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

Restrictions on chartering, appointment of managers etc. The Borrower shall not: (a) let the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (c) enter into any charter in relation to the Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (e) appoint a manager of the 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 the Ship; or (g) put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or the Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall notprocure that no Owner shall in relation to any Ship owned by it: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 13 months; (c) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (e) appoint a manager of the 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 the ShipShip owned by it; or (gf) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or the her Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall not: (a) let the Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (c) enter into any charter in relation to the Ship under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (d) charter the Ship otherwise than on bona fide arm’s 's length terms at the time when the Ship is fixed; (e) appoint a manager of 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 or lay up the that Ship; or (g) put the Ship into the possession of any person for the purpose of work being done upon her the 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 the Ship or the its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall not: (a) let the Ship on demise charter for any period; (b) (save and except for the Initial Charter) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 15 months; (c) enter into any charter in relation to the Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (e) appoint a manager of the Ship other than the Approved Manager Managers or agree to any alteration to the terms of the either Approved Manager’s appointment; (f) de-de activate or lay up the Ship; or (g) put the Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or the its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Neither Borrower shall notshall, in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (c) enter into any charter in relation to the that Ship under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (e) appoint a manager of the 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 or lay lay-up the that Ship; or (g) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 750,000 (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 the that Ship or the its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall notshall, in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 18 months; (c) enter into any charter in relation to the that Ship under which more than 2 two months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (e) appoint a manager of the that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s 's appointment; (f) de-de activate or lay lay-up the that Ship; or (g) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or the its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall not: (a) let the Ship on demise charter for any period; (b) (other than the Approved Charterparty) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (c) enter into any charter in relation to the Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (e) appoint a manager of the 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 the Ship; or (g) put the Ship into the possession of any person for the purpose of work being done upon her it (h) 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 the Ship or the its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall notshall, in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (c) enter into any charter in relation to the that Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the that Ship otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (e) appoint a manager of the 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 the that Ship; or (g) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 700,000 (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 the that Ship or the its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall notshall, in relation to the Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months; (c) enter into any charter in relation to the that Ship under which more than 2 months’ ' hire (or the equivalent) is payable in advance; (d) charter the that Ship otherwise than on bona fide arm’s 's length terms at the time when the that Ship is fixed; (e) appoint a manager of the that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s 's appointment; (f) de-de activate or lay up the that Ship; or (g) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 1,000,000 (or the equivalent in any other currency) unless that person has first given to the Lender Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or the its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The No Borrower shall notshall: (a) let the its Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the its Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 13 months; (c) enter into any charter in relation to the its Ship under which more than 2 months’ hire (or the equivalent) is payable in advance; (d) charter the its Ship otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (e) appoint a manager of the its 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 the its Ship; or (g) put the its Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the its Ship or the Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower No Guarantor shall notin relation to each Ship owned by it: (a) let the that Ship on demise charter for any period; (b) enter into any time or consecutive voyage charter, other than an Approved Charter, charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 13 months; (c) enter into any charter in relation to the that Ship under which more than 2 4 months’ hire (or the equivalent) is payable in advance; (d) charter the that Ship otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (e) appoint a manager of the permit that Ship to be managed by anyone other than the Approved Manager or for that Ship nor agree to any material alteration to the terms of the that Approved Manager’s appointmentappointment as manager of that Ship; (f) de-activate or lay up the that Ship; or (g) put the that Ship into the possession of any person for the purpose of work being done upon her it in an amount exceeding or likely to exceed $250,000 3,000,000 (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 the that Ship or the its Earnings for the cost of such work or for any other reason.