Common use of Delivery, Inspection and Acceptance Clause in Contracts

Delivery, Inspection and Acceptance. The Initial Owner Participant and Shipowner each hereby appoints each of the Charterers as the authorized agent of the Initial Owner Participant and Shipowner to inspect and accept delivery of the applicable Vessels by Initial Owner Participant from Sellers and by Shipowner from Initial Owner Participant, respectively, hereunder and under the Demise Charters for all purposes thereof. The Charterers shall cause one or more authorized representatives of the Charterers to inspect each Vessel upon delivery thereof to the Charterers and, if such Vessel is found to be in good order, to accept such Vessel as aforesaid; provided, however, that the Charterers shall not be authorized to accept any Vessel on behalf of the Initial Owner Participant and/or the Shipowner unless the conditions precedent set forth in Sections 3.1 and 3.2 shall have been satisfied at or prior to such acceptance. Acceptance by each of the Charterers of the applicable Vessels in accordance with this Agreement shall, without further act, constitute (a) delivery by the Shipowner to each Charterer of the applicable Vessels under the applicable Demise Charter, and (b) irrevocable acceptance by each Charterer of the applicable Vessels for charter to such Charterer under, and otherwise for all purposes of, the applicable Demise Charter. If any Vessel is found by the Charterers not to be in good order, the Charterers shall not accept such Vessel on behalf of the Initial Owner Participant or the Shipowner under and in accordance with the terms hereof.

Delivery, Inspection and Acceptance. The Initial Owner Participant and Shipowner each hereby appoints each of the Charterers Charterer as the authorized agent of the Initial Owner Participant and Shipowner to inspect and accept delivery of the applicable Vessels by Initial Owner Participant from Sellers and by Shipowner from Initial Owner Participant, respectively, Seller hereunder and under the Demise Charters Charter for all purposes thereof. The Charterers Charterer shall cause one or more authorized representatives of the Charterers Charterer to inspect each Vessel upon delivery thereof to the Charterers Charterer and, if such Vessel is found to be in good order, to accept such Vessel as aforesaid; provided, however, that the Charterers Charterer shall not be authorized to accept any Vessel on behalf of the Initial Owner Participant and/or the Shipowner unless the conditions precedent set forth in Sections 3.1 and 3.2 shall have been satisfied at or prior to such acceptance. Acceptance by each the Charterer of the Charterers of the applicable Vessels in accordance with this Agreement shall, without further act, constitute (a) delivery by the Shipowner to each the Charterer of the applicable Vessels under the applicable Demise Charter, and (b) irrevocable acceptance by each the Charterer of the applicable Vessels for charter to such the Charterer under, and otherwise for all purposes of, the applicable Demise Charter. If any Vessel is found by the Charterers Charterer not to be in good order, the Charterers Charterer shall not accept such Vessel any of the Vessels on behalf of the Initial Owner Participant or the Shipowner under and in accordance with the terms hereof.