Termination of Time Charter Sample Clauses

Termination of Time Charter. If the chartering of the Ship under the Time Charter shall at any time be terminated (including, without limitation, by effluxion of time) and within ninety (90) days of such termination either: 25.6.1 the Time Charter is not replaced by a new time charter entered into by the Sub-Lessee with the Time Charterer on substantially the same terms (except as to term) as the Time Charter (including, without limitation, in relation to the amount of charterhire); or 25.6.2 a new time charter is not entered into by the Sub-Lessee with a time charterer who has a minimum credit rating of BBB+ by Standard & Poor's or Baa1 with Xxxxx'x (a "Rated Time Charterer") or with another major or national company approved by the Lessor (in its absolute discretion) pursuant to clause 15.2.21 notwithstanding that such company is not a Rated Time Charterer, the Lessee shall, within ten (10) Banking Days of its receipt of written notice from the Lessor constitute to the satisfaction of the Lessor such additional security as shall be acceptable to the Lessor and having a value for security purposes (as determined by the Lessor) at the date upon which such additional security shall be constituted equal to the Strip Liability Amount at such time and during each Security Period falling thereafter and any other unsecured obligations of the Lessee under this Lease and the other Lease Documents. Where the Lessee is required to provide security to the Lessor pursuant to this clause 25.6, the Lessor agrees that it will consider, but in its absolute discretion and without obligation, a request from the Lessee that the Lessor accept additional security of an amount less than the Strip Liability Amount and any other unsecured obligations of the Lessee under this Lease and the other Lease Documents to recognise any available security value in the Ship at that time. The Lessor agrees that for the purpose of clause 25.6 the provision by the Lessee of a letter of credit or bank guarantee from a Qualifying Replacement Bank acceptable to the Lessor, on terms acceptable to the Lessor and in an amount equal to the amount of the additional security required to be provided under this clause shall be acceptable additional security for the purpose of this clause. If the action required to be taken by the Lessee under this clause 25.6 is not taken within the time period and otherwise on the terms contained in this clause the Lessor shall have the option to require the Lessee to terminate the leasing of the S...
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Termination of Time Charter the Time Charter is terminated by the Borrower or the Time Charterer following the occurrence of a breach of the Time Charter entitling it to take such action or is cancelled or becomes frustrated for any reason whatsoever unless the Borrower has within 30 days of the date of such occurrence entered into a replacement time charter and with a new time charterer in each case in all respects satisfactory to the Agent (acting on the instructions of all Lenders); or
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Termination of Time Charter. In the event that any of the Time Charters terminates prior to its stated duration, the Borrower shall, within thirty (30) days of such termination, arrange alternative charter arrangements for the affected Vessel(s) for at least the balance of the original duration of those Time Charters, the terms of which shall be notified to the Facility Agent. Such alternative charters shall be with Charterers reasonably acceptable to the Facility Agent (acting on the instructions of the Majority Lenders) at charter rates equal to or higher than the Predicted Charter Rates and otherwise on terms reasonably satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders).
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Termination of Time Charter. (a) At all times following the Applicable Time, the Representative Borrower shall advise the Facility Agent of any of the following events in respect of a Vessel: (i) any breach of the terms of a Time Charter which could lead to a termination of the Time Charter, by the relevant Charterer of which the relevant Borrower becomes aware; (ii) the termination of a Time Charter by either the relevant Borrower or the relevant Charterer; or (iii) as soon as it becomes aware of such event, the occurrence of an insolvency event of the nature referred to in Clause 19.6 (Insolvency), 19.7 (Insolvency proceedings), 19.9 (Creditors' process) or 19.10 (Cessation of business) in respect of a Charterer, and upon the occurrence of any such event the Facility Agent shall be (acting on the instructions of the Majority Lenders) entitled to require that the relevant Borrower exercises all of its rights under the relevant Time Charter including, where applicable, the termination of the Time Charter in respect of the relevant Vessel.
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Termination of Time Charter. (a) At all times during the Post-Delivery Period, the Borrower shall advise the Facility Agent of any of the following events: (i) any breach (other than a technical breach which is cured promptly) by the relevant Charterer of the terms of a Time Charter of which the Borrower becomes aware; (ii) the termination of a Time Charter by either the Borrower or the relevant Charterer; (iii) as soon as it becomes aware of such event, the occurrence of an event of cross default of the nature referred to in Clause 19.5 (Cross-default) in respect of a Charterer, PROVIDED always that such event shall not arise in respect of the Charterer where the aggregate amount of the relevant Financial Indebtedness of the Charterer is less than US$50,000,000 or its equivalent; or (iv) as soon as it becomes aware of such event, the occurrence of an insolvency event of the nature referred to in Clause 19.6 (Insolvency), 19.7 (Insolvency proceedings), 19.8 (Creditor’s process) or 19.9 (Cessation of business) in respect of a Charterer, and upon the occurrence of any such event the Facility Agent shall be (acting on the instructions of the Majority Lenders) entitled to require that the Borrower exercises all of its rights under the relevant Time Charter including, where applicable, the termination of the Time Charter in respect of the relevant Vessel. (b) In the event of a termination of a Time Charter in accordance with Clause 16.24(a) or otherwise, in relation to which a charter termination fee is payable, such termination fee shall be payable into the Retention Account in accordance with Clause 12.2. (c) In the event of a termination of a Time Charter referred to in paragraph (b) above the Borrower shall, within ninety (90) days of such termination, enter into a substitute time charter with a charterer acceptable to the Lenders and with a term extending to at least the Final Maturity Date, such time charter to be in form and substance reasonably acceptable to the Facility Agent (acting on the instructions of the Majority Lenders) and the relevant charter termination fee shall be released to the Borrower in accordance with Clause 12.3(b)(i), failing which either: (i) the charter termination fee shall be applied by the Facility Agent in prepayment of the relevant Loan to ensure that the Loan to Value Ratio is no greater than 60 per cent., and if for any reason the amount of the charter termination fee shall be insufficient to make the prepayment described in this paragraph (i), the Bo...
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Related to Termination of Time Charter

