Common use of Registration of the Vessel Clause in Contracts

Registration of the Vessel. The Owner shall, and shall procure that the Manager shall: (a) procure and maintain, with effect from the Delivery Date, the valid and effective provisional registration of the vessel and, within six (6) months, of the Delivery Date, the valid and effective permanent registration of the Vessel under the flag of Malta or such other flag as is satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders (acting in good faith but otherwise in their absolute discretion)), and shall ensure nothing is done or omitted by the Owner and shall use reasonable endeavours to ensure that nothing is done or omitted to be done by any third party by which the registration of the Vessel would or might be defeated or imperilled; (b) not change the name or port of registration of the Vessel without the prior written consent of the Facility Agent (acting on the instructions of the Majority Lenders) (such consent not to be unreasonably withheld or delayed); and (c) ensure that the Vessel complies in all respects with Applicable Laws from time to time applicable to vessels registered under the laws and flag of Malta or such other flag (an Alternative Flag) under which the Vessel may be registered from time to time in accordance with this Agreement, provided that if at any time an Alternative Flag is not a signatory to all International Maritime Organization Assembly resolutions and regulations to which Malta is a signatory, then the Owner shall ensure, and shall procure that the Manager ensures, that the Alternative Flag issues a certificate of equivalency of the Vessel in respect of each such International Maritime Organization Assembly resolution and regulation.