Flag Clause Samples
The "Flag" clause establishes a mechanism for identifying and highlighting specific issues, concerns, or items within a contract or process that require special attention. In practice, this clause allows parties to formally mark certain matters—such as non-compliance, potential risks, or exceptions to standard procedures—so they are clearly noted and can be addressed appropriately. By providing a structured way to bring attention to important points, the Flag clause ensures that critical issues are not overlooked and facilitates timely resolution or further review.
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Flag. Except as pursuant to a Flag Jurisdiction Transfer and satisfaction of all requirements under the Indenture, the Shipowner will not change the flag of the Rig without the written consent of the Mortgagee (acting at the direction of Holders of not less than a majority in aggregate principal amount of the Outstanding Securities) and any such written consent to any one change of flag shall not be construed to be a waiver of this provision with respect to any subsequent proposed change of flag.
Flag. The Rig is properly registered in the name of Seadrill T-15 under and pursuant to the flag and law of Panama and all fees due and payable in connection with such registration have been paid.
Flag. At the time of the Closing, the Vessel will be properly registered in the name of the Legal Owner under and pursuant to the flag and law of the Republic of the ▇▇▇▇▇▇▇▇ Islands and all fees due and payable in connection with such registration will have been paid prior to the Closing.
Flag. 44.1 The Vessel shall upon the Actual Delivery Date be registered by the Charterers (at its own cost and expense) by way of ownership and demise charter registration with the name of the Owners as beneficial owner and the Charterers as demise charterer, under the flag of the Flag State.
44.2 Each party hereto has the right to request for the change of Flag State, subject to the other party's prior written consent which is not to be unreasonably withheld or delayed. If there is a Mortgage, any change of Flag State shall also be subject to the Mortgagee's consent (not to be unreasonably withheld or delayed), which the Owners shall take reasonable steps to request but shall not be liable to procure or ensure. All the costs and expenses for effecting such change, as well as any additional or increase in the costs, expenses and Taxes incurred or to be incurred by the other party (whether due to change of tax regime or otherwise), shall be borne by the party requesting such change.
44.3 All costs and expenses arising in connection with the initial ownership and demise charter registration of the Vessel or in connection with the maintenance of such registration shall be borne by the Charterers and, if and to the extent from time to time paid by the Owners, shall be reimbursed by the Charterers to the Owners upon demand.
Flag. The Borrower will not change flag or ship registry of any of the Vessels or allow any of the Vessels to be dually registered without the prior written consent of the Banks.
Flag. At the time of the Closing, the Vessel will be properly registered in the name of Eskimo Corp under and pursuant to the flag and law of the Republic of the ▇▇▇▇▇▇▇▇ Islands and all fees due and payable in connection with such registration will have been paid prior to the Closing.
Flag. The Vessel is properly registered in the name of 2234 LLC under and pursuant to the flag and law of the Republic of the ▇▇▇▇▇▇▇▇ Islands and all fees due and payable in connection with such registration have been paid.
Flag. The Borrowers shall maintain the registration of each Collateral Vessel in the name of the applicable Borrower with an Approved Ship Registry, and shall not change the name, flag or registration of the Collateral Vessel or parallel register the Collateral Vessel in another Approved Ship Registry without the prior written consent of all Lenders, such consent not to be unreasonably withheld, always subject to the Borrowers providing the Facility Agent with security over the Collateral Vessel, in form and substance acceptable to the Facility Agent.
Flag. The Vessel is properly registered in the name of Bank of Scotland LNG Leasing (No. 1) Limited under and pursuant to the flag and law of The Republic of the ▇▇▇▇▇▇▇▇ Islands and all fees due and payable in connection with such registration have been paid.
Flag. Each Owner shall (and the Borrower shall procure that each Owner will) maintain its Vessel with a flag acceptable to the Majority Lenders.