  • Termination of the Contract 1. The Contractor may terminate the contract if the Partner has inadequately discharged or failed to discharge any of the contractual obligations, insofar as this is not due to force majeure, after notification of the Partner by registered letter has remained without effect for one month. 2. The Partner shall immediately notify the Contractor, supplying all relevant information, of any event likely to prejudice the performance of this contract.

  • Extension of Time Limits The time limits referred to in this Article may be extended by mutual agreement of the parties in writing.

  • Extension of Time; Waiver At any time prior to the Effective Time, the parties may, by action taken or authorized by their respective Boards of Directors, to the extent permitted by applicable Law, (a) extend the time for the performance of any of the obligations or acts of the other parties, (b) waive any inaccuracies in the representations and warranties of the other parties set forth in this Agreement or any document delivered pursuant hereto or (c) subject to applicable Law, waive compliance with any of the agreements or conditions of the other parties contained herein; provided, however, that after the Company Stockholder Approval has been obtained, no waiver may be made that pursuant to applicable Law requires further approval or adoption by the Stockholders without such further approval or adoption. Any agreement on the part of a party to any such waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such party. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder.

  • Devotion of Time The Directors shall not be obligated and shall not be expected to devote all of their time or business efforts to the affairs of the Company (except, to the extent appropriate, in their capacity as employees of the Company).

  • Extension of Time, Waiver, Etc At any time prior to the Effective Time, any party may, subject to applicable Law, (a) waive any inaccuracies in the representations and warranties of any other party hereto, (b) extend the time for the performance of any of the obligations or acts of any other party hereto or (c) waive compliance by the other party with any of the agreements contained herein or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding the foregoing, no failure or delay by the Company, Parent or Merger Sub in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.

  • Termination of Agreement If this Agreement is terminated by the Representatives in accordance with the provisions of Section 5 or Section 9(a)(i) hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Underwriters.

  • Expiration of Agreement Notwithstanding the expiration of this Agreement, any claim or grievance arising hereunder may be processed through the grievance procedure until resolution.

