Unrest the Flag State of a Mortgaged Vessel or the country in which any Security Party is incorporated or domiciled becomes involved in hostilities or civil war or there is a seizure of power in the Flag State by unconstitutional means unless the Owner of the Vessel registered in such Flag State shall have transferred its Vessel onto a new flag acceptable to the Banks within sixty (60) days of the start of such hostilities or civil war or seizure of power; or
Unrest the Flag State becomes involved in hostilities or civil war or there is a seizure of power in the Flag State by unconstitutional means if, in any such case, such event could in the opinion of the Bank reasonably be expected to have a material adverse effect on the security constituted by any of the Security Documents; or
Unrest the Flag State of the Vessel becomes involved in hostilities or civil war or there is a seizure of power in such Flag State by unconstitutional means if, in any such case, such event could in the opinion of the Lender reasonably be expected to have a material adverse effect on the security constituted by any of the Security Documents, unless the Ship is re-registered within thirty (30) days from the occurrence of such event on a Flag State which is not affected by hostilities or civil war or a seizure of power by unconstitutional means; or
Unrest the relevant Flag State of any Ship becomes involved in hostilities or civil war or there is a seizure of power in the relevant Flag State of any Ship by unconstitutional means if, in any such case, such event could in the opinion of the Facility Agent (acting on the instructions of the Majority Lenders) reasonably be expected to have a material adverse effect on the security constituted by any of the Finance Documents; or
Unrest the Flag State of the Vessel becomes involved in hostilities or civil war or there is a seizure of power in such Flag State by unconstitutional means if, in any such case, (a) such event could in the opinion of the Lender reasonably be expected to have a Material Adverse Effect on the security constituted by any of the Finance Documents and (b) the Borrower has failed within forty five (45) days from receiving notice from the Lender to this effect to (i) delete the Vessel from its Flag State and (ii) re-register the Vessel under another Flag State approved by the Lender in its sole discretion through a relevant Registry, in each case, at the Borrower’s cost and expense; or
Unrest the Flag State of any Ship becomes involved in hostilities or civil war or there is a seizure of power in the Flag State by unconstitutional means if, in any such case, such event could in the opinion of the Agent reasonably be expected to have a material adverse effect on the security constituted by any of the Security Documents and the relevant Borrower has failed within thirty (30) days from receiving notice from the Agent to this effect to (a) delete its Ship from its existing Flag State and (b) re-register its Ship under another Flag State approved by the Lenders in their reasonable discretion through a relevant Registry, in each case, at the Borrowers' cost and expense; or
Unrest the Flag State of any Ship becomes involved in hostilities or civil war or there is a seizure of power in such Flag State by unconstitutional means if, in any such case:
(a) such event could in the opinion of the Agent (acting on the instructions of the Majority Banks) reasonably be expected to have a material adverse effect on the security constituted by any of the Security Documents; and
(b) the Borrower owning such Ship has failed within thirty (30) days from receiving notice from the Agent (acting on the instructions of the Majority Banks) to this effect to:
(i) delete the relevant Ship from its existing Flag State;
(ii) register such Ship under another Flag State through a relevant Registry; and
(iii) execute, at its own cost and expense, such other security (including a mortgage, deed of covenant and general assignment) in favour of the Creditors over the relevant Ship, its Earnings, Insurances and Requisition Compensation, as the Agent may in its reasonable discretion require; or
Unrest. The Flag State of any Collateral Ship becomes involved in hostilities or civil war or there is a seizure of power in such Flag State by unconstitutional means and such event could, in the opinion of the Agent reasonably be expected to have a Material Adverse Effect on the Security constituted by any of the Transaction Security Documents and the Borrower fails to (a) procure the registration of the relevant Collateral Ship by the relevant Collateral Owner under the flag of another state which is acceptable to the Agent in its sole discretion, (b) procure the execution in favour of the Security Agent or, as the case may be, the Finance Parties and, where necessary, the registration, of a new mortgage over the relevant Collateral Ship, a new general assignment in respect of the Earnings, the Ship Insurances and the Requisition Compensation of such Collateral Ship and a manager's undertaking from the Manager of the relevant Collateral Ship, in each case in such form as the Agent shall in its absolute discretion require and always of the same priority as the previous such Security and (c) provide the Agent or its duly authorised representative with such documents and evidence as the Agent may in its sole discretion require, in each case within ten Business Days following the written request of the Agent to the Borrower to do so.
Unrest the Flag State or the country in which any Security Party is incorporated or domiciled becomes involved in hostilities or civil war or there is a seizure of power in such country by unconstitutional means; or
