Common use of Flag of Collateral Vessel Clause in Contracts

Flag of Collateral Vessel. (a) The Borrower shall cause the Collateral Vessel to be registered under the laws and flag of the Bahamas or, provided that the requirements of a Flag Jurisdiction Transfer are satisfied, another Acceptable Flag Jurisdiction. Notwithstanding the foregoing, the relevant Credit Party may transfer the Collateral Vessel to an Acceptable Flag Jurisdiction pursuant to the requirements set forth in the definition of “Flag Jurisdiction Transfer”. (b) Except as permitted by Section 10.02, the Borrower will own the Collateral Vessel and will procure that the Collateral Vessel is traded within the NCLC Fleet from the first Initial Borrowing Date until the later of the Tranche A Loan Maturity Date and the Tranche B Loan Maturity Date. (c) The Borrower will at all times engage the Manager (or a replacement manager reasonably acceptable to the Facility Agent) to provide the commercial and technical management and crewing of the Collateral Vessel.

Flag of Collateral Vessel. (a) The Borrower shall cause the Collateral Vessel to be registered under the laws and flag of the Bahamas or, provided that the requirements of a Flag Jurisdiction Transfer are satisfied, another Acceptable Flag Jurisdiction. Notwithstanding the foregoing, the relevant Credit Party may transfer the Collateral Vessel to an Acceptable Flag Jurisdiction pursuant to the requirements set forth in the definition of “Flag Jurisdiction Transfer”. (b) Except as permitted by Section 10.02, the Borrower will own the Collateral Vessel and will procure that the Collateral Vessel is traded within the NCLC Fleet from the first Initial Borrowing Date until the later of the Tranche A Loan Maturity Date and the Tranche B Loan Maturity Date. (c) The Borrower will at all times engage the Manager (or a replacement manager reasonably acceptable to the Facility Agent) to provide the commercial and technical management and crewing of the Collateral Vessel.