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

Restrictions on chartering, appointment of managers etc. None of the Borrower shall: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months (except pursuant to the relevant Time Charter); (c) enter into any charter in relation to that Ship under which more than two (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 the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Management Agreement; (f) de‑activate or lay up that Ship; (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 $1,500,000 (or the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest on that Ship or the Earnings for the cost of such work or for any other reason; or (i) permit the Ship to carry nuclear waste or material.

Restrictions on chartering, appointment of managers etc. None of the Borrower No Guarantor shall: (a) let the Ship owned by it on demise bareboat charter for any period, other than a Charter; (b) enter into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months (except pursuant to the relevant Time 18 months, other than a Charter); (c) enter into any charter in relation to that Ship under which more than two (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 the that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Management Agreement; (f) de‑activate de-activate or lay up that Ship; (g) change the Classification Society;; or (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 $1,500,000 1,800,000 (or the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest on that Ship or the Earnings for the cost of such work or for any other reason; or (i) permit the Ship to carry nuclear waste or material.

Restrictions on chartering, appointment of managers etc. None of No Guarantor shall, in relation to the Borrower shallShip owned by it: (a) let the that Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter (other than an Approved Charter) in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months (except pursuant to the relevant Time Charter)18 months; (c) enter into any charter in relation to that Ship under which more than two (2) 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 the that Ship other than the an Approved Manager or agree to any alteration to the terms of the such Approved Management AgreementManager’s appointment in any material respect; (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 $1,500,000 (or unless the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest on that Ship or the Earnings for the cost expense of such work is within such Guarantor’s financial capability and will not result in a claim or for lien against the Ship in violation of this Agreement or any other reason; or (i) permit the Ship to carry nuclear waste or materialFinance Document.

Restrictions on chartering, appointment of managers etc. None of The Borrower shall procure that no Owner shall, in relation to the Borrower shallShip owned by it: (a) save for any Existing Charter existing on the date of this Agreement which is a bareboat charter, let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceedsof at least, or which by virtue of any optional extensions may exceedbe at least, 13 months (except pursuant to the relevant Time Charter)12 months; (c) enter into any charter in relation to that the Ship under which more than two (2) months’ hire (or the equivalent) is payable in advance; (d) charter that Ship owned by it otherwise than on bona fide arm’s length terms at the time when that Ship is fixed; (ed) appoint (or permit the appointment of) a manager of the Ship owned by it other than the Approved Manager or agree to any alteration to the terms of the Approved Management AgreementManager’s appointment; (e) de-activate or lay up the Ship owned by it; or (f) de‑activate or lay up that Ship; (g) change put the Classification Society; (h) put that Ship owned by it 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 1,000,000 (or the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest lien on that Ship or the her Earnings or her Insurances for the cost of such work or for any otherwise or other reason; or (i) permit arrangements satisfactory to the Ship Security Trustee are made to carry nuclear waste or materialensure that no such lien will be exercised.

Restrictions on chartering, appointment of managers etc. None of the The Borrower shallshall not: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months (except pursuant to the relevant Time Charter); (c) enter into any charter in relation to that the Ship under which more than two (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 the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Management Agreement; (f) de‑activate or lay up that the Ship; (g) change the Classification Society; (h) 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 (or the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest on that the Ship or the Earnings for the cost of such work or for any other reason; or (i) permit the Ship to carry nuclear waste or material.

Restrictions on chartering, appointment of managers etc. None of the The Borrower shall procure that no Owner shall: (a) let the Ship owned by it on demise charter for any period; (b) enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 12 months (except pursuant to the relevant Time Charter)plus or minus 30 days; (c) enter into any charter in relation to that the Ship owned by it under which more than two (2) 2 months’ hire (or the equivalent) is payable in advance; (d) charter that the Ship owned by it otherwise than on bona fide arm’s length terms at the time when that the Ship owned by it is fixed; (e) appoint a manager of the Ship owned by it other than the Approved Manager or agree to any alteration to the terms of the Approved Management AgreementManager’s appointment; (f) de‑activate de-activate or lay up that Ship;the Ship owned by it; or (g) change put the Classification Society; (h) put that Ship owned by it 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) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest lien on that the Ship owned by it or the Earnings for the cost of such work or for any other reason; or reason or unless the Borrower has first provided the Agent with additional security acceptable to the Agent (iacting with the authorisation of the Lenders) permit the Ship to carry nuclear waste or materialin respect of such costs.

Restrictions on chartering, appointment of managers etc. None of the Borrower No Guarantor shall: (a) let the Ship owned by it on demise bareboat charter for any period, other than a Charter; (b) enter into any time or consecutive voyage charter in respect of the that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months (except pursuant to the relevant Time 18 months, other than a Charter); (c) enter into any charter in relation to that Ship under which more than two (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 the that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Management Agreement; (f) de‑activate de-activate or lay up that Ship; (g) change the Classification Society;; or (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 $1,500,000 (or the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest on that Ship or the Earnings for the cost of such work or for any other reason; or (i) permit the Ship to carry nuclear waste or material.