Common use of The Purchased Vessel Clause in Contracts

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. 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 f. exclusively operated by or chartered to the Borrower or one of the Borrower’s wholly owned Subsidiaries.