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, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (b) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (c) appoint a manager of that Ship other than an Approved Manager or agree to any alteration to the terms of any Approved Manager’s appointment; or (d) 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 $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 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 shallnot, in relation to the Ship owned by itShip: (a) enter into any charter in relation to that the Ship under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (b) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (c) appoint a manager of that the Ship other than an the Approved Manager Managers or agree to any material alteration to the terms of any the Approved Manager’s 's appointment; (d) de-activate or lay up the Ship; or (de) 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 $1,500,000 750,000 (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 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 No Borrower shall procure that no Owner shall, in relation to the Ship owned by it: (a) enter into any charter in relation to let that Ship under which more than 2 months’ hire (or the equivalent) is payable in advanceon demise charter for any period; (b) enter into any time, voyage or consecutive voyage charter in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when that Ship is fixeda Permitted Charter; (c) amend and/or supplement a Management Agreement in any way that would lead to an Event of Default or terminate a Management Agreement; (d) appoint a manager of that Ship other than an Approved Manager Manager; (e) de activate or agree to any alteration to the terms of any Approved Manager’s appointmentlay up that Ship; or (df) 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 $1,500,000 500,000 (or the equivalent in any other currency) unless the relevant Borrower ensures that 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 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, in relation to the Ship owned by it: (a) change the terms on which the Ship is employed or the identity of the person by whom the Ship is employed; (b) enter into any charter in relation to that the Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (bc) charter that the Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (cd) appoint a manager of that the Ship other than an the Approved Manager or agree to any alteration to the terms of any the Approved Manager’s appointment; (e) de-activate or lay up the Ship; or (df) 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 $1,500,000 500,000 (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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to let that Ship under which more than 2 months’ hire (or the equivalent) is payable in advanceon demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when that Ship is fixeda Permitted Charter; (c) appoint a manager of that Ship other than an the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of any an Approved Manager’s appointment; (d) de activate or lay up that Ship; or (de) other than in the event of a scheduled drydocking 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 $1,500,000 500,000 (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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (b) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (c) appoint a manager of that Ship other than an the Approved Manager or agree to any alteration to the terms of any the Approved Manager’s appointment; (d) de-activate or lay up that Ship; or (de) 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 $1,500,000 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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (b) charter that Ship otherwise than on bona fide arm’s length terms at the time when that the Ship is fixed; (c) appoint a manager of that Ship other than an Approved Manager Manager; (d) de-activate or agree to any alteration to the terms of any Approved Manager’s appointmentlay up that Ship; or (de) 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 $1,500,000 500,000 (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 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 shalleach Corporate Guarantor shall not, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 two months’ hire (or the equivalent) is payable in advance; (b) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (c) appoint a manager of that Ship other than an the Approved Manager Managers or agree to any alteration to the terms of any Approved Manager’s appointment; or (d) 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 $1,500,000 2,000,000 (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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to let that Ship under which more than 2 months’ hire (or the equivalent) is payable in advanceon demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when that Ship is fixeda Permitted Charter; (c) appoint a manager of that Ship other than an the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of any an Approved Manager’s 's appointment; (d) de activate or lay up that Ship; or (de) other than in the event of a scheduled drydocking 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 $1,500,000 500,000 (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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (b) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (c) appoint a manager of that Ship other than an the Approved Manager Managers or agree to any alteration to the terms of any the Approved Manager’s Managers' appointment; (d) de-activate or lay up that Ship; or (de) 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 $1,500,000 250,000 (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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to let that Ship under which more than 2 months’ hire (or the equivalent) is payable in advanceon demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when that Ship is fixeda Permitted Charter; (c) appoint a manager of that Ship other than an the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of any an Approved Manager’s 's appointment; (d) de-activate or lay-up that Ship; or (de) 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 $1,500,000 250,000 (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 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, in relation to respect of the Ship owned by it: (a) enter into any charter in relation to let that Ship under which more than 2 months’ hire (or the equivalent) is payable in advanceon demise charter for any period; (b) enter into any time, voyage or consecutive voyage charter in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when that Ship is fixeda Permitted Charter; (c) amend and/or supplement a Management Agreement in a way that would lead to an Event of Default or terminate a Management Agreement; (d) appoint a manager of that Ship other than an Approved Manager Manager; (e) de activate or agree to any alteration to the terms of any Approved Manager’s appointmentlay up that Ship; or (df) 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 $1,500,000 500,000 (or the equivalent in any other currency) unless the relevant Borrower ensures that 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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to let that Ship under which more than 2 months’ hire (or the equivalent) is payable in advanceon demise charter for any period; (b) enter into any time, voyage or consecutive voyage charter in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when that Ship is fixeda Permitted Charter; (c) amend and/or supplement a Management Agreement in a way that would lead to an Event of Default or terminate a Management Agreement; (d) appoint a manager of that Ship other than an Approved Manager Manager; (e) de activate or agree to any alteration to the terms of any Approved Manager’s appointmentlay up that Ship; or (df) 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 $1,500,000 500,000 (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 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 shalleach Corporate Guarantor shall not, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 two months’ ' hire (or the equivalent) is payable in advance; (b) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (c) appoint a manager of that Ship other than an the Approved Manager Managers or agree to any alteration to the terms of any Approved Manager’s 's appointment; or (d) 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 $1,500,000 2,000,000 (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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to let that Ship under which more than 2 months’ hire (or the equivalent) is payable in advanceon demise charter for any period; (b) enter into any time, voyage or consecutive voyage charter in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when that Ship is fixeda Permitted Charter; (c) amend and/or supplement a Management Agreement in a way that would lead to an Event of Default or terminate a Management Agreement; (d) appoint a manager of that Ship other than an Approved Manager Manager; (e) de activate or agree to any alteration to the terms of any Approved Manager’s appointmentlay up that Ship; or (df) 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 $1,500,000 500,000 (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 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, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (b) appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (c) charter that Ship otherwise than on bona fide arm’s 's length terms at the time when that Ship is fixed; (cd) appoint a manager of de-activate or lay-up that Ship other than an Approved Manager or agree to any alteration to the terms of any Approved Manager’s appointmentShip; or (de) 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 $1,500,000 500,000 (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 that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Each Borrower shall procure that no Owner shallnot, in relation to the Ship owned by it: (a) enter into any charter in relation to that Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (b) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (c) appoint a manager of that Ship other than an the Approved Manager or agree to any alteration to the terms of any the Approved Manager’s appointment; (d) de-activate or lay up that Ship; or (de) 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 $1,500,000 500,000 (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 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, in relation to the Ship owned by itnot: (a) let the Ship on demise charter for any period; (b) enter into any charter in relation to that the Ship under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (bc) charter that the Ship otherwise than on bona fide arm’s 's length terms at the time when that the Ship is fixed; (cd) appoint a manager of that the Ship other than an the Approved Manager or agree to any alteration to the terms of any the Approved Manager’s 's appointment; (e) de-activate or lay up the Ship; or (df) 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 $1,500,000 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 that the Ship or its the Earnings for the cost of such work or for any other reason.