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

Restrictions on chartering, appointment of managers etc. The Borrower shall not, in relation to the Ship: (a) enter into any charter in relation to the Ship under which more than two months’ hire (or the equivalent) is payable in advance; (b) charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed; (c) appoint a manager of the Ship other than the Approved Manager; or (d) put 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 $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or 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 respect of the ShipShip owned by it: (a) enter into let that Ship on demise charter for any charter in relation to the Ship under which more than two months’ hire (or the equivalent) is payable in advanceperiod; (b) enter into any time, voyage or consecutive voyage charter the in respect of that Ship otherwise other than on bona fide arm’s length terms at the time when the Ship is fixeda Permitted Charter; (c) appoint a manager of the that Ship other than the an Approved Manager; (d) de activate or lay up that Ship; or (de) put the 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 $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 the 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 notshall, in relation to the ShipShip owned by it: (a) enter into any charter in relation to the that Ship under which more than two months’ hire (or the equivalent) is payable in advance; (b) charter the that Ship otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (c) appoint a manager of the that Ship other than the Approved Manager; or (d) put the 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 $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or 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 ShipShip owned by it: (a) enter into any charter in relation to the that Ship under which more than two months’ hire (or the equivalent) is payable in advance; (b) charter the that Ship otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (c) appoint a manager of the that Ship other than the Approved Manager; or (d) put the 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 $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or its Earnings for the cost of such work or for any other reason.

Restrictions on chartering, appointment of managers etc. The Borrower shall not, in relation to the Ship: (a) enter into any charter in relation to the Ship under which more than two months’ ' hire (or the equivalent) is payable in advance; (b) charter the Ship otherwise than on bona fide arm’s 's length terms at the time when the Ship is fixed; (c) appoint a manager of the Ship other than an Approved Manager or agree to any alteration to the terms of that Approved Manager's appointment; or (d) put 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 $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or its 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 the ShipShip owned by it: (a) enter into any charter in relation to the that Ship under which more than two months’ hire (or the equivalent) is payable in advance; (b) charter the that Ship otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (c) appoint a manager of the that Ship other than the Approved Manager; or (d) put the 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 $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or its 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 the ShipShip owned by it: (a) enter into any charter in relation to the that Ship under which more than two months’ hire (or the equivalent) is payable in advance; (b) charter the that Ship otherwise than on bona fide arm’s length terms at the time when the that Ship is fixed; (c) appoint a manager of the that Ship other than the an Approved Manager; or (d) put the 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 $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the that Ship or its Earnings for the cost of such work or for any other reason.