Common use of Purchaser Protected Clause in Contracts

Purchaser Protected. In no event shall any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the Collateral Trustee to execute the release or to inquire as to the existence or satisfaction of any conditions required by the provisions hereof for the exercise of such authority; nor shall any purchaser or other transferee of any property or rights permitted by this Article Eleven to be sold or otherwise disposed of by the Co-Issuers or a Mortgaged Vessel Guarantor be under obligation to ascertain or inquire into the authority of the Co-Issuers or any applicable Mortgaged Vessel Guarantor to make any such sale or other transfer.

Purchaser Protected. In no event shall any purchaser in good faith or other transferee of any property Collateral purported to be released hereunder be bound to ascertain the authority (if any) of the Trustee to direct the Collateral Trustee Agent to execute the release or to inquire as to the existence or satisfaction of any conditions required by the provisions hereof for the exercise of such authorityauthority or to see to the application of any consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property Collateral permitted to be sold, disposed of or rights permitted transferred by this Article Eleven to be sold or otherwise disposed of by the Co-Issuers or a Mortgaged Vessel Guarantor Ten, be under obligation to ascertain or inquire into the authority of the any Co-Issuers Obligor or any applicable Mortgaged Vessel Guarantor Guarantor, as applicable, to make any such sale or other transfer.