Common use of Termination of Time Charter Clause in Contracts

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 Ship under this Lease and if the Lessor wishes to exercise this option it shall notify the Lessee in writing whereupon the Lessee shall become immediately obliged to give an irrevocable notice to the Lessor terminating the Lease Period in accordance with the provisions of clause 3.3 (other than with respect to the period of such notice) and the Lease Period shall terminate upon the giving of such notice. Save as set out above, the provisions of clauses 3.3, 3.4 and 3.5 shall apply to such termination of the Lease Period. Where the Time Charter is replaced in accordance with clauses 25.6.1 or 25.6.2 then the provisions of this clause 25.6 shall apply with equal effect to any subsequent termination of the chartering of the Ship under such replacement Time Charter.

Termination of Time Charter. If (a) At all times after the chartering Applicable Time and until the Final Maturity Date, the Borrower shall advise the Facility Agent of any of the Ship following events: (i) any breach (other than a technical breach which is cured promptly) by the relevant Charterer or the Borrower 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 (Creditors’ 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 16.25(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 Clause 16.25(b) above or otherwise 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 of at least the same remaining duration as the Time Charter which has terminated, 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 the extent required to ensure that the Loan to Value Ratio is no greater than the Borrowing Base Advance Ratio (irrespective of whether such termination or expiration occurs during an Over-Advance Period), and if for any time reason the amount of the charter termination fee shall be terminated insufficient to make the prepayment described in this paragraph (includingi), the Borrower shall, without limitationdemand, by effluxion provide the Facility Agent with an amount equal to the amount of the shortfall; or (ii) the Borrower shall provide or cause to be provided to the Facility Agent such additional security as is satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders) so as to achieve the Loan to Value Ratio referred to in paragraph (i) above. (d) In the event of a termination or expiration of at least 50.1% of the Time Charters associated with any Charterer where either (i) such Charterer has at least three (3) Secured Vessels on charter or (ii) such Charterer has more than 50.1% of the Secured Vessels on charter at such time, such termination or expiration being in accordance with Clause 16.25(a) and or otherwise, the Borrower shall, within ninety (90) days of such termination either: 25.6.1 or expiration, enter into suitable substitute time charters each with a charterer acceptable to the Time Charter is not replaced by Lenders and with a new time charter entered into by the Sub-Lessee with the Time Charterer on substantially term of at least the same terms (except as to term) remaining duration as the Time Charter (includingwhich has terminated or expired, without limitation, each such time charter to be in relation form and substance reasonably acceptable to the Facility Agent (acting on the instructions of the Majority Lenders), provided that all amounts due and payable by the Borrower under the Facility have been paid and no due and payable amounts remaining outstanding, failing which the Borrower shall either: (i) prepay such amount of charterhirethe outstanding Loans to the extent required to ensure that the Loan to Value Ratio is not more than the Borrowing Base Advance Ratio (irrespective of whether such termination or expiration occurs during an Over-Advance Period); or 25.6.2 a new time charter is not entered into by (ii) the Sub-Lessee with a time charterer who has a minimum credit rating of BBB+ by Standard & Poor's Borrower shall provide 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 cause 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 be provided to the satisfaction of the Lessor Facility Agent such additional security as shall be acceptable is satisfactory to the Lessor and having a value for security purposes Facility Agent (as determined by acting on 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 instructions of the Lessee under this Lease and Majority Lenders) so as to achieve the other Lease Documents. Where the Lessee is required Loan to provide security Value Ratio referred 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 Ship under this Lease and if the Lessor wishes to exercise this option it shall notify the Lessee in writing whereupon the Lessee shall become immediately obliged to give an irrevocable notice to the Lessor terminating the Lease Period in accordance with the provisions of clause 3.3 paragraph (other than with respect to the period of such noticei) and the Lease Period shall terminate upon the giving of such notice. Save as set out above, the provisions of clauses 3.3, 3.4 and 3.5 shall apply to such termination of the Lease Period. Where the Time Charter is replaced in accordance with clauses 25.6.1 or 25.6.2 then the provisions of this clause 25.6 shall apply with equal effect to any subsequent termination of the chartering of the Ship under such replacement Time Charter.

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 Moody's (a "Rated Time Charterer") or with xx xxth 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 Ship under this Lease and if the Lessor wishes to exercise this option it shall notify the Lessee in writing whereupon the Lessee shall become immediately obliged to give an irrevocable notice to the Lessor terminating the Lease Period in accordance with the provisions of clause 3.3 (other than with respect to the period of such notice) and the Lease Period shall terminate upon the giving of such notice. Save as set out above, the provisions of clauses 3.3, 3.4 and 3.5 shall apply to such termination of the Lease Period. Where the Time Charter is replaced in accordance with clauses 25.6.1 or 25.6.2 then the provisions of this clause 25.6 shall apply with equal effect to any subsequent termination of the chartering of the Ship under such replacement Time Charter.

