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 (without the Lender’s prior written consent), in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) let that change the terms on which the Ship on demise charter for any periodis employed or the identity of the person by whom the Ship is employed; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (dc) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ed) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (fe) de-activate or lay up that the Ship; or (gf) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower Borrowers shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itnot: (a) let that a Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that a Ship for other than a term which exceedsPermitted Charter or otherwise, or which by virtue subject to Clause 23.14(f) (Provision of any optional extensions may exceedinformation), 13 monthsto satisfy Clause 23.19 (Employment Conditions); (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that a Ship other than the Approved Managers Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of the an Approved Managers’ Manager’s appointment; (fd) de-de activate or lay up that a Ship; or (ge) put that any Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itnot: (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (dc) charter that the Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (ed) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any material alteration to the terms of the Approved Managers’ appointmentManager’s appointment without the prior written of the Lender, which consent shall not be reasonably withheld; (fe) de-activate or lay up that the Ship; or (gf) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) let that change the terms on which the Ship on demise charter for any periodis employed or the identity of the person by whom the Ship is employed; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (dc) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ed) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (fe) de-activate or lay up that the Ship; or (gf) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) let that the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months12 months (except pursuant to the relevant Time Charter or the relevant Sub-Time Charter); (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 than two (2) months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ appointmentManagement Agreement; (f) de-activate or lay up that Ship; or; (g) change the Classification Society; (h) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 1,500,000 (or the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien Security Interest on that Ship or its the Earnings for the cost of such work or for any other reason; or (i) enter into any Charter or other contract of employment for that Ship to carry any nuclear material or nuclear waste.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall (without the Lender’s Lenders’ prior written consent), in relation to the Ship owned by it: (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shall (not without the Lender’s prior written consent), consent of the Lender (which shall not be unreasonably withheld in relation to the Ship owned by it:case of paragraphs (a) and (b) below): (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 24 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (d) charter-in any vessel; (e) appoint a manager or managers of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ appointmentManagement Agreement or terminate, cancel or revoke the Management Agreement; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its Earnings or its Insurances for the cost of such work or for any otherwise or other reasonarrangements satisfactory to the Lender are made to ensure that no such lien will be exercised.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no each Owner shall not (without the Lender’s 's prior written consent), in relation to the Ship owned by it:): (a) let that the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship owned by it under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Ship owned by it otherwise than on bona fide arm’s 's length terms at the time when that the Ship owned by it is fixed; (e) appoint a manager of that the Ship owned by it other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ ' appointment; (f) de-activate or lay up that Shipthe Ship owned by it; or (g) put that the Ship owned by it into the possession of any person for the purpose of work being done upon it 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship owned by it or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter (other than the Existing Charter to which that Borrower is a party) in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 11 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ ' appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower Corporate Guarantor shall procure that no Owner shall (not without the Lender’s prior written consent), in relation consent of the Majority Lenders (such consent not to the Ship owned by it:be unreasonably withheld): (a) let that the Ship on demise charter for any period; (b) except pursuant to the Time Charter, enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 thirteen (13) months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it her in an amount exceeding or likely to exceed Three hundred and fifty thousand United States Dollars ($250,000 350,000) (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (dc) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (ed) appoint a manager of that Ship other than the Approved Managers Manager or agree to any material alteration to the terms of the Approved Managers’ appointmentManager’s appointment which could lead to an Event of Default (“material alterations” to include, without limitation, alterations concerning fees, duration and parties); (fe) de-activate or lay up that Ship; or (gf) put that Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter (other than the Approved Charter to which that Borrower is a party) in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ ' appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.,

