Acceptance of yacht. The Yacht shall be deemed to have been accepted by the Purchaser and the balance of the Purchase Price and any Value Added Tax thereon shall become due and payable in accordance with Clause 7 upon the happening of any of the following events :
Acceptance of yacht. To the fullest extent permitted by applicable law, Xxxxx accepts the Yacht and the Inventory in its “AS IS, WHERE IS, WITH ALL FAULTS” condition at the time of Closing. Buyer acknowledges that it has had the opportunity to conduct all due diligence and investigation of the Yacht (including but not limited to title, survey, seaworthiness, and physical condition) and the Inventory that Buyer desires prior to the auction Buyer acknowledges that this transaction is not subject to any financing contingency or any other contingency, survey or due diligence or inspection rights and that Buyer waives all right to rescind or cancel the Agreement to the fullest extent allowed under applicable law. Notwithstanding the foregoing, Seller represents and warranties that it now has and will have and convey at Closing, good and marketable title to the Yacht and that all taxes, VAT or otherwise, associated with the Yacht, have been paid.
