Common use of Restrictions on chartering, appointment of managers etc Clause in Contracts

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (f) appoint a manager of the Ship owned by it other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment; (g) de-activate or lay up the Ship owned by it; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty an Approved Charter or Future Charterpartyan Additional Charter, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months12 months other than with the prior written consent of the Agent (which consent is not to be unreasonably withheld or delayed Provided that such charter shall be subject to any main terms and conditions (including, without limitation, the identity of the charterer, the charter hire and frequency of payment of such charter hire, the duration of the charter and any trading area restrictions) reasonably acceptable to the Agent); (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up that Ship; or (g) enter the Ship owned by it; orit with a different classification society; (h) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterpartya Permitted Charter, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 13 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by itthat Ship; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterpartyan Approved Charter, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months12 months other than with the prior written consent of the Agent (which consent is not to be unreasonably withheld or delayed Provided that such charter shall be subject to any terms and conditions reasonably acceptable to the Agent); (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s 's appointment; (gf) de-activate or lay up that Ship; or (g) enter the Ship owned by it; orit with a different classification society; (h) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall, and shall procure that no the Collateral Owner shallwill not: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 24 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the such Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by it; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the such Ship or her Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shallshall not: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that the Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the Ship is fixed; (f) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (g) de-activate or lay up the Ship owned by itShip; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner No Guarantor shall, in relation to the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter Charter in respect of the that Ship owned by it for other than a term which exceeds, or which by virtue of any optional extensions may exceed, 11 monthsPermitted Charter; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 two months’ hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment; (g) de-de activate or lay up the Ship owned by it; orthat Ship; (hf) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 2,000,000 (or the equivalent in any other currency) other than any intended dry docking services for that Ship unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason; or (g) appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment in any material respect other than upon such terms and conditions as the Facility Agent approves, acting with the authorization of the Majority Lenders, such approval and authorization not to be unreasonably withheld.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) let the that Ship owned by it on demise charter for any periodperiod without the prior written consent of the Agent, acting with the authorisation of the Lenders; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months12 months except as the Agent may consent, such consent not to be unreasonably withheld; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an Approved Manager or agree to any material alteration to the terms of an Approved Manager’s appointmentappointment which could lead to an Event of Default (“material alterations” to include, without limitation, alterations concerning fees, duration and parties); (gf) de-activate or lay up the Ship owned by itthat Ship; or (hg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the such Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by it; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the such Ship or her Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallnot: (a) let the Ship owned by it on demise charter for any period; (b) other than save and except for the relevant Initial Charterparty or Future CharterpartyApproved Charter, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 13 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any material alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by itShip; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless either (i) that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her its Earnings for the cost of such work or otherwisefor any other reason or (ii) the Borrower has established to the reasonable satisfaction of the Security Trustee that it has sufficient reserves to pay for the cost of such work.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no neither Owner shallshall in relation to the Ship owned by it: (a) let the Ship owned by it on demise charter for any period, without the Lender’s written consent, such consent not to be unreasonably withheld; (b) (other than pursuant to the relevant Initial Charterparty or Future Charterparty, relative to its Ship) enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (fd) appoint (or permit the appointment of) a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (ge) de-activate or lay up the Ship owned by it; or (hf) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings or her Insurances for the cost of such work or otherwiseotherwise or other arrangements satisfactory to the Lender are made to ensure that no such lien will be excercised.