The Purchased Vessel. Immediately following the delivery of the Purchased Vessel to the Borrower under the Construction Contract, the Purchased Vessel will be:
a. legally and beneficially owned by the Borrower or one of the Borrower’s wholly owned Subsidiaries,
b. registered in the name of the Borrower or one of the Borrower’s wholly owned Subsidiaries under the Bahamian or Maltese flag or such other flag as the parties may mutually agree,
c. classed as required by Section 7.1.4(b), d. free of all recorded Liens, other than Liens permitted by Section 7.2.3, e. insured against loss or damage in compliance with Section 7.1.5, and
The Purchased Vessel. The Borrower will:
a. cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or such Subsidiary may charter out the Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly owned Subsidiaries and (ii) on a time charter with a stated duration not in excess of one year;
b. cause the Purchased Vessel to be kept in such condition as will entitle her to classification by a classification society of recognized standing;
c. upon delivery of the Purchased Vessel, provide the following to the Facility Agent with respect to the Purchased Vessel:
(i) evidence as to the ownership of the Purchased Vessel by the Borrower or one of the Borrower’s wholly owned Subsidiaries;
(ii) evidence of no recorded Liens on the Purchased Vessel, other than Liens permitted pursuant to Section 7.2.3; and
(iii) a copy of the final commercial invoice in respect of the Purchased Xxxxxx as provided by the Builder, certified as a true and complete copy by an Authorized Officer of the Borrower; and
d. within seven days after delivery of the Purchased Vessel, provide the following to the Facility Agent with respect to the Purchased Vessel:
(i) evidence of the class of the Purchased Vessel; and
(ii) evidence as to all required insurance being in effect with respect to the Purchased Vessel.
The Purchased Vessel. The Borrower will:
(a) cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or such Subsidiary may charter (or sub-charter, as the case may be) out the Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly owned Subsidiaries and (ii) on a time charter with a stated duration not in excess of one (1) year;
(b) cause the Purchased Vessel to be kept in such condition as will entitle her to classification by a classification society of recognised standing;
(c) promptly upon delivery of the Purchased Vessel, provide the following to the Facility Agent with respect to the Purchased Vessel:
(i) evidence as to the ownership of the Purchased Vessel by the Borrower or one of its wholly-owned Subsidiaries;
(ii) evidence that the Purchased Vessel is registered under the Bahamian flag or such other flag reasonably acceptable to the Lenders and BpiFAE; and
(iii) a copy of the Builder’s duly executed invoice for the Delivery Installment marked “Paid” and certified as a true and complete copy by an Authorised Officer;
(d) within seven (7) days after delivery of the Purchased Vessel, provide the following to the Facility Agent with respect to the Purchased Vessel:
(i) evidence of the class of the Purchased Vessel; and
(ii) evidence as to all required insurance being in effect with respect to the Purchased Vessel in compliance with Clause 8.5 (Insurance); and
(e) on or before the later of (i) 31 July and (ii) 30 days after its own receipt of a Statement of Compliance in each calendar year, supply, or procure the supply, to the Facility Agent (for distribution to BpiFAE and the Lenders) (in each case at the cost of the Borrower) of all information necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI (as collated and reported to the Purchased Vessel’s flag state using the verification report submitted to that flag state) and any Statement of Compliance, in each case relating to the Purchased Vessel for the preceding calendar year, provided always that such information shall be confidential information for the purposes of Clause 13.15 (Confidentiality) and, accordingly, no Lender shall publicly disclose such informati...
The Purchased Vessel. Immediately following the delivery of the Purchased Vessel to the Borrower or one of the Borrower’s wholly-owned Subsidiaries as assignee, transferee or novatee under the Construction Contract, the Purchased Vessel will be:
(a) legally and beneficially owned by the Borrower or one of the Borrower’s wholly-owned Subsidiaries;
(b) registered in the name of the Borrower or one of the Borrower’s wholly-owned Subsidiaries under the Bahamian flag or such other flag reasonably acceptable to the Lenders and COFACE;
(c) classed as required by Clause 8.4(b);
(d) free of all recorded Liens;
(e) insured against loss or damage in compliance with Clause 8.5 (Insurance), and
(f) exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly-owned Subsidiaries.
The Purchased Vessel. The Borrower will:
a. cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly-owned Subsidiaries, provided that the Borrower or such Subsidiary may charter out the Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly-owned Subsidiaries and (ii) for a time charter not to exceed one year in duration;
b. cause the Purchased Vessel to be kept in such condition as will entitle her to classification by a classification society of recognized standing.
c. [RESERVED]
d. [RESERVED]
The Purchased Vessel. The Borrower will:
a. cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or such Subsidiary may charter out the Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly owned Subsidiaries and (ii) on a time charter with a stated duration not in excess of one year;
The Purchased Vessel. Immediately following the delivery of the Purchased Vessel to the Borrower under the Construction Contract, the Purchased Vessel will be:
a. legally and beneficially owned by the Borrower or one of the Borrower’s wholly owned Subsidiaries,
The Purchased Vessel. The Borrower will:
(a) cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or such Subsidiary may charter (or sub-charter, as the case may be) out the Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly owned Subsidiaries and (ii) on a time charter with a stated duration not in excess of one (1) year;
(b) cause the Purchased Vessel to be kept in such condition as will entitle her to classification by a classification society of recognised standing;
The Purchased Vessel. The Borrower will:
(a) cause the Purchased Vessel to be exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries, provided that the Borrower or such Subsidiary may charter (or sub-charter, as the case may be) out the Purchased Vessel (i) to entities other than the Borrower and the Borrower’s wholly owned Subsidiaries and (ii) on a time charter with a stated duration not in excess of one (1) year;
(b) cause the Purchased Vessel to be kept in such condition as will entitle her to classification by a classification society of recognised standing;
(c) promptly upon delivery of the Purchased Vessel, provide the following to the Facility Agent with respect to the Purchased Vessel:
(i) evidence as to the ownership of the Purchased Vessel by the Borrower or one of its wholly-owned Subsidiaries; and
(ii) a copy of the Builder’s duly executed invoice for the Delivery Installment marked “Paid” and certified as a true and complete copy by an Authorised Officer;
(d) within seven (7) days after delivery of the Purchased Vessel, provide the following to the Facility Agent with respect to the Purchased Vessel:
(i) evidence of the class of the Purchased Vessel; and
(ii) evidence as to all required insurance being in effect with respect to the Purchased Vessel in compliance with Clause 8.5 (Insurance).
The Purchased Vessel. The Purchased Vessel is:
a. legally and beneficially owned by the Borrower or one of the Borrower’s wholly owned Subsidiaries,
b. registered in the name of the Borrower or one of the Borrower’s wholly owned Subsidiaries under the Bahamian or Maltese flag or such other flag as the parties may mutually agree,
c. classed as required by Section 7.1.4(b),
d. free of all recorded Liens, other than Liens permitted by Section 7.2.3,
e. insured against loss or damage in compliance with Section 7.1.5, and
f. chartered exclusively to or operated exclusively by the Borrower or one of the Borrower’s wholly owned Subsidiaries, except as otherwise permitted pursuant to Section 7.1.4.
