Charters and Leases Clause Samples

Charters and Leases. Either enter into or become liable (directly or indirectly) under charters and leases (having a term of six (6) months or more) for the payment of charter hire and rent on all such charters and leases which have annual payments aggregating in excess of the Charter Hire and Rent Limitation, except for the renewals of charters and leases entered into prior to the time this covenant becomes effective;