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: (a) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (b) enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent) is payable in advance; (c) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (d) 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; (e) de-activate or lay up the Ship; or (f) put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $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 the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (b) enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent) is payable in advance; (c) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (d) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's ’s appointment; (e) de-activate or lay up the Ship; or (f) put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $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 the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower Borrowers shall procure that no Owner shallnot: (a) change the terms let a Ship on which the Ship is employed or the identity of the person by whom the Ship is employeddemise charter for any period; (b) enter into any time or consecutive voyage charter in relation respect of a Ship other than a Permitted Charter or otherwise, subject to the Ship under which more than 2 months' hire Clause 23.14(f) (or the equivalent) is payable in advanceProvision of information), to satisfy Clause 23.19 (Employment Conditions); (c) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (d) appoint a manager of the a Ship other than the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of the an Approved Manager's ’s appointment; (ed) de-de activate or lay up the a Ship; or (fe) put the any Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Agent 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 otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (b) enter into any charter in relation to the Ship under which more than 2 months' ’ hire (or the equivalent) is payable in advance; (c) charter the Ship otherwise than on bona fide arm's ’s length terms at the time when the Ship is fixed; (d) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's ’s appointment; (e) de-activate or lay up the Ship; or (f) put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $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 the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallnot: (a) change the terms on which let the Ship is employed or the identity of the person by whom the Ship is employedon demise charter for any period; (b) enter into any charter in relation to the Ship under which more than 2 two (2) months' ’ hire (or the equivalent) is payable in advance; (c) charter the Ship otherwise than on bona fide arm's ’s length terms at the time when the Ship is fixed; (d) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointmentManagement Agreement; (e) de-activate or lay up the Ship; (f) change the Classification Society; or (fg) put the Ship into in to the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $500,000 1,000,000 (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 Security Interest on the Ship or her the Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Unless with the prior written consent of the Security Trustee (such consent not to be unreasonably withheld), neither Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (b) enter into any charter in relation to the that Ship under which more than 2 months' hire (or the equivalent) is payable in advance; (cb) charter the that Ship otherwise than on bona fide arm's length terms at the time when the that Ship is fixed; (dc) appoint a manager of the that Ship other than the Approved Manager Managers or agree to any alteration to the terms of the Approved Manager's Managers' appointment; (ed) de-activate or lay up the that Ship; or (fe) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $500,000 400,000 (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 the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallnot: (a) change the terms on which let the Ship is employed or the identity of the person by whom the Ship is employedon 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, 12 months; (c) enter into any charter in relation to the Ship under which more than 2 months' ’ hire (or the equivalent) is payable in advance; (cd) charter the Ship otherwise than on bona fide arm's ’s length terms at the time when the Ship is fixed; (de) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's ’s appointment; (ef) de-activate or lay up the Ship; or (fg) put the Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $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 the Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shallshall not (without the Lender's prior written consent), in relation to the Ship: (a) change the terms on which let the Ship is employed or the identity of the person by whom the Ship is employedon demise charter for any period; (b) enter into any time or consecutive voyage charter in relation to respect of the Ship under which more other than 2 months' hire (or the equivalent) is payable in advancea Permitted Charter; (c) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (d) appoint a manager of the Ship other than the Approved Manager Managers or agree to any alteration to the terms of the Approved Manager's Managers' appointment; (e) de-activate or lay up the Ship; or (f) put the Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $500,000 250,000 (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 the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) change the terms let that Ship on which the Ship is employed or the identity of the person by whom the Ship is employeddemise charter for any period; (b) enter into any charter in relation to the that Ship under which more than 2 months' ’ hire (or the equivalent) is payable in advance; (c) charter the that Ship otherwise than on bona fide arm's ’s length terms at the time when the that Ship is fixed; (d) appoint a manager of the that Ship other than the Approved Manager or agree to any material alteration to the terms of the Approved Manager's appointment’s appointment which could lead to an Event of Default (“material alterations” to include, without limitation, alterations concerning fees, duration and parties); (e) de-activate or lay up the that Ship; or (f) put the that Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $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 the that Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallnot: (a) change the terms on which let the Ship is employed on demise charter or the identity enter into any time or consecutive voyage charter for a term which exceeds, or which by virtue of the person by whom the Ship is employedany optional extensions may exceed, 36 months; (b) enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent) is payable in advance; (c) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (d) appoint a manager of the Ship other than an Approved Manager or an affiliate of the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (e) de-activate or lay up the Ship; or (f) put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $500,000 US$1,000,000 (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 the Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallnot: (a) change the terms on which let the Ship is employed or the identity of the person by whom the Ship is employedon 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 the Ship under which more than 2 months' ’ hire (or the equivalent) is payable in advance; (cd) charter the Ship otherwise than on bona fide arm's ’s length terms at the time when the Ship is fixed; (de) appoint a manager of the Ship other than the an Approved Manager or agree to any alteration to the terms of the an Approved Manager's ’s appointment; (ef) de-activate or lay up the Ship; or (fg) put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $500,000 250,000 (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 the Ship or her the Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) change the terms let that Ship on which the Ship is employed or the identity of the person by whom the Ship is employeddemise charter for any period; (b) enter into any time, voyage or consecutive voyage charter in relation to the respect of that Ship under which more other than 2 months' hire (or the equivalent) is payable in advancea Permitted Charter; (c) charter amend and/or supplement a Management Agreement in any material way that would lead to an Event of Default provided however that any amendment and/or supplement whatsoever shall be notified to the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixedFacility Agent, unless publicly available; (d) terminate a Management Agreement or appoint a manager of the that Ship other than the Approved Manager or agree to any alteration to the terms of the an Approved Manager's appointment; (e) de-de activate or lay up the that Ship; or (f) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless the relevant Borrower ensures that that person has first given to the Security Trustee Agent 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 otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallnot: (a) change the terms on which let the Ship is employed or the identity of the person by whom the Ship is employedon 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, 12 months; (c) enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent) is payable in advance; (cd) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (de) appoint a manager of the Ship other than the Approved Manager Manager's or agree to any alteration to the terms of each of the Approved Manager's appointmentManagers' respective appointments; (ef) de-activate or lay up the that Ship; or (fg) put the Ship into the possession of any person for the purpose of work being done upon her the Ship in an amount exceeding or likely to exceed $500,000 350,000 (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 the Ship or her its Earnings for the cost of such work or otherwiseany other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner None of the Borrowers shall, in relation to the Ship owned by it: (a) change the terms let that Ship on which the Ship is employed or the identity of the person by whom the Ship is employeddemise charter for any period; (b) enter into any charter in relation to the that Ship under which more than 2 months' ’ hire (or the equivalent) is payable in advance; (c) charter the that Ship otherwise than on bona fide arm's ’s length terms at the time when the that Ship is fixed; (d) appoint a manager of the that Ship other than the Approved Manager Managers or agree to any alteration to the terms of the Approved Manager's Managers’ appointment; (e) de-activate or lay up the that Ship; or (f) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $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 the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallnot: (a) change the terms on which let the Ship is employed or the identity of the person by whom the Ship is employedon 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 the Ship under which more than 2 months' hire (or the equivalent) is payable in advance; (cd) charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed; (de) appoint a manager of the Ship other than the Approved Manager Manager's or agree to any alteration to the terms of each of the Approved Manager's appointmentManagers' respective appointments; (ef) de-activate or lay up the that Ship; or (fg) put the Ship into the possession of any person for the purpose of work being done upon her the Ship in an amount exceeding or likely to exceed $500,000 350,000 (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 the Ship or her its Earnings for the cost of such work or otherwiseany other reason.