Time Charter Payments Clause Samples

Time Charter Payments. The Lessee shall, forthwith upon being requested by the Lessor to do so; 1.1.1 open an account with the Bank (the “Charterhire Account”); 1.1.2 grant a charge over the Charterhire Account in favour of the Lessor; and 1.1.3 procure that all payments to be made by the Time Charterer under the Time Charter (and, following any termination of the Time Charter, any other earnings relating to the employment of the Ship) are paid into the Charterhire Account until otherwise directed by the Lessor.