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time time, voyage or consecutive voyage charter in respect of that Ship for (other than a term which exceeds, Permitted Charter) or which by virtue of "charter-in" any optional extensions may exceed, 13 monthsvessel; (c) enter into any charter in relation terminate a Management Agreement unless such Management Agreement is replaced by another Management Agreement with an Approved Manager prior to that Ship under which more than, in the case date of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advancesuch termination and such Approved Manager provides a Manager's Undertaking; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the an Approved Managers Manager and or agree to any material alteration to the terms of an Approved Manager's appointment (and for the Approved Managers’ appointmentavoidance of doubt, any amendment on the duration, the management fees, the termination provisions, the parties and the governing law of any Management Agreement is considered material); (fe) de-de activate or lay up that Ship; or (gf) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no neither Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it:, without the prior written consent of the Agent (such consent not to be unreasonably withheld or delayed with respect to sub-clauses (a) and (b)): (a) let that the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship owned by it otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (ed) appoint a manager of that the Ship owned by it other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (fe) de-activate or lay up that Shipthe Ship owned by it; or (gf) put that the Ship owned by it into the possession of any person for the purpose of work being done upon it her in an amount exceeding or likely to exceed Five hundred thousand Dollars ($250,000 500,000) (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its her Earnings or her Insurances for the cost of such work or for any otherwise or other reasonarrangements 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 (not without the Lender’s prior written consent), in relation to consent of the Ship owned by itLender: (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (ed) appoint a manager or managers of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (fe) de-activate or lay up that the Ship; or (gf) put that the Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 750,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its Earnings or its Insurances for the cost of such work or for any otherwise or other reasonarrangements satisfactory to the Lender 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 (without the Lender’s prior written consent)not, in relation to the Ship owned by itShip: (a) (other than pursuant to the Bareboat Charter) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 18 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its the Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower Corporate Guarantor shall procure that no Owner shall (not without the Lender’s prior written consent), in relation consent of the Majority Lenders (such consent not to the Ship owned by it:be unreasonably withheld): (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it her in an amount exceeding or likely to exceed Three hundred and fifty thousand United States Dollars ($250,000 350,000) (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) (other than the Approved Charterparty to which it is a party) enter into any time or consecutive voyage charter in respect of that Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon it 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) other than the Initial Charter, enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 18 months;; 582 EUROPE/66436786v5 (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-de activate or lay lay-up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) without the Lender’s prior approval, enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (f) appoint a classification society for that Ship other than an Approved Classification Society; (g) de-activate or lay up that Ship; or (gh) put that Ship into the possession of any person for the purpose of work being done upon it 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s 's prior written consent), in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ ' appointment; (f) de-activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) other than the Initial Charter in the case of Borrower B, enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-de activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) let that the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 11 months; (c) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (d) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (de) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ef) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (fg) de-activate or lay up that the Ship; or (gh) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (dc) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (ed) appoint a manager of that Ship other than the Approved Managers Manager or agree to any material alteration to the terms of the Approved Managers’ appointmentManager’s appointment which could lead to an Event of Default (“material alterations” to include, without limitation, alterations concerning fees, duration and parties); (fe) de-activate or lay up that Ship; or (gf) put that Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) let that change the terms on which the Ship on demise charter for any periodis employed or the identity of the person by whom the Ship is employed; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (dc) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ed) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ appointmentManager's appointment Provided that the Agent (acting upon the instructions of all the Lenders) may require the Borrowers to replace the Approved Manager (and the Borrowers hereby agree to promptly comply with such instruction) if the Lenders are not satisfied with the performance of the Approved Manager; (fe) de-activate or lay up that the Ship; or (gf) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time time, voyage or consecutive voyage charter in respect of that Ship for (other than a term which exceeds, Permitted Charter) or which by virtue of “charter-in” any optional extensions may exceed, 13 monthsvessel; (c) enter into any charter in relation terminate a Management Agreement unless such Management Agreement is replaced by another Management Agreement with an Approved Manager prior to that Ship under which more than, in the case date of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advancesuch termination and such Approved Manager provides a Manager’s Undertaking; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the an Approved Managers Manager and or agree to any material alteration to the terms of an Approved Manager’s appointment (and for the Approved Managers’ appointmentavoidance of doubt, any amendment on the duration, the management fees, the termination provisions, the parties and the governing law of any Management Agreement is considered material); (fe) de-de activate or lay up that Ship; or (gf) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) let that the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 monthsmonths other than an Approved Time Charter; (c) enter into any charter in relation to that its Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that its Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (e) appoint a manager of that its Ship other than the Approved Managers or Manager; (f) agree to any alteration to the material terms of the Management Agreement relating to its Ship or to any other terms of the Approved Managers’ Manager’s appointment; (fg) de-activate or lay up that Shipits Ship for more than 30 days; or (gh) put that its Ship into the possession of any person for the purpose of work being done upon 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 Lender and prior approval in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reasonwriting.

