Common use of NO TRANSFER OF FLAG; SALE; CHARTER Clause in Contracts

NO TRANSFER OF FLAG; SALE; CHARTER. (a) The Shipowner will not transfer or change the flag or port of documentation of the Ship (except to Panama, the Bahamas, Liberia, the Cayman Islands, Isle of Man, the Hellenic Republic or any other jurisdiction which at the time is generally deemed acceptable by institutional lenders to the shipping industry, as determined in good faith by the Board of Directors, as permitted by the terms of the Indenture, PROVIDED, HOWEVER, that there shall at all times exist an effective Mortgage on the Ship, notwithstanding such transfer or change of flag or port) without the prior written consent of the Mortgagee (which consent shall contain such terms and conditions as the Mortgagee shall reasonably conclude are necessary, including Opinions of Counsel, filings and documentation, to ensure the continuing first preferred perfected Lien of the Mortgagee for the benefit of the Holders and the Working Capital Facility Provider in respect of the Ship and the other Collateral). Any such written consent to any one transfer or change of flag or port of documentation shall not be construed to be a waiver of this provision with respect to any subsequent proposed transfer or change of flag or port of documentation.

NO TRANSFER OF FLAG; SALE; CHARTER. (a) The Shipowner will not transfer or change the flag or port of documentation of the Ship (except to Panama, the Bahamas, Liberia, the Cayman IslandsRepublic of Cyprus, Isle of Man, the Hellenic Republic or any other jurisdiction which at the time is generally deemed acceptable by institutional lenders to the shipping industry, as determined in good faith by the Board of Directors, as permitted by the terms of the Indenture, PROVIDED, HOWEVER, that there shall at all times exist an effective Mortgage on the Ship, notwithstanding such transfer or change of flag or port) without the prior written consent of the Mortgagee (which consent shall contain such terms and conditions as the Mortgagee shall reasonably conclude are necessary, including Opinions of Counsel, filings and documentation, to ensure the continuing first preferred perfected Lien of the Mortgagee for the benefit of the Holders and the Working Capital Facility Provider in respect of the Ship and the other Collateral). Any such written consent to any one transfer or change of flag or port of documentation shall not be construed to be a waiver of this provision with respect to any subsequent proposed transfer or change of flag or port of documentation. The Shipowner shall notify the Registrar of British Ships upon any change of residence of the ship.

NO TRANSFER OF FLAG; SALE; CHARTER. (a) The Shipowner will not transfer or change the flag or port of documentation of the Ship Vessel (except to PanamaCyprus, the Bahamas, LiberiaPanama, the Cayman Islands, Isle of Man, the Hellenic Republic or any other jurisdiction which at the time is generally deemed acceptable by institutional lenders to the shipping industry, as determined in good faith by the Board of Directors, as permitted by the terms of the Indenture, PROVIDED, HOWEVER, that there shall at all times exist an effective Mortgage on the ShipVessel, notwithstanding such transfer or change of flag or port) without the prior written consent of the Mortgagee (which consent shall contain such terms and conditions as the Mortgagee shall reasonably conclude are necessary, including Opinions of Counsel, filings and documentation, to ensure the continuing first preferred priority perfected Lien of the Mortgagee for the benefit of the Holders and the Working Capital Facility Provider in respect of the Ship Vessel and the other Collateral). Any such written consent to any one transfer or change of flag or port of documentation shall not be construed to be a waiver of this provision with respect to any subsequent proposed transfer or change of flag or port of documentation.

NO TRANSFER OF FLAG; SALE; CHARTER. (a) The Shipowner will not transfer or change the flag or port of documentation of the Ship Vessel (except to PanamaCyprus, the Bahamas, Liberia, the Cayman Islands, Isle of Man, the Hellenic Republic or any other jurisdiction which at the time is generally deemed acceptable by institutional lenders to the shipping industry, as determined in good faith by the Board of Directors, as permitted by the terms of the Indenture, PROVIDED, HOWEVER, that there shall at all times exist an effective Mortgage on the ShipVessel, notwithstanding such transfer or change of flag or port) without the prior written consent of the Mortgagee (which consent shall contain such terms and conditions as the Mortgagee shall reasonably conclude are necessary, including Opinions of Counsel, filings and documentation, to ensure the continuing first preferred priority perfected Lien of the Mortgagee for the benefit of the Holders and the Working Capital Facility Provider in respect of the Ship Vessel and the other Collateral). Any such written consent to any one transfer or change of flag or port of documentation shall not be construed to be a waiver of this provision with respect to any subsequent proposed transfer or change of flag or port of documentation.