Reliance on a Limited Number of Charterers Sample Clauses

Reliance on a Limited Number of Charterers. Eagle derives a significant part of its revenues from a small number of charterers. In 2013, two customers individually accounted for more than 10% of Eagle’s time and voyage charter revenue, accounting for approximately 15.8% and 13.8% of Eagle’s time and voyage charter revenue, respectively. The charterers’ payments to Eagle under their charters are Eagle’s sole source of revenue. Some of Eagle’s charterers are privately owned companies for which limited credit and financial information was available to Eagle in making its assessment of counterparty risk when Eagle entered into its charter. In addition, the ability of each of Eagle’s charterers to perform its obligations under a charter will depend on a number of factors that are beyond Eagle’s control. These factors may include general economic conditions, the condition of the dry bulk shipping industry, the charter rates received for specific types of vessels, and various operating expenses. If one or more of these charterers terminates its charter or chooses not to re-charter Eagle’s Vessel or is unable to perform under its charter with Eagle and Eagle is not able to find a replacement charter, Eagle could suffer a loss of revenues that could adversely affect its financial condition, results of operations, and cash available for distribution as dividends to its shareholders. In addition, Eagle may be required to change the flagging or registration of the related Vessel and may incur additional costs, including maintenance and crew costs if a charterer were to default on its obligations. The Debtor’s shareholders do not have any recourse against its charterers.
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