Common use of Charter Default Clause in Contracts

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.

Charter Default. The Borrower Guarantor 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 Guarantor within ninety (90) days of such Charter Breach, that the aggregate Market Value of the Vessels then delivered shall not be less than 125 per cent. of the aggregate principal amount of the outstanding LoansLoans relating to such Vessels.

Charter Default. The Borrower must ensure at all times following a breach by the a 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 then delivered shall not be less than 125 per cent. of the aggregate principal amount of the outstanding LoansLoans relating to such Vessels.

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 then delivered shall not be less than 125 per cent. of the aggregate principal amount of the outstanding LoansLoans relating to such Vessels.