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

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall in relation to any Ship owned by it: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship owned by it 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 the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) de-activate or lay up the Ship owned by it; or (f) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall in relation to any the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 11 months; (c) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) except with the prior written consent of the Agent, appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s appointment; (f) de-activate or lay up the Ship owned by itthat Ship; or (fg) put the its Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the relevant Ship or her Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall shall, in relation to any the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it 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 the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it 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 Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de-activate or lay up the Ship owned by itthat Ship; or (fg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 700,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall in relation to any Ship owned by itnot: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter charter, other than an Approved Charter, in respect of the Ship owned by it 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 the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s appointment; (f) de-activate or lay up the Ship owned by itShip; or (fg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $1,000,000 250,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her the Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall in relation to any Ship owned by itshall: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship owned by it 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 the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when that such Ship is fixed; (e) appoint a manager of the Ship owned by it other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s appointment; (f) de-activate or lay up the Ship owned by it; or (fg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $1,000,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the such Ship or her Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner No Guarantor shall in relation to any each Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it 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 the that Ship owned by it under which more than 2 4 months’ hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) permit that Ship to be managed by anyone other than the Approved Manager for that Ship nor agree to any material alteration to the terms of that Approved Manager’s appointment as manager of that Ship; (f) de-activate or lay up the Ship owned by itthat Ship; or (fg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 3,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall in relation to any Ship owned by itnot: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which is equal to or exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s appointment; (f) de-activate or lay up the Ship owned by itShip; or (fg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $1,000,000 250,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her the Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall shall, in relation to any the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it 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 the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) de-appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de activate or lay up the Ship owned by itthat Ship; or (fg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall shall, in relation to any the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it 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 the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it 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 Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de-activate or lay lay-up the Ship owned by itthat Ship; or (fg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 750,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall shall, in relation to any the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 24 months; (c) enter into any charter in relation to the that Ship owned by it under which more than 2 two months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) de-appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de activate or lay lay-up the Ship owned by itthat Ship; or (fg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall in relation to any Ship owned by itnot: (a) let the Ship owned by it on demise charter for any period; (b) (save and except for the Initial Charter) enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 15 months; (c) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) de-appoint a manager of the Ship other than the Approved Managers or agree to any alteration to the terms of either Approved Manager’s appointment; (f) de activate or lay up the Ship owned by itShip; or (fg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall in relation to any Ship owned by itnot: (a) let the Ship owned by it on demise charter for any period; (b) (other than the Approved Charterparty) enter into any time or consecutive voyage charter in respect of the Ship owned by it 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 the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s appointment; (f) de-activate or lay up the Ship owned by itShip; or (fg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her it (h) in an amount exceeding or likely to exceed $1,000,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall shall, in relation to any the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it 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 the that Ship owned by it under which more than 2 two months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) de-appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de activate or lay lay-up the Ship owned by itthat Ship; or (fg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall shall, in relation to any the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the that Ship owned by it 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 the that Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the that Ship owned by it 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 Manager or agree to any alteration to the terms of the Approved Manager’s appointment; (f) de-activate or lay up the Ship owned by itthat Ship; or (fg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $1,000,000 700,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or for any other reason.