Common use of Restrictions on chartering, appointment of managers etc Clause in Contracts

Restrictions on chartering, appointment of managers etc. Neither Borrower shall (without the Lenders’ prior written consent), in relation to the Ship owned by it: (a) let the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. Neither The Borrower shall procure that no Owner shall (without the Lenders’ Lender’s prior written consent), in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. Neither The Borrower shall (without procure that the Lenders’ prior written consent), in relation to the Ship owned by itOwner shall not: (a) let the Ship on demise charter for any period; (b) other than pursuant to an Initial Charterparty, enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 11 months; (c) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (d) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (de) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ef) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (fg) de-activate or lay up that the Ship; or (gh) put that the Ship into the possession of any person for the purpose of work being done upon it her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. Neither The Borrower shall procure that no Owner shall (without the Lenders’ Lender's prior written consent), in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ ' appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. Neither The Borrower shall (without the Lenders’ prior written consent)not, in relation to the Ship owned by itShip: (a) (other than pursuant to the Bareboat Charter) let the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 18 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its the Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. Neither No Borrower shall (without the Lenders’ prior written consent)shall, in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) without the Lender’s prior approval, enter into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (f) appoint a classification society for that Ship other than an Approved Classification Society; (g) de-activate or lay up that Ship; or (gh) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. Neither The Borrower shall (without the Lenders’ prior written consent)procure that no Owner shall, in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that such Ship is fixed; (e) appoint a manager of that Ship other than the an Approved Managers Ship Manager or agree to any alteration to the terms of the Approved Managers’ Ship Manager’s appointment; (f) appoint a classification society for that Ship other than an Approved Classification Society; (g) de-activate or lay up layup that Ship; or (gh) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that such Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. Neither Borrower The Corporate Guarantor shall (not without the Lenders’ prior written consent), in relation consent of the Majority Lenders (such consent not to the Ship owned by it:be unreasonably withheld): (a) let the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it her in an amount exceeding or likely to exceed Three hundred and fifty thousand United States Dollars ($250,000 350,000) (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.