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

Restrictions on chartering, appointment of managers etc. 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 other than a Permitted Charter; (c) appoint a manager of that Ship other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment; (d) de activate or lay up that Ship; or (e) 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 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. No Borrower shall, save for the relevant Initial Charter, in relation to the Ship owned by it: (a) let enter into any charter in relation to that Ship on demise charter for any periodunder which more than two months’ hire (or the equivalent) is payable in advance; (b) enter into any time or consecutive voyage charter in respect of that Ship other otherwise than a Permitted Charteron 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 an Approved Manager’s appointment; (d) de activate or lay up that Ship; or (ed) 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 Agent 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. No The Borrower shallshall procure that the Owner shall not, in relation to the Ship owned by itShip: (a) let that enter into any charter in relation to the Ship on demise charter for any periodunder which more than 2 months’ hire (or the equivalent) is payable in advance; (b) enter into any charter the Ship otherwise than on bona fide arm’s length terms at the time or consecutive voyage charter in respect of that when the Ship other than a Permitted Charteris fixed; (c) appoint a manager of that the Ship other than an Approved Manager or agree to any alteration to the terms of an any Approved Manager’s appointment;; or (d) de activate or lay up that Ship; or (e) 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 Agent 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. No Neither Borrower shall, in relation to the Ship owned by it: (a) let enter into any charter in relation to that Ship on demise charter for any periodunder which more than two months’ hire (or the equivalent) is payable in advance; (b) enter into any time or consecutive voyage charter in respect of that Ship other otherwise than a Permitted Charteron 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 an any Approved Manager’s appointment; (d) de activate or lay up that Ship; or (ed) 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 Agent 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. No The Borrower shallshall procure that the Owner shall not, in relation to the Ship owned by itShip: (a) let that enter into any charter in relation to the Ship on demise charter for any periodunder which more than 2 months' hire (or the equivalent) is payable in advance; (b) enter into any charter the Ship otherwise than on bona fide arm's length terms at the time or consecutive voyage charter in respect of that when the Ship other than a Permitted Charteris fixed; (c) appoint a manager of that the Ship other than an Approved Manager or agree to any alteration to the terms of an any Approved Manager’s 's appointment;; or (d) de activate or lay up that Ship; or (e) 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 3,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Agent 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. No Neither Borrower shall, in relation to the Ship owned by it: (a) let enter into any charter in relation to that Ship on demise charter for any periodunder which more than two months' hire (or the equivalent) is payable in advance; (b) enter into any time or consecutive voyage charter in respect of that Ship other otherwise than a Permitted Charteron 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 an any Approved Manager’s 's appointment; (d) de activate or lay up that Ship; or (ed) 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 Agent 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.