Common use of Flag State and Vessel Name Clause in Contracts

Flag State and Vessel Name. (a) Owner undertakes that, at the Delivery Date and throughout the Term, the Vessel shall be registered under the law of the country named as the Flag State in Schedule I and shall in all material respects comply with regulations and requirements of the Flag State in force for vessels registered in the Flag State but trading between Primary Terminals. No change in the Vessel’s registration shall be made by Owner prior to or during the Term without Charterer’s prior written consent, such consent not to be unreasonably withheld. (b) In the event Owner determines that it would be desirable to change the Vessel’s Flag State, Owner shall propose in writing an alternative Flag State to Charterer for Charterer’s approval, such approval not to be unreasonably withheld. All costs and expenses of any such proposed change shall be borne by Owner and shall include all costs and expenses attributable to such change. (c) If Charterer gives Owner notice requesting a change of the Vessel’s Flag State, Owner shall use reasonable, good faith efforts to cause the Vessel to be registered as soon as reasonably practicable in the country designated by Charterer. The cost and expense of any such change of registry shall be borne by Charterer and shall include all reasonably incurred third-party costs and expenses directly attributable to or resulting from the implementation of Charterer’s request. Owner shall estimate to Charterer in advance the amount and detail of all such costs and expenses. Owner shall use reasonable endeavours to minimize such costs and expenses. (d) Prior to the delivery, Owner and Charterer shall agree on the name of the Vessel. Thereafter no further change in the Vessel’s name shall be made without Charterer’s prior written consent, which shall not be unreasonably withheld.

Flag State and Vessel Name. (a) Owner undertakes that, at the Delivery Date and throughout the Term, the Vessel shall be registered under the law of the country named as the Flag State in Schedule I and shall in all material respects comply with regulations and requirements of the Flag State in force for vessels registered in the Flag State but trading between Primary Terminals. No change in the Vessel’s registration shall be made by Owner prior to or during the Term without Charterer’s prior written consent, such consent not to be unreasonably withheld. (b) In the event Owner determines that it would be desirable to change the Vessel’s Flag State, Owner shall propose in writing an alternative Flag State to Charterer for Charterer’s approval, such approval not to be unreasonably withheld. All costs and expenses of any such proposed change shall be borne by Owner and shall include all costs and expenses attributable to such change. (c) If Charterer gives Owner notice requesting a change of the Vessel’s Flag State, Owner shall use reasonable, good faith efforts to cause the Vessel to be registered as soon as reasonably practicable in the country designated by Charterer. The cost and expense of any such change of registry shall be borne by Charterer and shall include all reasonably incurred third-party costs and expenses directly attributable to or resulting from the implementation of Charterer’s request. Owner shall estimate to Charterer in advance the amount and detail of all such costs and expenses. Owner shall use reasonable endeavours endeavors to minimize such costs and expenses. (d) Prior to the delivery, Owner and Charterer shall agree on the name of the Vessel. Thereafter no further change in the Vessel’s name shall be made without Charterer’s prior written consent, which shall not be unreasonably withheld.

Flag State and Vessel Name. (a) Owner undertakes that, at the Delivery Date and throughout the Term, the Vessel shall be registered under the law of the country named as the Flag State in Schedule I and shall in all material respects comply with regulations and requirements of the Flag State in force for vessels registered in the Flag State but trading between Primary Terminals. No change in the Vessel’s registration shall be made by Owner prior to or during the Term without Charterer’s prior written consent, such consent not to be unreasonably withheld. (b) In the event Owner determines that it would be desirable to change the Vessel’s Flag State, Owner shall propose in writing an alternative Flag State to Charterer for Charterer’s approval, such approval not to be unreasonably withheld. All costs and expenses of any such proposed change shall be borne by Owner and shall include all costs and expenses attributable to such change. (c) If Charterer gives Owner notice requesting a change of the Vessel’s Flag State, Owner shall use reasonable, good faith efforts to cause the Vessel to be registered as soon as reasonably practicable in the country designated by Charterer. The cost and expense of any such change of registry shall be borne by Charterer and shall include all reasonably incurred third-party costs and expenses directly attributable to or resulting from the implementation of Charterer’s request. Owner shall estimate to Charterer in advance the amount and detail of all such costs and expenses. Owner shall use reasonable endeavours endeavors to minimize such costs and expenses. (d) Prior to the delivery, Owner and Charterer The Vessel shall agree on the name of the Vesselbe named “Excelsior”. Thereafter no No further change in the Vessel’s name shall be made without Charterer’s prior written consent, consent which shall not be unreasonably withheld.