Common use of The Purchased Vessel Clause in Contracts

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. from the Delivery Date, 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. from the Delivery Date, 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 from the Purchased VesselDelivery Date, 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 Vessel as provided by the Builder, certified as a true and complete copy by an Authorized Officer of the Borrower, and including specific reference to the Buyer’s Allowance as part of the Contract Price; and d. within seven days after delivery of the Purchased VesselDelivery Date, 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 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 Vessel 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.