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

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor 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 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 Manager or agree to any alteration to the terms of the Approved 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 $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 other than any Permitted Security.

Restrictions on chartering, appointment of managers etc. Except as The Borrower shall procure that the Agent may otherwise permit, no Guarantor shall, in relation to the Ship owned by itOwner shall not: (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 (other than the Approved Charter) 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 2 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 Manager or agree to any material alteration to the terms of the Approved Manager's ’s appointment; (f) de‑activate 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 $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 that the Ship or its her Earnings for the cost of such work or for any other reason other than any Permitted Securityotherwise.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor No Borrower shall, in relation to the Ship owned by it: (a) let that the Ship owned by it on demise charter for any period; (b) other than as disclosed to the Agent, 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 2 two (2) 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 Manager or agree to any alteration to the terms of the Approved Manager's appointmentManagement Agreement; (f) de‑activate de-activate or lay up that Ship; (g) change the Classification Society; 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 $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 Security Interest on that Ship or its the Earnings for the cost of such work or for any other reason other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor shall, Neither Borrower 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 11 months; (c) enter into any charter in relation to that Ship under which more than 2 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 the Ship is fixed; (e) except with the prior written consent of the Agent, appoint a manager of that the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's ’s appointment; (f) de‑activate de-activate or lay up that Ship; or (g) put that its 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 $1,000,000 (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 relevant Ship or its her Earnings for the cost of such work or for any other reason other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor No Borrower shall, 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 Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months12 months (except pursuant to a Time Charter); (c) enter into any charter in relation to that Ship under which more than 2 two (2) 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 Manager or agree to any alteration to the terms of the Approved Manager's appointmentManagement Agreement; (f) de‑activate 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 $1,000,000 500,000 (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 Security Interest on that Ship or its the Earnings for the cost of such work or for any other reason other than any Permitted Securityreason; or (i) permit the Ship owned by it to carry nuclear waste or material.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no No Guarantor shall, in relation to the Ship owned by it: (a) let that the Ship owned by it on demise charter for any period; (b) other than as disclosed to the Agent, 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 24 months; (c) enter into any charter in relation to that Ship under which more than 2 two (2) 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 Manager or agree to any alteration to the terms of the Approved Manager's appointmentManagement Agreement; (f) de‑activate de-activate or lay up that Ship; (g) change the Classification Society; 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 $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 Security Interest on that Ship or its the Earnings for the cost of such work or for any other reason other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor No Borrower 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 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 Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de‑activate 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 $1,000,000 700,000 (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 other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as The Borrower shall procure that no Owner shall (in the Agent may otherwise permit, no Guarantor shall, in relation to case of 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 the Ship under which more than 2 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 Manager or agree to any alteration to the terms of the Approved Manager's ’s appointment; (f) de‑activate 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 $500,000 (except in the case of the anticipated dry docking in respect of BAFFIN where such amount shall be increased to $1,000,000 for the purposes of such dry docking only) (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 other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor shall, in relation to the The Borrower shall procure that each Owner of a Mortgaged Ship owned by itwill not: (a) let that its Ship on a 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 2 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 such Ship is fixed; (e) (other than under Clause 12.15) appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's ’s appointment; (f) de‑activate 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 her in an amount exceeding or likely to exceed $1,000,000 500,000 (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 such Ship or its her Earnings for the cost of such work or for any other reason other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor Neither Borrower shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) other than the Approved 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 12 months; (c) enter into any charter in relation to that Ship under which more than 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 Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de‑activate 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 $1,000,000 700,000 (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 other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor shall, in relation to the Ship owned by itThe Borrower shall not: (a) let that the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter (other than the Initial 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 2 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 Manager Manager's or agree to any alteration to the terms of each of the Approved Manager's appointmentManagers' respective appointments; (f) de‑activate de-activate or lay up that Ship; or (g) put that the Ship into the possession of any person for the purpose of work being done upon it the Ship in an amount exceeding or likely to exceed $1,000,000 350,000 (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 the Ship or its Earnings for the cost of such work or for any other reason other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor No Borrower 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 is equal to or exceeds, or which by virtue of any optional extensions may be equal to or exceed, 13 12 months; (c) enter into any charter in relation to that Ship under which more than 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 Manager or agree to any alteration to the terms of the Approved 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 $1,000,000 400,000 (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 other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor No Borrower shall, in relation to the Ship owned by it: (a) let that Ship on demise charter for any period; (b) other than an 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 12 months; (c) enter into any charter in relation to that Ship under which more than 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 Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de‑activate deactivate 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 $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 other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor shall, in relation to the The Borrower shall procure that each Owner of a Mortgaged Ship owned by itwill not: (a) let that its Ship on a 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 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 such Ship is fixed; (e) (other than under Clause 12.15) 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; (f) de‑activate 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 her in an amount exceeding or likely to exceed $1,000,000 500,000 (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 such Ship or its her Earnings for the cost of such work or for any other reason other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor No Borrower 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 Initial Charter to which that Borrower is a party) in respect of that Ship for a an original term which exceeds, or which by virtue of any optional extensions may exceed, 13 exceeding 11 months; (c) enter into any charter in relation to that Ship under which more than 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 Manager or agree to any material alteration to the terms of the Approved Manager's appointment; (f) de‑activate 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 $1,000,000 500,000 (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 other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor shall, Neither Borrower 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 11 months; (c) enter into any charter in relation to that Ship under which more than 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 the Ship is fixed; (e) except with the prior written consent of the Agent, appoint a manager of that the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de‑activate de-activate or lay up that Ship; or (g) put that its 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 $1,000,000 (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 relevant Ship or its her Earnings for the cost of such work or for any other reason other than any Permitted Securityreason.

Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor shall, No Borrower 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 24 months; (c) enter into any charter in relation to that Ship under which more than 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 Manager or an affiliate of the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment; (f) de‑activate 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 her in an amount exceeding or likely to exceed $1,000,000 US$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 other than any Permitted Securityreason.