Common use of Pre-delivery negative undertaking Clause in Contracts

Pre-delivery negative undertaking. The Borrowers hereby jointly and severally further undertake and agree with each Creditor that they will not, without the prior written consent of the Agent acting on the instructions of the Majority Banks (which consent the Agent and the Banks shall have full liberty to withhold) and then, if such consent is given, only subject to such conditions as the Agent (acting on the instructions of the Majority Banks) may impose, let or agree to let any Ship: 8.5.1 on demise charter for any period; or 8.5.2 by any time or consecutive voyage charter for a term which exceeds or which by virtue of any optional extensions therein contained may exceed twelve (12) months' duration; or 8.5.3 on terms whereby more than two (2) months' hire (or the equivalent) is payable in advance; or 8.5.4 below the market rate prevailing at the time when the relevant Ship is fixed.

Pre-delivery negative undertaking. The Borrowers hereby jointly and severally further undertake and agree with each Creditor that they will not, without the prior written consent of the Agent acting on the instructions of the Majority Banks (which consent the Agent and the Banks shall have full liberty to withhold) and then, if such consent is given, only subject to such conditions as the Agent (acting on the instructions of the Majority Banks) may impose, let or agree to let any Ship: 8.5.1 on demise charter for any period; or 8.5.2 by any time or consecutive voyage charter for a term which exceeds or which by virtue of any optional extensions therein contained may exceed twelve six (126) months' duration; or 8.5.3 on terms whereby more than two (2) months' hire (or the equivalent) is payable in advance; or 8.5.4 below the market rate prevailing at the time when the relevant Ship is fixed.

Pre-delivery negative undertaking. The Borrowers hereby jointly and severally further undertake and agree with each Creditor that they will not, without the prior written consent of the Agent acting on the instructions of the Majority Banks (which consent the Agent and the Banks shall have full liberty to withhold) and then, if such consent is given, only subject to such conditions as the Agent (acting on the instructions of the Majority Banks) may impose, let or agree to let any Ship: 8.5.1 on demise charter for any period; or 8.5.2 by any time or consecutive voyage charter for a term which exceeds or which by virtue of any optional extensions therein contained may exceed twelve (12) months' ’ duration; or 8.5.3 on terms whereby more than two (2) months' ’ hire (or the equivalent) is payable in advance; or 8.5.4 below the market rate prevailing at the time when the relevant Ship is fixed.