Common use of No Taxes Payable Clause in Contracts

No Taxes Payable. Except for Taxes based upon the income of any ---------------- Person, there are no Taxes payable in the jurisdiction in which the principal place of business of the Trust Company is located in connection with the execution, delivery, consummation or recordation of this Agreement and the other Operative Documents or upon or with respect to the Trust Estate or the Indenture Estate and, solely because the Trust Company is a Cayman Islands company with its principal place of business in the Cayman Islands and to the extent that it performs any of its duties as Managing Trustee in the Cayman Islands, the consummation of the transactions contemplated hereby and by the other Operative Documents (including, without limitation, the filing of financing statements with respect thereto or the sale or transfer of the Vessel Interest).