Common use of Assignment by Charterer Clause in Contracts

Assignment by Charterer. Charterer may freely assign this Charter to an Affiliate, upon notice to, but without requiring the consent of, Owner; provided that: (i) such assignee delivers to Owner its written undertaking to be bound by and perform all obligations of Charterer under this Charter, as if it were the Initial Charterer; (ii) any Charterer Security remains in full force and effect and is made expressly applicable to such assignee; and (if applicable) (iii) any securities then held by Charterer as referred in section 8.11(m) are also transferred at the same time to such assignee. Any such assignment to an Affiliate of Charterer shall serve as a novation of this Charter, such that said assignee shall be deemed to be the Charterer for all purposes and the Initial Charterer shall be relieved of liability for performance of its obligations hereunder. Any assignment other than as permitted above shall require Owner’s consent, which shall not be unreasonably withheld.

Assignment by Charterer. Charterer may freely assign this Charter to an Affiliate, upon notice to, but without requiring the consent of, Owner; provided that: (i) such assignee delivers to Owner its written undertaking to be bound by and perform all obligations of Charterer under this Charter, as if it were the Initial Charterer; (ii) any Charterer Security Letter of Credit remains in full force and effect and is made expressly applicable to such assignee; and (if applicable) (iii) any securities then held by Charterer as referred to in section 8.11(m) are also transferred at the same time to such assignee. Any such assignment to an Affiliate of Charterer shall serve as a novation of this Charter, such that said assignee shall be deemed to be the Charterer for all purposes and the Initial Charterer shall be relieved of liability for performance of its obligations hereunder. Any assignment other than as permitted above shall require Owner’s consent, which shall not be unreasonably withheld.