Common use of Approved Flag States Clause in Contracts

Approved Flag States. 12.3.1 As at the date of this Agreement (but subject always to clause 12.3.2 and to the following states or countries satisfying and continuing to satisfy the criteria set out in clause 12.5 below), the Lessor agrees that any of Hong Kong, the Xxxxxxxx Islands, the United Kingdom, Liberia, Bermuda or the Bahamas is acceptable to the Lessor as a state or country in which the Lessor agrees the Ship may be registered. 12.3.2 If the Lessor gives notice to the Lessee that any of the above mentioned states or countries falls within the restrictions or circumstances set out in clause 12.5 below, the applicable state or country shall cease to be an Approved Flag State for the purposes of this Agreement.