THE PARENT’S GENERAL OBLIGATIONS. SECTION 3.1 The Parent shall notify the Manager as soon as possible of any purchase of any vessel (whether the same is a second-hand vessel or a Newbuild), the delivery of any Newbuild from the relevant builder or intermediate seller to the relevant member of the Group to take ownership of such Newbuild, the sale of any vessels, Newbuilds or Subsidairies, the purchase or creation of any direct or indirect subsidiary of the Parent or the sale or divestiture of any Subsidiary, in each case, with respect to vessels that the Parent has elected to be managed by the Manager, and shall promptly amend Schedule A and Schedule B hereto, as applicable, to be reflective of any such development. Such amended Schedule A or Schedule B shall be effective on any such day as mutually agreed by the Parent and the Manager, which date shall be no later than five Business Days after delivery of such amended Schedule A and/or Schedule B to the Manager by the Parent.
Appears in 4 contracts
Samples: Restrictive Covenant Agreement (Safe Bulkers, Inc.), Restrictive Covenant Agreement (Safe Bulkers, Inc.), Restrictive Covenant Agreement (Safe Bulkers, Inc.)