  • Transition of Registry upon Termination of Agreement Upon expiration of the Term pursuant to Section 4.1 or Section 4.2 or any termination of this Agreement pursuant to Section 4.3 or Section 4.4, Registry Operator shall provide ICANN or any successor registry operator that may be designated by ICANN for the TLD in accordance with this Section 4.5 with all data (including the data escrowed in accordance with Section 2.3) regarding operations of the registry for the TLD necessary to maintain operations and registry functions that may be reasonably requested by ICANN or such successor registry operator. After consultation with Registry Operator, ICANN shall determine whether or not to transition operation of the TLD to a successor registry operator in its sole discretion and in conformance with the Registry Transition Process; provided, however, that (i) ICANN will take into consideration any intellectual property rights of Registry Operator (as communicated to ICANN by Registry Operator) in determining whether to transition operation of the TLD to a successor registry operator and (ii) if Registry Operator demonstrates to ICANN’s reasonable satisfaction that (A) all domain name registrations in the TLD are registered to, and maintained by, Registry Operator or its Affiliates for their exclusive use, (B) Registry Operator does not sell, distribute or transfer control or use of any registrations in the TLD to any third party that is not an Affiliate of Registry Operator, and (C) transitioning operation of the TLD is not necessary to protect the public interest, then ICANN may not transition operation of the TLD to a successor registry operator upon the expiration or termination of this Agreement without the consent of Registry Operator (which shall not be unreasonably withheld, conditioned or delayed). For the avoidance of doubt, the foregoing sentence shall not prohibit ICANN from delegating the TLD pursuant to a future application process for the delegation of top-­‐level domains, subject to any processes and objection procedures instituted by ICANN in connection with such application process intended to protect the rights of third parties. Registry Operator agrees that ICANN may make any changes it deems necessary to the IANA database for DNS and WHOIS records with respect to the TLD in the event of a transition of the TLD pursuant to this Section 4.5. In addition, ICANN or its designee shall retain and may enforce its rights under the Continued Operations Instrument for the maintenance and operation of the TLD, regardless of the reason for termination or expiration of this Agreement.

  • Termination of Agreements (a) Except as set forth in Section 2.7(b), in furtherance of the releases and other provisions of Section 4.1, each of UTC, Carrier and Otis and each member of their respective Groups hereby terminate any and all agreements, arrangements, commitments or understandings, whether or not in writing, between or among a Party and/or any member of such Party’s Group, on the one hand, and another Party and/or any member of such other Party’s Group, on the other hand, effective as of the applicable Effective Time. No such terminated agreement, arrangement, commitment or understanding (including any provision thereof that purports to survive termination) shall be of any further force or effect after the Effective Time. Each Party shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing. (b) The provisions of Section 2.7(a) shall not apply to any of the following agreements, arrangements, commitments or understandings (or to any of the provisions thereof): (i) this Agreement and the Ancillary Agreements (and each other agreement or instrument expressly contemplated by this Agreement or any Ancillary Agreement to be entered into by any of the Parties or any of the members of their respective Groups or to be continued from and after the Effective Time); (ii) any agreements, arrangements, commitments or understandings listed or described on Schedule 2.7(b)(ii); (iii) any agreements, arrangements, commitments or understandings to which any Third Party is a party thereto (including any Shared Contracts); (iv) any intercompany accounts payable or accounts receivable accrued as of the Effective Time that are reflected in the books and records of the Parties or otherwise documented in writing in accordance with past practices, which shall be settled in the manner contemplated by Section 2.7(c); (v) any agreements, arrangements, commitments or understandings to which any non-wholly owned Subsidiary of UTC, Carrier or Xxxx, as the case may be, is a party (it being understood that directors’ qualifying shares or similar interests will be disregarded for purposes of determining whether a Subsidiary is wholly owned); and (vi) any agreements for the sale, lease, construction or receipt of goods, property or services purchased, obtained or used in the ordinary course of business by a member of any Group from a member of another Group prior to the Effective Time. (c) All of the intercompany accounts receivable and accounts payable between any member of a Party’s Group, on the one hand, and any member of another Party’s Group, on the other hand, outstanding as of the Effective Time shall, as promptly as practicable after the Effective Time, be repaid, settled or otherwise eliminated in a manner as determined by UTC in its sole and absolute discretion (acting in good faith).

  • Termination of Coverage This Contract may be terminated as follows:

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