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.
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Samples: Facility Agreement (Royal Caribbean Cruises LTD), Facility Agreement (Royal Caribbean Cruises LTD), Facility Agreement (Royal Caribbean Cruises LTD)
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 COFACEBpiFAE;
(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-wholly- owned Subsidiaries.
Appears in 2 contracts
Samples: Fifth Amendment and Restatement Agreement (Royal Caribbean Cruises LTD), Facility Agreement (Royal Caribbean Cruises LTD)
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 COFACEBpiFAE;
(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.
Appears in 1 contract
Samples: Fourth Amendment and Restatement Agreement (Royal Caribbean Cruises LTD)
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, other than the Mortgage;
(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.
Appears in 1 contract
