Condition and Access to the Vessels Sample Clauses

Condition and Access to the Vessels. (a) Notwithstanding anything to the contrary herein, the Buyer and the Sellers agree that the Vessels shall, on the Closing Date, be in substantially the same condition as on the date hereof, ordinary wear and tear excepted. If any Vessel shall suffer any damage or loss (other than an actual or constructive total loss) prior to the Closing, the Sellers agree to be responsible for such repairs to the Vessel suffering such damage or loss as may be necessary to restore the Vessel to the condition required hereunder. The Sellers agree to cause the Vessels to continue to be insured by hull and machinery and protection and indemnity insurance in the amounts and with the coverages currently in force until the Closing Date. Prior to the Closing, the Sellers shall provide Buyer with original cover notes evidencing such insurance covering the Vessels for the three years prior to Closing.
Sample 1
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Condition and Access to the Vessels. (a) Notwithstanding anything to the contrary herein, the Buyer and the Seller agree that the Vessels shall, on the Closing Date, be in substantially the same condition as on the date hereof, ordinary wear and tear excepted. If any Vessel shall suffer any damage or loss (other than an actual or constructive total loss) and such damage or loss is not repaired prior to the Closing, then Seller agrees to be responsible following the Closing (it being the intent of the Buyer and Seller that the Closing not be delayed as a result of the need to make any such repairs) for such repairs to the Vessel suffering such damage or loss as may be necessary to restore the Vessel to the condition required under this Section 1.5(a). The Seller agrees to cause the Vessels to continue to be insured by hull and machinery and protection and indemnity insurance in the amounts and with the coverages currently in force until the Closing Date. Prior to the Closing, the Seller shall provide Buyer with original cover notes evidencing such insurance covering the Vessels for the three years prior to Closing.
Sample 1

Related to Condition and Access to the Vessels

  • Conditions Precedent/Effectiveness Conditions This Amendment shall be effective upon (the “Effective Date”) the satisfaction of each of the following conditions (all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel):

  • Conditions Precedent to the Effective Date The occurrence of the Effective Date pursuant to Section 13.10 is subject to the satisfaction of the following conditions:

  • Conditions Precedent to the Initial Extension of Credit The obligation of each Lender to make its initial extension of credit provided for hereunder, is subject to the fulfillment, to the satisfaction of Agent and each Lender of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions precedent).

  • Initial Conditions Precedent The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent:

  • Additional Conditions to the Obligations of Parent and Merger Sub The obligations of Parent and Merger Sub to consummate and effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions, any of which may be waived, in writing, exclusively by Parent:

  • Conditions Precedent to the Obligation of the Company to Sell the Shares The obligation hereunder of the Company to issue and sell the Shares is subject to the satisfaction or waiver, at or before the Closing, of each of the conditions set forth below. These conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion.

  • Conditions Precedent to the Effectiveness of this Agreement The effectiveness of this Agreement is subject to the receipt by IBM Credit of, or waiver in writing by IBM Credit of compliance with, the following conditions precedent:

  • Conditions Precedent to the Effectiveness of this Amendment This Amendment shall become effective as of the date first written above when, and only when, each of the following conditions precedent shall have been satisfied or waived (the “Amendment No. 1 Effective Date”) by the Administrative Agent:

  • Conditions Subsequent to the Initial Extension of Credit The obligation of the Lender Group (or any member thereof) to continue to make Advances (or otherwise extend credit hereunder) is subject to the fulfillment, on or before the date applicable thereto, of each of the conditions subsequent set forth below (the failure by Borrowers to so perform or cause to be performed constituting an Event of Default):

  • Conditions Precedent to Each Loan and Letter of Credit The obligation of each Lender on any date (including the Closing Date) to make any Loan and of each Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent:

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