Common use of Charterparty Assignment Clause in Contracts

Charterparty Assignment. If the Borrower enters into an Assignable Charter, it shall, at the request of the Agent: (a) execute in favour of the Security Trustee a Charterparty Assignment (such Charterparty Assignment to be notified to the relevant charterer and any charter guarantor, and the Borrower shall use its best endeavours to obtain an acknowledgement from that relevant charterer and charter guarantor); and (b) without limiting the generality of the above, if that Assignable Charter is a bareboat charter, procure that the bareboat charterer shall execute in favour of the Security Trustee an assignment of (inter alia) all its rights, title and interest in and to the Insurances in respect of the Ship effected either by the Borrower or by the bareboat charterer and a customary letter of undertaking in favour of the Security Trustee whereby (inter alia) the interests of the bareboat charterer under the bareboat charter are subordinated to the interests of the Security Trustee under the Finance Documents, each in the Agreed Form, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4, 5,7 and 9 of Schedule 3, Part A as the Agent may require.

Charterparty Assignment. If the a Borrower enters into an Assignable Chartera Charterparty, it shall, at the request of the Agent: (a) execute in favour of the Security Trustee a Charterparty Assignment (other than in the case of any Initial Approved Charter, the assignment of which is contemplated pursuant to the Charterparty Assignment relative thereto to be delivered pursuant to paragraph 1 of Part B, Schedule 3) (such Charterparty Assignment to be notified to the relevant charterer and any charter guarantor, and the Borrower shall use its best endeavours to obtain an acknowledgement from that relevant charterer and charter guarantor); and (b) without limiting the generality of the above, if that Assignable Charter Charterparty is a bareboat charter, procure that the bareboat charterer shall execute in favour of the Security Trustee an assignment of (inter alia) all its rights, title and interest in and to the Insurances in respect of the that Ship effected either by the Borrower owning that Ship or by the bareboat charterer and a customary letter of undertaking in favour of the Security Trustee whereby (inter alia) the interests of the bareboat charterer under the bareboat charter are subordinated to the interests of the Security Trustee under the Finance Documents, each to be in the an Agreed Form, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4, 5,7 5, 6, 8 and 9 10 of Schedule 3, Part A as the Agent may require.

Charterparty Assignment. If the a Borrower enters into an Assignable Charter, it shall, at following the request of the Agent: (a) promptly execute in favour of the Security Trustee a Charterparty Assignment in respect of that Assignable Charter (such Charterparty Assignment to be notified to to, acknowledged by, the relevant charterer and any charter guarantor, and the Borrower shall use its best endeavours to obtain an acknowledgement from that relevant charterer and charter guarantor); and (b) without limiting the generality of the above, if that Assignable Charter is a bareboat charter, procure that the bareboat charterer shall promptly execute in favour of the Security Trustee an assignment of (inter alia) all its rights, title and interest in and to the Insurances in respect of the that Ship effected either by the Borrower owning that Ship or by the bareboat charterer and a customary letter of undertaking in favour of the Security Trustee whereby (inter alia) the interests of the bareboat charterer under the bareboat charter are fully subordinated to the interests of the Security Trustee and the other Creditor Parties under the Finance Documents, each to be in the an Agreed Form, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4, 5,7 5, 6, 7, 9 and 9 11 of Schedule 3, Part A as the Agent may reasonably require.

Charterparty Assignment. If the a Borrower enters into an Assignable Charter, it shall, at on or prior to the request date of the Agentsuch Assignable Charter: (a) execute in favour of the Security Trustee a Charterparty Assignment (such Charterparty Assignment to be notified to to, acknowledged by, the relevant charterer and any charter guarantor, and the Borrower shall use its best endeavours to obtain an acknowledgement from that relevant charterer and charter guarantor); and (b) without limiting the generality of the above, if that Assignable Charter is a bareboat charter, procure that the bareboat charterer shall execute in favour of the Security Trustee an assignment of (inter alia) all its rights, title and interest in and to the Insurances in respect of the that Ship effected either by the Borrower owning that Ship or by the bareboat charterer and a customary letter of undertaking in favour of the Security Trustee whereby (inter alia) the interests of the bareboat charterer under the bareboat charter are subordinated to the interests of the Security Trustee under the Finance Documents, each in the Agreed Form, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4, 5,7 and 9 of Schedule 3, Part A as the Agent may require.