Restrictions on chartering, appointment of managers etc. The relevant Borrower shall procure that no Owner shall not unless consented to by the Agent (without the Lender’s prior written consent)such consent not to be unreasonably withheld, in relation to the Ship owned by it:conditioned or delayed): (a) let that the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that such Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 than two (2) months’ hire (or the equivalent) is payable in advance; (dc) charter that such Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (ed) appoint a manager of that such Ship other than the Approved Managers Manager or agree to any material alteration to the material terms of the Approved Managers’ appointmentManagement Agreement, provided, however, that any manager so appointed including an Approved Manager appointed after the Effective Date shall enter into a manager’s undertaking in favor of the Security Trustee in form and substance acceptable to the Agent; (fe) de-activate or lay up that Shipthe Ship owned by it; (f) change the Classification Society; or (g) put that the Ship into owned by it in to the possession of any person for the purpose of work being done upon 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien Security Interest on that Ship or its the Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) other than the Initial Charter in the case of Borrower C, enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (e) appoint a manager of that Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (f) de-de activate or lay up that Ship; or (g) put that Ship into the possession of any person for the purpose of work being done upon 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itnot: (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any material alteration to the terms of the Approved Managers’ appointmentManager's appointment without the prior written of the Lender, which consent shall not be reasonably withheld; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no the Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itnot: (a) let that the Ship on demise charter for any period; (b) other than pursuant to an Initial Charterparty, enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 11 months; (c) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (d) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (de) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ef) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (fg) de-activate or lay up that the Ship; or (gh) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itnot: (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months, other than the Existing Charter, except as the Agent may consent, such consent not to be unreasonably withheld; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any material alteration to the terms of the Approved Managers’ appointmentManager’s appointment which could lead to an Event of Default (“material alterations” to include, without limitation, alterations concerning fees, duration and parties); (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itnot: (a) without the prior consent of the Agent, let that the Ship on demise charter for any period; (b) without the prior consent of the Agent, which shall not be unreasonably withheld, enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) without the prior consent of the Lenders, appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (f) de-activate or lay up that the Ship; (g) enter the Ship with a different classification society without the prior written approval of the Agent; or (gh) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itnot: (a) let that the Financed Ship on demise charter for any period; (b) other than pursuant to an Initial Time Charter, enter into any time or consecutive voyage charter in respect of that the Financed Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that the Financed Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (d) charter that the Financed Ship otherwise than on bona fide arm’s 's length terms at the time when that the Financed Ship is fixed; (e) appoint a manager of that the Financed Ship other than the Approved Managers Manager's or agree to any alteration to the terms of each of the Approved Managers’ appointment' respective appointments; (f) de-activate or lay up that the Financed Ship; or (g) put that the Financed Ship into the possession of any person for the purpose of work being done upon it the Financed Ship in an amount exceeding or likely to exceed $250,000 350,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that the Financed Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent)not, in relation to the Ship owned by itShip: (a) (save under the Approved Charter) let that the Ship on demise charter for any period; (b) (save under the Approved Charter) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that the Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (e) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager’s appointment; (f) de-activate or lay up that the Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) (other than pursuant to the Hille Oldendorff Charterparty in the case of the Identified Xxxx), let that the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 11 months; (c) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (d) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (de) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ef) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ Manager's appointment; (fg) de-activate or lay up that the Ship; or (gh) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent)shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance; (d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that such Ship is fixed; (e) appoint a manager of that Ship other than the an Approved Managers Ship Manager or agree to any alteration to the terms of the Approved Managers’ Ship Manager’s appointment; (f) appoint a classification society for that Ship other than an Approved Classification Society; (g) de-activate or lay up layup that Ship; or (gh) put that Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that such Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by itshall: (a) let that change the terms on which the Ship on demise charter for any periodis employed or the identity of the person by whom the Ship is employed; (b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months; (c) enter into any charter in relation to that the Ship under which more than, in the case of time charters, than 2 and, in the case voyage charters, 4 months’ ' hire (or the equivalent) is payable in advance; (dc) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (ed) appoint a manager of that the Ship other than the Approved Managers Manager or agree to any alteration to the terms of the Approved Managers’ appointmentManager’s appointment Provided that the Agent (acting upon the instructions of all the Lenders) may require the Borrowers to replace the Approved Manager (and the Borrowers hereby agree to promptly comply with such instruction) if the Lenders are not satisfied with the performance of the Approved Manager; (fe) de-activate or lay up that the Ship; or (gf) put that the Ship into the possession of any person for the purpose of work being done upon it 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 Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that the Ship or its her Earnings for the cost of such work or for any other reasonotherwise.