Examples of Approved Flag State in a sentence
Unless the context clearly indicates otherwise, the term "Option" shall mean an option to purchase Common Stock of the Company and shall include both Incentive Stock Options and Nonqualified Stock Options.
Approved Flag State means the Republic of the Xxxxxxxx Islands, the Republic of Liberia, the Republic of Vanuatu, the Bahamas, Panama, Malta, Denmark or such other jurisdiction as the Lender may approve at the request of the Owner, such approval not to be unreasonably withheld, conditioned or delayed.
Each Borrower undertakes, in relation to the Ship owned by it, not to employ that Ship, nor allow its employment in connection with any activities of any military nature and to ensure that the Ship operates and maintains its status as a merchant civil ship in accordance with the applicable laws of the relevant Approved Flag State.
Subject to the provisions of Section 15.18, the Borrowers shall maintain the registration of the Collateral Vessels under the registry of the Republic of Liberia or another Approved Flag State and shall not do or omit to do anything or suffer any act or omission whereby such registration may be forfeited or imperiled.
Each Collateral Vessel is: (a) registered in the name of the relevant Obligor under the laws and flag of an Approved Flag State; (b) operationally seaworthy and in every way fit for service; (c) classed with the relevant Approved Classification free of all overdue requirements and recommendations of the relevant Approved Classification Society affecting class; and (d) insured in the manner required by the Financing Documents.