(II) THE RISKS INSURED AGAINST THEREBY, (III)
THE NAME OF THE INSURER AND EACH INSURED PARTY THEREUNDER AND (IV) THE POLICY OR
OTHER IDENTIFICATION NUMBER THEREOF.
SUCH INSURANCE POLICIES AND PROGRAMS ARE
IN SUCH FORMS AND AMOUNTS, AND PROVIDE COVERAGE AGAINST SUCH RISKS AS ARE
REQUIRED BY SECTION 6.1(C) AND ARE CUSTOMARY FOR CORPORATIONS OF ESTABLISHED
REPUTATION ENGAGED IN THE SAME OR A SIMILAR BUSINESS AND OWNING AND OPERATING
SIMILAR PROPERTIES.
(U)
COLLATERAL DOCUMENTS.
THE PROVISIONS OF THE COLLATERAL DOCUMENTS
EXECUTED BY ANY LOAN PARTY IN FAVOR OF THE ADMINISTRATIVE AGENT EVIDENCE LEGAL,
VALID, ENFORCEABLE AND CONTINUING LIENS, IN FAVOR OF THE ADMINISTRATIVE AGENT
FOR THE BENEFIT OF THE SECURED PARTIES, IN ALL RIGHT, TITLE AND INTEREST OF SUCH
LOAN PARTY IN ANY AND ALL OF THE COLLATERAL DESCRIBED THEREIN, SECURING THE
OBLIGATIONS FROM TIME TO TIME OUTSTANDING, AND UPON ALL PROPER FILINGS AND
RECORDINGS BEING DULY MADE IN THE LOCATIONS REFERRED TO IN THE APPLICABLE
COLLATERAL DOCUMENTS OR THE TAKING OF POSSESSION OF THE COLLATERAL BY THE
ADMINISTRATIVE AGENT IN ACCORDANCE WITH THE PROVISIONS OF SUCH COLLATERAL
DOCUMENTS, EACH OF SUCH LIENS CREATED PURSUANT TO THE COLLATERAL DOCUMENTS
CONSTITUTES A FULLY PERFECTED FIRST OR SECOND PRIORITY LIEN IN ALL RIGHT, TITLE
AND INTEREST OF SUCH LOAN PARTY IN SUCH COLLATERAL SUPERIOR IN RIGHT TO ANY
LIENS (OTHER THAN THE LIENS OF TRAVELERS), EXISTING OR FUTURE, WHICH SUCH LOAN
PARTY OR ANY CREDITORS THEREOF OR PURCHASERS THEREFROM, OR ANY OTHER PERSON, MAY
HAVE AGAINST SUCH COLLATERAL OR INTERESTS THEREIN, EXCEPT FOR LIENS PERMITTED BY
SECTION 6.2(H).
EACH SHIP MORTGAGE ON UNITED STATES FLAG VESSELS WILL
CONSTITUTE AS OF THE DATE AND TIME OF FILING WITH THE NVDC A PREFERRED MORTGAGE
PURSUANT TO § 31322(A) OF TITLE 46 OF THE UNITED STATES CODE.
EACH SHIP
MORTGAGE ON REPUBLIC OF THE MARSHALL ISLANDS FLAG VESSELS WILL CONSTITUTE AS OF
THE DATE AND TIME OF FILING WITH THE MARITIME ADMINISTRATOR OF THE REPUBLIC OF
THE MARSHALL ISLANDS A PREFERRED MORTGAGE PURSUANT TO THE REPUBLIC OF THE
MARSHALL ISLANDS PREFERRED SHIP MORTGAGE AND MARITIME LIENS ACT, CODIFIED AT §
303 OF THE REPUBLIC OF THE MARSHALL ISLANDS MARITIME ACT, 1990, AS AMENDED, AND
ALSO PURSUANT TO §31301(6)(B) OF TITLE 46 OF THE UNITED STATES CODE.
(V)
THE TRANSACTIONS.
(I) ALL GOVERNMENTAL AND MATERIAL THIRD PARTY
APPROVALS NECESSARY IN CONNECTION WITH THE TRANSACTIONS HAVE BEEN OBTAINED AND
ARE IN FULL FORCE AND EFFECT,
41
AND ALL APPLICABLE WAITING PERIODS HAVE EXPIRED WITHOUT ANY ACTION BEING TAKEN
OR THREATENED BY ANY GOVERNMENTAL AUTHORITY WHICH WOULD RESTRAIN, PREVENT OR
OTHERWISE IMPOSE MATERIALLY ADVERSE CONDITIONS ON ANY OF THE TRANSACTIONS AND
(II) NO ACTIONS, SUITS OR PROCEEDINGS ARE PENDING OR THREATENED WITH RESPECT TO
ANY OF THE TRANSACTIONS OR ANY LOAN DOCUMENT WHICH THE ADMINISTRATIVE AGENT OR
THE MAJORITY LENDERS SHALL REASONABLY DETERMINE COULD REASONABLY BE EXPECTED TO
HAVE A MATERIAL ADVERSE EFFECT.
(W)
ACCURACY OF INFORMATION.
THE SCHEDULES, CERTIFICATES AND OTHER
WRITTEN STATEMENTS AND INFORMATION FURNISHED TO THE ADMINISTRATIVE AGENT, THE
ISSUING LENDERS AND THE LENDERS