The Vessel. The Vessel has not been delivered to the Borrower by the Builder pursuant to the Building Contract by the Termination Date.
The Vessel. The Vessel has not been redelivered to the Borrower by the Builder pursuant to the Building Contract by 3 December 2005 (or such later date as is agreed between the Borrower, the Lenders and Hermes).
The Vessel. The Vessel will on the Delivery Date be:
(a) in the absolute ownership of the Borrower who will on and after the Delivery Date thereof be the sole, legal and beneficial owner of the Vessel;
(b) registered in the name of the Borrower under the laws and flag of the Bahamas;
(c) operationally seaworthy and in every way fit for service; and
(d) classed with the classification referred to in clause 9.6.3(b) free of any overdue recommendations and conditions affecting the Vessel’s class of the Classification Society.
The Vessel. Immediately following the delivery of the Vessel to the Borrower under the Construction Contract the Vessel will be:
a. legally and beneficially owned by the Borrower,
b. registered in the name of the Borrower 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 pursuant to Section 7.2.3, e. insured against loss or damage in compliance with Section 7.1.5, and
The Vessel. The Guarantor is the registered owner of the liquefied natural gas tanker named “[ — ]” (hull number [ — ]) (the “Vessel’).
The Vessel. The Borrower will:
a. cause the Vessel to be exclusively operated by or chartered to the Guarantor or one of the Guarantor’s wholly-owned Subsidiaries, provided that the Guarantor or such Subsidiary may charter out the Vessel on a time charter with a stated duration not in excess of one year;
b. cause the 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 Vessel, provide the following to the Administrative Agent with respect to the Vessel:
(i) evidence as to the ownership of the Vessel by the Borrower;
(ii) evidence of no recorded Liens on the Vessel, other than Liens permitted pursuant to Section 7.2.3; and
(iii) a copy of the final commercial invoice in respect of the Vessel as provided by the Builder, certified as a true and complete copy by an Authorized Officer of the Borrower or the Guarantor; and
d. within seven days after delivery of the Vessel, provide the following to the Administrative Agent with respect to the Vessel:
(i) evidence of the class of the Vessel; and
(ii) evidence as to all required insurance being in effect with respect to the Vessel.
The Vessel. The Borrower will be the registered owner of a cubic meter liquefied natural gas tanker [under construction]/[to be constructed] at and having hull number (the “Vessel”) which the Borrower will acquire from (the “Ship Builder”) pursuant to a shipbuilding contract dated between the Borrower and the Ship Builder (the “Ship Building Contract”).
The Vessel. The Vessel will on the Drawdown Date be:
a) in the absolute ownership of the Borrower free and clear of all encumbrances (other than current crew wages and the Mortgage) and the Borrower will be the sole, legal and beneficial owner of the Vessel;
b) registered in the name of the Borrower with the relevant Approved Ship Registry under the laws and flag applicable for the relevant Approved Ship Registry;
c) operationally seaworthy in every way and fit for service; and
d) classed with Det Norske Veritas (or other IACS classification society) free of all overdue requirements and other recommendations.
The Vessel. As of the Effective Date, Seller has good and marketable title to the Vessel and the Attendant Plant free and clear of all Liens except for the Liens set forth in Exhibit H. As of the Closing Date, upon receipt of the Purchase Price, Seller shall sell, convey and transfer to Buyer good and marketable title to the Vessel and Attendant Plant free and clear of all Liens. The Vessel is validly documented under the laws of the United States.
The Vessel. Immediately following the delivery of the Vessel to the Borrower under the Construction Contract the Vessel will be:
a. legally and beneficially owned by the Borrower,
b. registered in the name of the Borrower under the Bahamian or Maltese flag, (NY) 18002/039/AMENDMENTS/hull.675.credit.agt.doc
c. classed as required by Section 7.1.4(b),
d. free of all recorded Liens, other than Liens permitted pursuant to 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 Guarantor or one of the Guarantor’s wholly-owned Subsidiaries.