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) (other than in the case of each of "SWEET DREAM" and "GAS MARATHON", pursuant to the Bareboat Charter relative to each such Ship), let the that Ship owned by it on demise charter for any period; (b) (other than in the relevant Initial Charterparty or Future Charterpartycase of "GAS ORACLE" pursuant to the Gas Oracle Charter), enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 18 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s 's appointment; (gf) de-activate or lay up the Ship owned by itthat Ship; or (hg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her the Earnings for the cost of such work or otherwiseany other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner No Shipowner shall, in relation to the Ship owned by it: (a) other than, in the case of each of "XXXXXX XXXXX" and "GAS ICE", pursuant to the relevant Bareboat Charter, let the that Ship owned by it on demise charter for any period; (b) other than than, in the relevant Initial Charterparty or Future case of "GAS ARCTIC", pursuant to the GAS ARCTIC Time Charterparty, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 13 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s 's appointment; (gf) de-activate or lay up the Ship owned by itthat Ship; or (hg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her the Earnings for the cost of such work or otherwiseany other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no neither Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any material alteration to the terms of an the Approved Manager’s appointment's appointment without the prior written of the Lender, which consent shall not be reasonably withheld; (gf) de-activate or lay up the Ship owned by it; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 700,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall:shall (in the case of the Ship or Ships (as the case may be) owned by it): (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 24 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (e) charter in any ship; (f) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (g) de-activate deactivate or lay up the Ship owned by itShip; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless either: (i) that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason; or (ii) the cost of such work is covered by insurances; or (iii) the Borrower establishes to the reasonable satisfaction of the Agent that it has sufficient funds to pay for the cost of such work.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no neither Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than than, in the relevant case of the Primary Ship, the Initial Charterparty or any Future Charterparty, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) change the terms on which the that Ship owned by it is employed or the identity of the person by whom that the Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (e) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (f) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s 's appointment; (g) de-activate or lay up the Ship owned by itthat Ship; or (h) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner Guarantor or Collateral Guarantor shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 13 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the its Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the its Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fe) appoint a manager of the its Ship owned by it other than an Approved Manager or Manager; (f) agree to any alteration to the material terms of an the Management Agreement relating to its Ship or to any other terms of the Approved Manager’s appointment; (g) de-activate or lay up the its Ship owned by itfor more than 30 days; or (h) put the its Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency), which amount shall exclude dry-docking costs, unless the Agent (acting with authorisation of the Majority Lenders) unless that person has first given to the Security Trustee and prior approval in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwisewriting.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall:without the prior written consent of the Lender (such consent not to be unreasonably withheld): (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 13 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s 's appointment; (gf) de-activate or lay up the Ship owned by it; or; (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) Majority Casualty amount unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings for the cost of such work or otherwise; or (h) change the flag on which its Ship is registered or the classification society with which its Ship is classed.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) other than save and except for the relevant Initial Charterparty or Future CharterpartyApproved Charter in relation to Ship A, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 monthsmonths except as the Agent may consent, such consent not to be unreasonably withheld; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any material alteration to the terms of an the Approved Manager’s appointmentappointment which could lead to an Event of Default (“material alterations” to include, without limitation, alterations concerning fees, duration and parties); (gf) de-activate or lay up the Ship owned by itthat Ship; or (hg) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months12 months (save for any such time charter disclosed to the Lender by the Borrower, the terms of which have been approved by the Lender, on or prior to the date of this Agreement); (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (f) appoint a manager of the Ship owned by it other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment; (g) de-activate or lay up the Ship owned by it; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shallshall in relation to the Ship owned by it: (a) (other than pursuant to Charterparty D), let the Ship owned by it on demise charter for any period, without the Agent’s written consent, such consent not to be unreasonably withheld; (b) (other than pursuant to the relevant Initial Charterparty or Future Charterpartyrelative to its Ship), enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change amend, vary or supplement the terms on which the Ship owned by it is employed or the identity of the person by whom Charterparty relative to that Ship is employedShip; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (fe) appoint (or permit the appointment of) a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by it; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings or her Insurances for the cost of such work or otherwiseotherwise or other arrangements satisfactory to the Security Trustee are made to ensure that no such lien will be exercised.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shall:shall not, without the prior written consent of the Agent (which consent shall not be unreasonably withheld or delayed in the case of paragraphs (a) and (b) below): (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 13 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (fd) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (ge) de-activate or lay up the Ship owned by itShip; or (hf) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Agent and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings or her Insurances for the cost of such work or otherwiseotherwise or other arrangements satisfactory to the Agent are made to ensure that no such lien will be exercised.