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Common use of Charters Clause in Contracts

Charters. (a) The Borrower will not let any of the Vessels on demise, consecutive voyage or voyage charter for any period without the consent of the Facility Agent (acting on the instructions of the Majority Lenders) such consent not to be unreasonably withheld. (b) The Borrower shall be entitled to let its Vessels, in accordance with the terms of the Time Charters PROVIDED always that: (i) the Borrower shall remain liable under any time charter to perform all the obligations assumed by it under the Time Charter; (ii) the Facility Agent shall not be under any obligations or liability under any time charter or liable to make any payment under that time charter; and (iii) the Facility Agent shall not be obliged to enforce against any charterer any term of any time charter, or to make any enquiries as to the nature or sufficiency of any payment received by the Facility Agent.

Appears in 4 contracts

Samples: Credit Facility Agreement, Credit Facility (Seaspan CORP), Reducing Revolving Credit Facility (Seaspan CORP)

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Charters. (a) The Borrower Guarantor will not let any of the Vessels on demise, consecutive voyage or voyage charter for any period without the consent of the Facility Agent (acting on the instructions of the Majority Lenders) such consent not to be unreasonably withheld. (b) The Borrower Guarantor shall be entitled to let its Vessels, in accordance with the terms of the Time Charters PROVIDED always that: (i) the Borrower Guarantor shall remain liable under any time charter to perform all the obligations assumed by it under the Time Charter; (ii) the Facility Agent shall not be under any obligations or liability under any time charter or liable to make any payment under that time charter; and (iii) the Facility Agent shall not be obliged to enforce against any charterer any term of any time charter, or to make any enquiries as to the nature or sufficiency of any payment received by the Facility Agent.

Appears in 1 contract

Samples: Reducing Revolving Credit Facility (Seaspan CORP)

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