Time Charters Sample Clauses

A Time Charter clause defines the arrangement under which a shipowner leases their vessel to a charterer for a specified period of time, rather than for a single voyage. Under this clause, the charterer gains operational control over the vessel’s employment, such as determining routes and cargoes, while the shipowner remains responsible for crewing and maintaining the ship. This structure allows charterers flexibility in scheduling and trading, while providing shipowners with predictable income over the charter period, thereby allocating operational responsibilities and commercial risks between the parties.
Time Charters. Neither US Borrower shall terminate any Time Charter Agreement or agree to amend its terms in any manner which would be unfavorable from the perspective of such US Borrower, without the prior written consent of the Requisite Lenders, which shall not be unreasonably withheld. Upon the occurrence of an Event of Default and written notice being provided by Agent to LLTC, LLTC shall not make any payments under any Time Charter Agreement.
View SourceView Similar (8)
Time Charters ensure that: (a) the Vessel is constructed pursuant to the Building Contract so that on the Delivery Date the Vessel is accepted by the Time Charterer under the Time Charter; (b) from the Delivery Date and throughout the Facility Period: (i) subject to clauses 5.8.3 and 5.8.4, the Vessel shall be chartered to the Time Charterer under the Time Charter or (subject to clause 9.2.18) a bareboat charter unless the Agent, acting on the instruction of all the Lenders (acting reasonably and without delay) otherwise agrees; (ii) no amendments are made to (aa) the Time Charter (other than in respect of purely technical and/or operational matters which shall have no material adverse financial effect upon the Borrower, no adverse effect upon the security rights of the Agent, the Security Trustee, the KEIC Agent, the Lenders or the Swap Providers, which shall not have the effect of reducing the rate of hire payable under the Time Charter or amending the dates on which such hire is payable or reducing the period of the contractTime Charter itself and which shall in any event be promptly notified to the Agent) or (bb) to any letters of credit or insurance policies to be issued under the Time Charter, in each case without the consent of the Agent (such consent not to be unreasonably withheld or delayed); and (iii) all licenses, consents and Authorisations necessary to permit the proper and lawful operation of the Vessel pursuant to the Time Charter in any Relevant Jurisdiction to which the Vessel may be ordered or trade are complied with and ensure that each such licence, consent and Authorisation has been properly and validly obtained; and (c) upon the occurrence of any force majeure as set out in the Time Charter or any incident or other occurrence of which it is aware which may reasonably be expected to become a force majeure upon the giving of notice or lapse of time the Borrower shall forthwith advise the Agent of such force majeure or incident or occurrence which may become a force majeure and keep the Agent up to date in respect of all matters and/or developments in respect of such force majeure and/or incident and/or occurrence;
View SourceView Similar (4)
Time Charters. (i) During the period beginning on the ARCO Marine Transfer Date and ending on the First Closing Date, Purchaser shall not permit ARCO Marine to terminate, and shall cause ARCO Marine to perform its obligations under, each of the time charters between ARCO Marine and ARCO Products Company then in effect for each of the AMI Conveyed Properties and the ARCO Trader (the "ARCO PRODUCTS TIME CHARTERS"). (ii) ARCO shall cause the termination of each of the ARCO Products Time Charters, effective simultaneously with the termination of the Bareboat Charters in accordance with Section 5.22(b).
View SourceView Similar (2)
Time Charters. None of the US Borrowers shall terminate any Time Charter Agreement or agree to amend its terms in any manner which would be unfavorable from the perspective of such US Borrower, without the prior written consent of the Agent, which shall not be unreasonably withheld. Upon the occurrence of an Event of Default and written notice being provided by Agent to the US Borrowers, the US Borrowers shall not make any payments under any Time Charter Agreement.
View Source
Time Charters. The Obligors shall not agree to any amendment to, variation or termination of any Time Charter without the prior written consent of the Agent (acting on instructions of the Lenders) and Sinosure.
View Source
Time Charters. (a) The Borrowers undertake to ensure that the Owners shall enter into the Time Charters in respect of Ships, which Time Charters shall remain in place throughout the Security Period. (b) The Borrowers further undertake that, should any of the Owners enter into any time charter or consecutive voyage charter or contract of affreightment in relation to any Ship (other than a Time Charter) and which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, then the Borrowers shall procure that the relevant Owner shall execute in favour of the Security Trustee an assignment and notice of assignment (to be acknowledged by the relevant counterparty) of such time charter or consecutive voyage charter or contract of affreightment in such form and on such terms as the Time Charter Assignment, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 4, 5 and 6 of Part A of Schedule 4 hereof as the Agent may require.”;
View Source
Time Charters. (a) Following delivery of a Vessel, that Vessel shall be employed under a fixed rate charter on terms and with counterparties satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders (a TIME CHARTER), such charters to be in place no later than the date on which each Vessel is delivered to the relevant Owner under the relevant Memorandum of Agreement (or, with respect to Vessel 4 and Vessel 5 no later than thirty (30) days following the date on which such Vessel is delivered to the Owner under the relevant Memorandum of Agreement). Each Owner shall provide copies of the relevant executed charter to the Facility Agent on or prior to drawdown of the relevant Loan (or, with respect to Vessel 4 and Vessel 5 no later than thirty (30) days following the date on which such Vessel is delivered to the Owner under the relevant Memorandum of Agreement). (b) The charter rates for each of the fixed term charters for the delivered Vessels shall be, in aggregate, at least equal to the Predicted Charter Rates. In the event that the charter rates when aggregated are less than the Predicted Charter Rates the Borrower shall be obliged to make a prepayment in accordance with the provisions of Clause 6.3(d). (c) No Owner shall be permitted to let any of the Vessels on demise charter. (d) Notwithstanding any of the foregoing, one (1) Vessel may be chartered on a spot rather than time charter basis.
View Source