Termination of Time Charter. If (a) At all times after the chartering Applicable Time and until the Final Maturity Date, the Borrower shall advise the Facility Agent of any of the Ship following events: (i) any breach (other than a technical breach which is cured promptly) by the relevant Charterer or the Borrower 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 (Creditors’ 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 16.25(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 Clause 16.25(b) above or otherwise 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 of at least the same remaining duration as the Time Charter which has terminated, 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(f)(i), failing which either: (i) the charter termination fee shall be applied by the Facility Agent in prepayment of the relevant Loan to the extent required to ensure that the Loan to Value Ratio is no greater than the Borrowing Base Advance Ratio, and if for any time reason the amount of the charter termination fee shall be terminated insufficient to make the prepayment described in this paragraph (includingi), the Borrower shall, without limitationdemand, by effluxion provide the Facility Agent with an amount equal to the amount of the shortfall; or (ii) the Borrower shall provide or cause to be provided to the Facility Agent such additional security as is satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders) so as to achieve the Loan to Value Ratio referred to in paragraph (i) above. (d) In the event of a termination or expiration for breach or any other reason or cause of at least 50.1% of the Time Charters in place at 11:59 pm GMT on the Amendment Date associated with any Charterer where either (i) such Charterer has at least three (3) Secured Vessels on charter or (ii) such Charterer has more than 50.1% of the Secured Vessels on charter at such time) and , the Borrower shall, within ninety (90) days of such termination either: 25.6.1 or expiration, enter into suitable substitute time charters each with a charterer acceptable to the Lenders and, as a substitute for any Time Charter is not replaced by that has terminated, with a new time charter entered into by the Sub-Lessee with the Time Charterer on substantially term of at least the same terms (except as to term) remaining duration as the Time Charter (includingwhich has terminated, without limitation, each such time charter to be in relation form and substance reasonably acceptable to the Facility Agent (acting on the instructions of all the Lenders), provided that, at the time of intended entry into such substitute, and as a condition to be satisfied before the Borrower does so, all amounts due and payable by the Borrower under the Facility have been paid and no due and payable amounts remaining outstanding, failing which the Borrower shall either: (i) prepay such amount of charterhire)the outstanding Loans to the extent required to ensure that the Loan to Value Ratio is not more than (i) from the Amendment Date to May 31, 2017, 100%; (ii) from June 1, 2017 to May 31, 2018, 90% and (ii) from June 1, 2018 to May 31, 2019, 80%. ; or 25.6.2 a new time charter is not entered into by (ii) the Sub-Lessee with a time charterer who has a minimum credit rating of BBB+ by Standard & Poor's Borrower shall provide 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 cause 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 be provided to the satisfaction of the Lessor Facility Agent such additional security as shall be acceptable is satisfactory to the Lessor and having a value for security purposes Facility Agent (acting on the instructions of the Majority Lenders) so as determined by to achieve the LessorLoan to Value Ratio referred to in paragraph (i) at the date upon which such additional security above. (e) Clause 16.25 shall be constituted equal not apply 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 Ship under this Lease and if the Lessor wishes to exercise this option it shall notify the Lessee in writing whereupon the Lessee shall become immediately obliged to give an irrevocable notice to the Lessor terminating the Lease Period in accordance with the provisions of clause 3.3 (other than with respect to the period of such notice) and the Lease Period shall terminate upon the giving of such notice. Save as set out above, the provisions of clauses 3.3, 3.4 and 3.5 shall apply to such termination of the Lease Period. Where the Time Charter is replaced in accordance with clauses 25.6.1 or 25.6.2 then the provisions of this clause 25.6 shall apply with equal effect to any subsequent termination of the chartering of the Ship under such replacement Time Chartertime charter for any MSC Vessel.

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 Moody's (a "Rated Time ChartererXxxx Xharterer") 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 Ship under this Lease and if the Lessor wishes to exercise this option it shall notify the Lessee in writing whereupon the Lessee shall become immediately obliged to give an irrevocable notice to the Lessor terminating the Lease Period in accordance with the provisions of clause 3.3 (other than with respect to the period of such notice) and the Lease Period shall terminate upon the giving of such notice. Save as set out above, the provisions of clauses 3.3, 3.4 and 3.5 shall apply to such termination of the Lease Period. Where the Time Charter is replaced in accordance with clauses 25.6.1 or 25.6.2 then the provisions of this clause 25.6 shall apply with equal effect to any subsequent termination of the chartering of the Ship under such replacement Time Charter.

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 Moody's (a "Rated Time ChartererCharterxx") or xx 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 Ship under this Lease and if the Lessor wishes to exercise this option it shall notify the Lessee in writing whereupon the Lessee shall become immediately obliged to give an irrevocable notice to the Lessor terminating the Lease Period in accordance with the provisions of clause 3.3 (other than with respect to the period of such notice) and the Lease Period shall terminate upon the giving of such notice. Save as set out above, the provisions of clauses 3.3, 3.4 and 3.5 shall apply to such termination of the Lease Period. Where the Time Charter is replaced in accordance with clauses 25.6.1 or 25.6.2 then the provisions of this clause 25.6 shall apply with equal effect to any subsequent termination of the chartering of the Ship under such replacement Time Charter.