Common use of Lease and Assignment Clause in Contracts

Lease and Assignment. (a) WITHOUT LENDER’S PRIOR WRITTEN CONSENT, NO BORROWER SHALL (EXCEPT AS EXPRESSLY PERMITTED UNDER THE PREFERRED MARINE MORTGAGE) (i) ASSIGN, TRANSFER, PLEDGE, HYPOTHECATE OR OTHERWISE DISPOSE OF, THE EQUIPMENT OR ANY INTEREST THEREIN, OR ASSIGN OR DELEGATE ITS RIGHTS OR OBLIGATIONS UNDER THE LOAN DOCUMENTS, OR (ii) LEASE OR LEND THE EQUIPMENT TO, OR PERMIT THE EQUIPMENT TO BE USED BY, ANYONE OTHER THAN A BORROWER OR A BORROWER’S QUALIFIED EMPLOYEES, PROVIDED, HOWEVER, THAT LENDER CONSENTS TO USE OF THE VESSEL BY CHARTERER SUBJECT IN EACH CASE TO LENDER’S SECURITY INTEREST UNDER THE LOAN DOCUMENTS.

Lease and Assignment. (a) WITHOUT LENDER’S 'S PRIOR WRITTEN CONSENT, NO BORROWER SHALL (EXCEPT AS EXPRESSLY PERMITTED UNDER THE PREFERRED MARINE MORTGAGE) (i) ASSIGN, TRANSFER, PLEDGE, HYPOTHECATE OR OTHERWISE DISPOSE OF, THE EQUIPMENT OR ANY INTEREST THEREIN, OR ASSIGN OR DELEGATE ITS RIGHTS OR OBLIGATIONS UNDER THE LOAN DOCUMENTS, OR (ii) LEASE OR LEND THE EQUIPMENT TO, OR PERMIT THE EQUIPMENT TO BE USED BY, ANYONE OTHER THAN A BORROWER OR A BORROWER’S 'S QUALIFIED EMPLOYEES, PROVIDED, HOWEVER, THAT LENDER CONSENTS TO USE OF THE VESSEL BY CHARTERER SUBJECT IN EACH CASE TO LENDER’S 'S SECURITY INTEREST UNDER THE LOAN DOCUMENTS.

Lease and Assignment. (a) WITHOUT LENDER’S 'S PRIOR WRITTEN CONSENT, NO BORROWER SHALL (EXCEPT AS EXPRESSLY PERMITTED UNDER THE PREFERRED MARINE MORTGAGE) (i) ASSIGN, TRANSFER, PLEDGE, HYPOTHECATE OR OTHERWISE DISPOSE OF, THE EQUIPMENT OR ANY INTEREST THEREIN, OR ASSIGN OR DELEGATE ITS RIGHTS OR OBLIGATIONS UNDER THE LOAN DOCUMENTS, OR (ii) LEASE OR LEND THE EQUIPMENT TO, OR PERMIT THE EQUIPMENT TO BE USED BY, ANYONE OTHER THAN A BORROWER OR A BORROWER’S 'S QUALIFIED EMPLOYEES, PROVIDED, HOWEVER, THAT LENDER CONSENTS TO USE OF THE A VESSEL BY CHARTERER SUBJECT IN EACH CASE TO LENDER’S 'S SECURITY INTEREST UNDER THE LOAN DOCUMENTS.