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 Guarantor is the registered owner of the liquefied natural gas tanker named “[ — ]” (hull number [ — ]) (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. After the Delivery Date the Borrower ceases to retain its ownership of the Vessel (other than in the case of a sale or Total Loss of the Vessel, the proceeds from which are applied in accordance with Section 5.3) or, without the prior written consent of the Agent, the registration or flag of the Vessel is changed; provided, however, the Borrower may transfer ownership of the Vessel to the Operating Entity, another wholly owned Subsidiary or an affiliated company as part of the Approved Joint Venture, provided that such Subsidiary or affiliated company assumes the Borrower’s obligations hereunder and under the relevant Security Documents upon such transfer on terms and conditions satisfactory to the Agent; or