Common use of Vessel Registry Clause in Contracts

Vessel Registry. Borrower shall keep the Vessel fully documented under the M▇▇▇▇▇▇▇ Islands Registry, including all additional certifications required for vessels of its type, tonnage and area of operation, under the laws of and international conventions approved by the Republic of the M▇▇▇▇▇▇▇ Islands; provided, however, that the Borrower, at its sole cost and expense (including the reasonable fees and expenses of legal counsel to the Lender), may transfer the Vessel to the Panamanian Public Registry upon not less than thirty (30) days prior written notice to the Lender and upon such transfer shall keep the Vessel fully documented under the Panamanian Public Registry in compliance with this Section 6.1, provided, further, that any such transfer of the Vessel to the Panamanian Public Registry shall be subject to the Borrower putting in place, simultaneously with such transfer, appropriate comparable security documentation in favor of and satisfactory to the Lender, including, but not limited to, the execution, delivery and recordation at the Panama Public Register Office of a First Naval Mortgage covering the Vessel.