Vessel SPVs definition
Examples of Vessel SPVs in a sentence
Each of the Vessel SPVs and Operation SPVs has elected to be, and is, treated as a disregarded entity for United States federal income tax purposes.
There is no material claim, action, suit or legal proceeding pending or, or to the Knowledge of the Seller Parent or the Seller, threatened against any of the Vessels, the Vessel SPVs or the Operation SPVs (or any of their officers or directors), or the Operation SPV Interests by any Person (including any Affiliates of such Person) before any Governmental Body.
Except as set forth in Section 4.5(a) of the Seller Disclosure Letter, there are no leases, subleases, licenses or other agreements to which the Vessel SPVs are parties granting to any Person other than the Vessel SPVs any right to the possession, use, occupancy or enjoyment of the Vessels or any portion thereof.
Each of the Operation SPVs and Vessel SPVs has all the requisite corporate or other similar organizational power and authority to own, lease, sell, transfer, license and operate its properties and to carry on its business as now being conducted.
None of the Vessel SPVs and the Operation SPVs is subject to or bound by any outstanding Order.
Each of the Operation SPVs and Vessel SPVs is an entity duly organized, validly existing and (to the extent the concept of good standing exists in the applicable jurisdiction) in good standing under the laws of its jurisdiction of organization.
Neither the Seller nor any of its Subsidiaries is subject to or bound by any outstanding Order relating to any of the Vessels, the Vessel SPVs, or the Operation SPVs or the Operation SPV Interests or which questions the validity of this Agreement or any of the transactions contemplated hereby or which seeks to prevent the Seller or any of its Subsidiaries from consummating the transactions contemplated herein.