Charter Default Sample Clauses

The Charter Default clause defines the circumstances under which a charterer is considered to be in default under a charter party agreement. Typically, this clause outlines specific events such as failure to pay hire, insolvency, or breach of key obligations that would trigger a default. For example, if the charterer does not make timely payments or fails to provide required documentation, these actions may constitute a default. The core function of this clause is to provide clear criteria for identifying a default, thereby protecting the shipowner’s interests and enabling them to take remedial action, such as terminating the charter or seeking damages, if the charterer fails to meet their contractual obligations.
Charter Default. The Borrower must ensure at all times following a breach by the Charterer in circumstances where substitute charters required under Clause 16.25 (Charter Breach, Expiration or Termination of Charter) have not been entered into by the Borrower within ninety (90) days of such Charter Breach, that the aggregate Market Value of the Vessels shall not be less than 125 per cent. of the aggregate principal amount of the outstanding Loans.
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Charter Default. (a) Any default by the CMA CGM Charterer which would entitle the relevant Borrower to terminate the relevant Time Charter , which has occurred and is continuing in respect of three or more of the Time Charters associated with the Identified Vessels. (b) Any default by an Approved Charterer or by CMA CGM under any Approved Charter or any Charter Guarantee which would entitle the relevant Borrower to terminate the relevant Time Charter, which has occurred and is continuing in respect of (i) at least three (3) of the Time Charters and/ or Charter Guarantees in relation to Identified Vessels or (ii) at least half by number of the Time Charters and/ or Charter Guarantees associated with any one Approved Charterer (provided that, in the case of (ii), the relevant Approved Charterer is the charterer of at least 25% by number of all of the Vessels).
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Charter Default. The Borrower must ensure at all times following a breach by CSCL and/or ▇▇▇▇▇ (as applicable) of the terms of at least 51 per cent. of the Time Charters entered into by CSCL and/or, as the case may be, ▇▇▇▇▇, in circumstances where substitute charters complying with the requirements of Clause 16.24(Termination of Charter) have not been entered into by the Borrower within ninety (90) days of such breach, that the aggregate Market Value of the Vessels shall not be less than 150 per cent. of the aggregate principal amount of the outstanding Loans.
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Related to Charter Default

  • Owner Default Failure of the Owner, which has not been remedied or waived, to pay the Contractor as required under the Construction Contract or to perform and complete or comply with the other material terms of the Construction Contract.

  • Major Default The Purchasers shall be considered to be in “Major Default” in the event that (a) the Purchasers are in breach of their obligations under the Agreement and (b) such breaches, individually or in the aggregate, resulted or would reasonably be expected to result in (i) material Losses to the Sellers or their Affiliates, (ii) material reputational harm to the Sellers or their Affiliates, (iii) material and adverse regulatory consequences to the Sellers or their Affiliates, for which, in each case of clauses (i) through (iii), indemnification by the Purchasers pursuant to Article 8 of the Agreement would not be sufficient to remedy all damages incurred by the Sellers and their Affiliates or (iv) if the Sellers reasonably determine, based on the advice of counsel, that it would reasonably be expected to be a violation of their fiduciary duties under applicable Law to not terminate the Agreement, taking into account the indemnification by the Purchasers pursuant to Article 8 of the Agreement; provided, that the following breaches shall be excluded, and not taken into account, in determining if a Major Default has occurred: (x) any breach to the extent resulting from any action taken by the Purchasers pursuant to and in accordance with written direction given by the Sellers and (y) any breach to the extent arising out of or resulting from, directly or indirectly, a breach by the Sellers of the Agreement, the Transition Services Agreement or the Purchase Agreement.

  • Borrower Default Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

  • Default GAC may, by written notice of default to the Contractor, terminate the whole or any part of the Agreement, in any one of the following circumstances:

  • No Default or Event of Default No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been waived in accordance with this Agreement.