Related to Time Charters

  • Charters Each Vessel Owner shall be entitled to let its Collateral Vessels, pursuant to an Eligible Charter or other Charter, provided always that each Vessel Owner complies with the terms of this Agreement and the other Loan Documents (including the Concentration Limit Requirements) and: (a) if a Vessel Owner enters into a Charter in respect of a Collateral Vessel, it promptly notifies the Administrative Agent thereof; (b) such Vessel Owner shall either promptly obtain the consent (if required) of the Charterer to the assignment of that Charter pursuant to the General Assignment or ensure that the terms of such Charter permit assignment of that Charter without consent; (c) such Vessel Owner serves a notice of assignment upon the Charterer pursuant to the terms of the General Assignment and, if such Vessel Owner is party to a Charter with a term that exceeds twelve (12) months (including any extension options) such Vessel Owner shall obtain an acknowledgement from the Charterer (and such Vessel Owner shall use reasonable endeavors to obtain such acknowledgement in a signed writing as opposed to by email, which shall otherwise be acceptable if such Charterer refuses to provide such acknowledgement in a signed writing); (d) Vessel Owners may only enter into bareboat or demise charters with Eligible Bareboat Charterers, as such term is defined in Schedule 2.02, and, prior to entering into any such bareboat or demise charter, the Borrower shall procure that a Charterer’s Undertaking is provided by the applicable Charterer (unless, after using commercially reasonable efforts to procure such Charterer’s Undertaking, the Borrower is unable to reach agreement with the relevant Charterer for the provision of such Charterer’s Undertaking and the Administrative Agent consents to the foregoing). In addition, the Borrower shall procure that any such bareboat or demise charter includes an undertaking from the Charterer to the effect that such Charterer will not permit the use or operation of the applicable Collateral Vessel (i) in any country or territory that at such time is the subject of Sanctions, or (ii) in any other manner that will result in a violation by any Person, the Finance Parties or any other person participating in the Program Debt (whether as underwriter, advisor, investor or otherwise) of Sanctions; (e) Vessel Owners shall procure the prior written consent of the Administrative Agent for any charter where more than six (6) months charterhire is paid in advance; (f) Vessel Owners shall procure the prior written consent of the Administrative Agent for any arrangement under which Earnings of any Collateral Vessel may be shared with anyone else; and (g) Vessel Owners shall procure the prior written consent of the Administrative Agent for any charter with any Affiliate of the Guarantor or which is otherwise than on arm’s length terms.

  • Charter The terms of this Lease shall be governed by and subject to the budget and fiscal provisions of the Charter of the City and County of San Francisco.

  • Certified Copies of Charter Documents Each of the Banks shall have received from the Borrower and each of its Subsidiaries a copy, certified by a duly authorized officer of such Person to be true and complete on the Closing Date, of each of (a) its charter or other incorporation documents as in effect on such date of certification, and (b) its by-laws as in effect on such date.

  • Amendments to Charter Documents The Company covenants and agrees, that prior to its initial Business Combination it will not seek to amend or modify its Charter Documents, except as set forth therein. The Company acknowledges that the purchasers of the Public Securities in the Offering shall be deemed to be third party beneficiaries of this Agreement and specifically this Section 3.22.

  • Charter Documents The Company shall not take any action or omit to take any action that would cause the Company to be in breach or violation of any of its Charter Documents.