Common use of Re-flagging of Vessels Clause in Contracts

Re-flagging of Vessels. Notwithstanding anything to the contrary herein, a Subsidiary of the Issuer may re-flag a vessel that it owns or bareboat charters or reconstitute or continue itself in another jurisdiction, or amalgamate or merge with or into another Subsidiary of the Issuer, for the purpose of re-flagging a vessel that it owns or bareboat charters so long as at all times each Subsidiary of the Issuer remains organized under the laws of the United States, any state thereof, the District of Columbia, the Republic of Liberia or any country recognized by the United States. For the avoidance of doubt, the provisions of Article Five will not apply to a reconstitution, amalgamation or merger permitted under this Section 4.12; provided that any such reflagging transaction involving a Priority Vessel shall not result in such Priority Vessel being owned by a Person that is not the Guarantor or a wholly-owned Subsidiary of the Guarantor.