) and the relevant Obligor be the sole, legal and beneficial owner of such Vessel; b) registered in the name of the relevant Obligor with the Approved Ship Registry under the laws and flag of such Approved Ship Registry; c) operationally seaworthy in every way and fit for service; and d) classed with DNV GL, American Bureau of Shipping, Lloyds or any other classification society acceptable to the Majority Lenders, free of all overdue material requirements, recommendations or adverse notations.

The Vessels. Each of the Finance Parties shall have received, with respect to each Vessel (other than the SEACOR Offshore 2 Vessels): (i) evidence satisfactory to it that such Vessel is in the sole and absolute ownership of a Subsidiary Guarantor and duly registered in such Subsidiary Guarantor’s name under the laws and flag of the relevant Approved Flag Jurisdiction, unencumbered, save and except for the relevant Mortgage recorded against it and Permitted Liens; (ii) evidence satisfactory to it that such Vessel is classed in the highest classification and rating for vessels of the same age and type with the respective Classification Society without any material outstanding recommendations affecting class; (iii) copies of any Assignable Charters in place on the Funding Date; (iv) an executed copy of the Vessel Manager’s Undertaking relating to each Vessel together with a copy of the Management Agreement; (v) the Group’s policy for recycling vessels, stating that scrapping of Vessel will be conducted in compliance with the International Maritime Organization Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and any future guidelines issued by the International Maritime Organization in connection therewith; (vi) evidence satisfactory to it that such Vessel is insured in accordance with the provisions of the applicable Mortgage and Section 10.1(t) (Maintenance of Insurances) hereof and all requirements of the applicable Mortgage and Section 10.1(t) (Maintenance of Insurances) hereof 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); (vii) if required by the Lenders, an inspection report in relation to each Vessel addressed to the Facility Agent, obtained from surveyors appointed by the Lenders not more than ten days prior to the Funding Date, evidencing that the relevant Vessel is seaworthy and capable of safe operation and is in all other respects satisfactory to the Lenders; (viii) evidence that each of the Vessels complies and the Operator complies with the requirements of the ISM Code, ISP Code, Annex VI and MTSA including (but not limited to) the maintenance and renewal of valid certificates pursuant thereto and the Lenders shall have received a copy of the DOC, SMC, ISSC and IAPPC for such Vessel; (ix) upon the reques...

The Vessels. The Vessels will on the relevant Utilisation Date be: (a) in the absolute ownership of the relevant Borrower free and clear of all encumbrances (other than current crew wages and the Mortgages) and the relevant Borrower will be the sole, legal and beneficial owner of the relevant Vessel; (b) registered in the name of the relevant Borrower with the relevant Approved Ship Registry under the laws and flag applicable for the relevant Approved Ship Registry; (c) operationally seaworthy in every way and fit for service; and (d) classed with ABS or such other classification society as approved by the Agent, free of all overdue requirements and other recommendations.

The Vessels the Administrative Agent shall have received evidence satisfactory to it that the relevant Vessel: (i) has been delivered to the relevant Guarantor and that the relevant Guarantor has paid its equity portion of the purchase price of the Vessel to the sellers of the Vessel; (ii) is in the sole and absolute ownership of the relevant Guarantor and duly registered in such Guarantor's name under the flag of a Permitted Jurisdiction, respectively, unencumbered, save and except for the Mortgage, recorded against it and as otherwise permitted thereby; (iii) is classed in the highest classification and rating for vessels of the same age and type with the respective Classification Society as set forth in Schedule 2 without any material outstanding recommendations; (iv) is operationally seaworthy and in every way fit for its intended service; (v) is insured in accordance with the provisions of the Mortgage recorded against it and the requirements thereof in respect of such insurance have been complied with;

The Vessels. The Borrowers have entered into or will enter in a memorandum of agreement for the purchase of the Vessels (as defined below).

The Vessels. (a) Appraisal reports on the Market Value of the Vessel not being older than one hundred (100) days before the Utilisation Date evidencing compliance with Clause 25.1 (Minimum Market Value); (b) A certified copy of the Protocol of Delivery and Acceptance under the relevant purchase agreement; (c) A copy of the Xxxx of Sale; (d) Certificate of ownership and encumbrances from the appropriate authorities showing the registered ownership of the Vessel; (e) An updated class certificate related to the Vessel from the relevant classification society, confirming that the Vessel is classed with the highest class in accordance with Clause 25.5 (Flag, trading, Classification and repairs), free of extensions and overdue recommendations; (f) results of maritime registry searches with respect to the Vessel, which results shall be acceptable to the Agent; (g) documents evidencing compliance with the ISM Code and ISPS Code; #4666581/6 90 (104) (h) certificates from insurance brokers evidencing that the relevant Borrower has taken out insurances in accordance with Clause 25.3 (Insurance), including standard letters of undertaking from the insurers confirming the loss payable clauses; and (i) the Insurance Report.

The Vessels. Each Vessel is or will, from (and including) the relevant Acquisition Date, be: (a) in the absolute ownership of the relevant Borrower free and clear of all encumbrances (other than current crew wages and the relevant Mortgage) and, the respective Borrower is and will remain the sole, legal and beneficial owner of such Vessel; #4666581/6 44 (104) (b) registered in the name of the relevant Borrower with the Ship Registry; (c) kept in a good, safe and efficient condition and state of repair consistent with prudent ownership and management practice; and (d) classed with an Approved Classification Society, free of all overdue requirements and recommendations.

The Vessels. The Vessels will on the first Drawdown Date be: (a) in the absolute ownership of a Loan Party free and clear of all encumbrances (other than current crew wages, the Mortgages and the UK Mortgages) and a Loan Party will be the sole, legal and beneficial owners of the Vessels; (b) other than the UK Vessels, registered in the name of the relevant Loan Party with the Norwegian International Ship Registry under the laws and flag of Norway; (c) with respect to the UK Vessels, registered in the name of the relevant Loan Party with the British Register of Shipping; (d) operationally seaworthy in every way and fit for service; and (e) classed with DnV (or such other classification society as acceptable to the Agent), free of all overdue requirements and recommendations.

The Vessels. Each Vessel is or will, from (and including) the relevant Acquisition Date, be: (a) in the absolute ownership of the relevant Borrower free and clear of all encumbrances (other than current crew wages and the relevant Mortgage) and, the respective Borrower is and will remain the sole, legal and beneficial owner of such Vessel; #4666581/6 44 (104) (b) registered in the name of the relevant Borrower with the Ship Registry;