Common use of Time Charters Clause in Contracts

Time Charters. ensure that: (a) the Vessel is constructed pursuant to the Building Contract so that on the Delivery Date the Vessel is accepted by the Time Charterer under the Time Charter; (b) from the Delivery Date and throughout the Facility Period: (i) subject to clauses 5.8.3 and 5.8.4, the Vessel shall be chartered to the Time Charterer under the Time Charter or (subject to clause 9.2.18) a bareboat charter unless the Agent, acting on the instruction of all the Lenders (acting reasonably and without delay) otherwise agrees; (ii) no amendments are made to (aa) the Time Charter (other than in respect of purely technical and/or operational matters which shall have no material adverse financial effect upon the Borrower, no adverse effect upon the security rights of the Agent, the Security Trustee, the KEIC Agent, the Lenders or the Swap Providers, which shall not have the effect of reducing the rate of hire payable under the Time Charter or amending the dates on which such hire is payable or reducing the period of the contractTime Charter itself and which shall in any event be promptly notified to the Agent) or (bb) to any letters of credit or insurance policies to be issued under the Time Charter, in each case without the consent of the Agent (such consent not to be unreasonably withheld or delayed); and (iii) all licenses, consents and Authorisations necessary to permit the proper and lawful operation of the Vessel pursuant to the Time Charter in any Relevant Jurisdiction to which the Vessel may be ordered or trade are complied with and ensure that each such licence, consent and Authorisation has been properly and validly obtained; and (c) upon the occurrence of any force majeure as set out in the Time Charter or any incident or other occurrence of which it is aware which may reasonably be expected to become a force majeure upon the giving of notice or lapse of time the Borrower shall forthwith advise the Agent of such force majeure or incident or occurrence which may become a force majeure and keep the Agent up to date in respect of all matters and/or developments in respect of such force majeure and/or incident and/or occurrence;

Time Charters. ensure that: (a) the Vessel is constructed pursuant to the Building Contract so that on the Delivery Date the Vessel is accepted by the Time Charterer under the Time Charter; (b) from the Delivery Date and throughout the Facility Period: (i) subject to clauses 5.8.3 and 5.8.4, the Vessel shall be chartered to the Time Charterer under the Time Charter or (subject to clause 9.2.18) a bareboat charter unless the Agent, acting on the instruction of all the Lenders (acting reasonably and without delay) otherwise agrees; (ii) no amendments are made to (aa) the Time Charter (other than in respect of purely technical and/or operational matters which shall have no material adverse adverse, financial effect upon the Borrower, no adverse effect upon the security rights of the Agent, the Security Trustee, the KEIC Agent, the Lenders or the Swap Providers, which shall not have the effect of reducing the rate of hire payable under the Time Charter or amending the dates on which such hire is payable or reducing the period of the contractTime Charter itself and which shall in any event be promptly notified to the Agent) or (bb) to any letters of credit or insurance policies to be issued under the Time Charter, in each case without the consent of the Agent (such consent not to be unreasonably withheld or delayed); and (iii) all licenses, consents and Authorisations necessary to permit the proper and lawful operation of the Vessel pursuant to the Time Charter in any Relevant Jurisdiction to which the Vessel may be ordered or trade are complied with and ensure that each such licence, consent and Authorisation has been properly and validly obtained; and (c) upon the occurrence of any force majeure as set out in the Time Charter or any incident or other occurrence of which it is aware which may reasonably be expected to become a force majeure upon the giving of notice or lapse of time the Borrower shall forthwith advise the Agent of such force majeure or incident or occurrence which may become a force majeure and keep the Agent up to date in respect of all matters and/or developments in respect of such force majeure and/or incident and/or occurrence;

Time Charters. ensure that: (a) the Vessel is constructed pursuant to the Building Contract so that on the Delivery Date the Vessel is accepted by the Time Charterer under the Time Charter; (b) from the Delivery Date and throughout the Facility Period: (i) subject to clauses 5.8.3 and 5.8.4, the Vessel shall be chartered to the Time Charterer under the Time Charter or (subject to clause 9.2.18) a bareboat charter unless the Agent, acting on the instruction of all the Lenders (acting reasonably and without delay) otherwise agrees; (ii) no amendments are made to (aa) the Time Charter (other than in respect of purely technical and/or operational matters which shall have no material adverse financial effect upon the Borrower, no adverse effect upon the security rights of the Agent, the Security Trustee, the KEIC Agent, the Lenders or the Swap Providers, which shall not have the effect of reducing the rate of hire payable under the Time Charter or amending the dates on which such hire is payable or reducing the period of the contractTime Time Charter itself and which shall in any event be promptly notified to the Agent) or (bb) to any letters of credit or insurance policies to be issued under the Time Charter, in each case without the consent of the Agent (such consent not to be unreasonably withheld or delayed); and (iii) all licenses, consents and Authorisations necessary to permit the proper and lawful operation of the Vessel pursuant to the Time Charter in any Relevant Jurisdiction to which the Vessel may be ordered or trade are complied with and ensure that each such licence, consent and Authorisation has been properly and validly obtained; and (c) upon the occurrence of any force majeure as set out in the Time Charter or any incident or other occurrence of which it is aware which may reasonably be expected to become a force majeure upon the giving of notice or lapse of time the Borrower shall forthwith advise the Agent of such force majeure or incident or occurrence which may become a force majeure and keep the Agent up to date in respect of all matters and/or developments in respect of such force majeure and/or incident and/or occurrence;