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no neither Owner shall: (a) save under a Charterparty, let the Ship owned by it on any other bareboat or demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may be equal to or exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by it; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no No Owner shall, in relation to the Ship owned by it: (a) other than the Existing Charter in respect of CAPE TALARA, let the that Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterpartyan Existing Charter, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months12 months other than with the prior written consent of the Agent; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 4 months’ hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointmentappointment (other than with the prior written consent of the Agent (such consent not to be unreasonably withheld)); (gf) de-activate or lay up that Ship; or (g) enter the Ship owned by itit with a different classification society; or (h) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 2,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that the Ship is employed; (db) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ec) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (fd) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointmentappointment Provided that the Agent (acting upon the instructions of all the Lenders) may require the Borrower to replace the Approved Manager (and the Borrower hereby agrees to promptly comply with such instruction) if the Lenders are not satisfied with the performance of the Approved Manager; (ge) de-activate or lay up the Ship owned by itShip; or (hf) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall: (a) (save under the Bareboat Charter) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the such Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by it; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the such Ship or her Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall:; (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, (save under any Approved Charter) enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (ed) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the such Ship is fixed; (fe) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (gf) de-activate or lay up the Ship owned by it; or (hg) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the such Ship or her Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that the Ship is employed; (db) enter into any charter in relation to the Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (ec) charter the Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the Ship is fixed; (fd) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment's appointment Provided that the Agent (acting upon the instructions of all the Lenders) may require the Borrower to replace the Approved Manager (and the Borrower hereby agrees to promptly comply with such instruction) if the Lenders are not satisfied with the performance of the Approved Manager; (ge) de-activate or lay up the Ship owned by itShip; or (hf) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceedsof at least, or which by virtue of any optional extensions may exceedbe at least, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (fd) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (ge) de-activate or lay up the Ship owned by it; or (hf) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 1,500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her Earnings or her Insurances for the cost of such work or otherwiseotherwise or other arrangements satisfactory to the Security Trustee are made to ensure that no such lien will be exercised.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than pursuant to the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (f) appoint a manager of the Ship owned by it other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s 's appointment; (g) de-activate or lay up the Ship owned by it; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let (other than pursuant to the Hille Oldendorff Charterparty in the case of the Identified Ship), xxt the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that the Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the Ship is fixed; (f) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s 's appointment; (g) de-activate or lay up the Ship owned by itShip; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shallshall not without the prior written consent of the Lender: (a) let the Ship owned by it on demise charter for any period; (b) (other than in respect of the relevant Initial Charterparty or Future Charterparty, Time Charter) enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 6 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (fd) appoint a manager of the Ship owned by it other than an the Approved Manager, the Approved Technical Sub-Manager or agree to any alteration to the terms of an the Approved Manager’s appointmentand the Approved Technical Sub-Manager’s appointment without the consent of the Lender, such consent not to be unreasonably withheld; (ge) de-activate or lay up the Ship owned by itShip; or (hf) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 700,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwiseotherwise or other arrangements satisfactory to the Lender are made to ensure that no such lien will be exercised.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty an Approved Charter or Future Charterpartyan Additional Charter, enter into any time or consecutive voyage charter in respect of the that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months12 months other than with the prior written consent of the Agent (which consent is not to be unreasonably withheld or delayed Provided that such charter shall be subject to any main terms and conditions (including, without limitation, the identity of the charterer, the charter hire and frequency of payment of such charter hire, the duration of the charter and any trading area restrictions) reasonably acceptable to the Agent); (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the that Ship owned by it under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (ed) charter the that Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (fe) appoint a manager of the that Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s 's appointment; (gf) de-activate or lay up that Ship; or (g) enter the Ship owned by it; orit with a different classification society; (h) put the that Ship owned by it into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or her its Earnings for the cost of such work or otherwisefor any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 12 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (f) appoint a manager of the Ship owned by it other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment; (g) de-activate or lay up the Ship owned by it; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months; (c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that the Ship is employed; (d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (f) appoint a manager of the Ship owned by it other than an the Approved Manager or agree to any alteration to the terms of an the Approved Manager’s appointment; (g) de-activate or lay up the Ship owned by itShip; or (h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.