Charter termination. Except with approval, the Charter is cancelled or rescinded or (except as a result of it being a Total Loss) frustrated or the Ship is withdrawn from service under the Charter before the time the Charter was scheduled to expire provided however that no Event of Default shall occur under this clause if (a) within five Business Days of such cancellation, rescission, frustration or withdrawal the Borrower shall have paid the sum of $20,000,000 to the Reserve Account (which may, notwithstanding clause 26.4 (Reserve Account) only be released if approved) and (b) within six months after such cancellation, rescission, frustration or withdrawal the Borrower shall have entered into an approved charter commitment and executed a Security Interest in respect of such charter commitment in an approved form and provided any conditions precedent of the nature described in Schedule 3 required by the Agent.
Charter termination if any Charter or a Required Charter is terminated other than by mere effluxion of time, forthwith thereon and in any event no later than 60 days from the termination thereof, employ the relevant Vessel under an Extended Employment Contract.
Charter termination. (a) the Charterer (i) exercises its rights pursuant to (A) clause 11.2 of the Rig A Charter to cancel, repudiate or terminate the Rig A Charter or (B) clause 11.1 of the Rig A Services Agreement to cancel, repudiate or terminate the Rig A Services Agreement or (ii) purports to cancel, repudiate or terminate the Rig A Charter; or
(b) the Rig A Charter is otherwise terminated for any reason (including, without limitation, by virtue of the application of clause 11.3 of the Rig A Charter); or
(c) the Charterer (i) exercises its rights pursuant to (A) clause 11.2 of the Rig B Charter to cancel, repudiate or terminate the Rig B Charter or (B) clause 11.1 of the Rig B Services Agreement to cancel, repudiate or terminate the Rig B Services Agreement or (ii) purports to cancel, repudiate or terminate the Rig B Charter; or
(d) the Rig B Charter is otherwise terminated for any reason (including, without limitation, by virtue of the application of clause 11.3 of the Rig B Charter), in each case otherwise than as a consequence of the occurrence of (i) a Force Majeure Event or (ii) at the request of the Security Trustee acting on behalf of the Lenders by the Borrower in the fulfilment of its obligations under clause 7.5.6 of the General Assignment or by the Sponsor in the fulfilment of its obligations under clause 9.1 of the Deed of Covenant or clause 8.2.20 of the Deed of Undertaking; or
Charter termination. Seller shall take the following actions as soon as possible after the Closing:
(a) Seller shall surrender its original charter to the OCC for cancellation.
(b) Seller shall terminate its FDIC insurance.
(c) Seller shall dissolve in accordance with the Plan of Dissolution.
Charter termination. (a) the Charterer (i) exercises its rights pursuant to (A) clause 11.1 of the Charter to cancel, repudiate or terminate the Charter or (B) clause 11.1 of the Services Agreement to cancel, repudiate or terminate the Services Agreement or (ii) purports to cancel, repudiate or terminate the Charter; or
(b) the Charter is otherwise terminated for any reason (including, without limitation, by virtue of the application of clause 11.3 of the Charter), in each case otherwise than as a consequence of the occurrence of (i) a Force Majeure Event or (ii) at the request of the Security Trustee acting on behalf of the Lenders by the Borrower in the fulfilment of its obligations under clause 7.5.6 of the General Assignment or by the Sponsor in the fulfilment of its obligations under clause 8.2.20 or clause 9.3 of the Deed of Undertaking; or
Charter termination if any Charter is terminated other than by mere effluxion of time prior to the third anniversary of the first Drawdown Date, forthwith thereon employ the relevant Vessel under a time charterparty, contract of affreightment or other contract of employment on terms and in a form reasonably acceptable to the Lenders.
Charter termination. If the Charteree for any reason cannot use the chartered yacht, the Charteree can find other Charteree by himself with previous acceptance of Xxxxxxxxx in written. If the Charteree is not able to find another Charteree, Charterer shall retain: • 30% of charter fee for termination up to 2 (two) months before the charter starting date • 50% of charter fee for termination up to 1 (one) month before the charter starting date • 100% of charter fee for termination less than one month If the termination is due to objective reasons (death of a family member, heavy injury, serious illness, war or other) the accepted deposit shall not be paid back, but the Charterer shall give the yacht to the Charteree at his disposal for another free period of time or within another season. Taking out of a travel/charter cancellation cost insurance policy is expressly recommended! The Charterer reserves the right to right to prohibit the embarkation onto the yacht, prohibit the departure of the yacht or completely terminate the ongoing charter if the Charteree/Skipper is not navigating in a safe, responsible manner, if the Charteree/Skipper is disturbing public order and peace as per the laws of Republic of Croatia and is held responsible for any damages that may occur in case of gross negligence.
Charter termination. Any Acceptable Charter is frustrated (except as a result of a Total Loss of the relevant Vessel), terminated (except by mere effluxion of time), cancelled or rescinded or purported to be cancelled or rescinded or the relevant Vessel is withdrawn from service under that Acceptable Charter before its scheduled expiration, unless the Borrower owning the relevant Vessel procures within 30 calendar days after the occurrence of any such event that (i) a substitute Acceptable Charter is entered into in respect of its Vessel, (ii) the rights of the Borrower which is party thereto are assigned to the Security Agent on substantially the same terms as those set out in a First Charterparty Assignment and (iii) that Borrower has provided to the Facility Agent such resolutions and corporate documents evidencing the due execution of such substitute Acceptable Charter and assignment as the Facility Agent may require.
Charter termination. Except with approval, the Charter or Replacement Charter of a Ship is cancelled or rescinded or (except as a result of the Ship being a Total Loss) frustrated or a Ship is withdrawn from service under the Charter or, as the case may be, the Replacement Charter, before the time the relevant Charter or relevant Replacement Charter was scheduled to expire, or a Ship is not delivered and accepted for service under the relevant Time Charter (as defined in Schedule 2 (Ship Information) within five days after completion of discharge of the relevant Ship’s cargo following its first maiden voyage under the relevant Maiden Voyage Charter (as defined in Schedule 2) provided however that no Event of Default shall occur under this clause if within 30 days of such cancellation, rescission, frustration or withdrawal the Borrowers shall have paid the sum of $20,000,000 to the Reserve Account pursuant to clause 24.5(Termination by Owner) which sum may, notwithstanding clause 25.3 (Reserve Account), only be released if approved or if:
(a) at any time after such cancellation, rescission, frustration or withdrawal, the relevant Owner shall have entered into a Replacement Charter; and
(b) the relevant Owner has executed a Security Interest in respect of such Replacement Charter in an approved form and delivered to the Agent any conditions precedent of the nature described in Schedule 3 (Conditions precedent) as required by the Agent. For the avoidance of doubt, the Borrowers shall not be entitled to pay the sum of $20,000,000 to the Reserve Account as set out above in the case of a Ship not being delivered and accepted for service under the relevant Time Charter (as defined in Schedule 2 (Ship Information) within five days after completion of discharge of the relevant Ship’s cargo following its first maiden voyage under the relevant Maiden Voyage Charter (as defined in Schedule 2).
Charter termination. Except with approval of the Facility Agent (acting in accordance with the instructions of the Majority Lenders), the Time Charter of a Ship is cancelled or rescinded or (except as a result of it being a Total Loss) frustrated or a Mortgaged Ship is withdrawn from service under the relevant Time Charter before the time the Time Charter was scheduled to expire.
