Approved Charter definition

Approved Charter means, in relation to:

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Approved Charter means, in relation to a Ship, any time charter party of that Ship to be entered by the relevant Borrower and a charterer in all respects acceptable to the Lender, exceeding or which, by virtue of any optional extensions is capable of exceeding, 12 months in duration as the same may be amended or supplemented from time to time in favour and substance in all respects acceptable to the Lender;

Approved Charter means the time charterparty dated 22 January 2011 (as amended and supplemented from time to time) and made between the Seller and the Approved Charterer (as novated to the Owner by a novation agreement dated 29 April 2011) for a firm period of (originally) at least 3 years at a gross daily charter hire rate of at least $23,000 and on such other terms approved by the Lender prior to the date of this Agreement;

Examples of Approved Charter in a sentence

• The Charter School shall utilize an autonomous governing body in the form of a Governing Board, which shall operate in accordance with its bylaws and Appendix B (Locally Approved Charter School Partners Roles and Responsibilities Chart) of this Charter and which shall be responsible for complying with and carrying out the provisions of this Charter, including compliance with all applicable law.

• The frequency and amount of such transfer(s) may be modified in the reasonable discretion of the Facility Agent if the payment intervals under the relevant Approved Charter changes.

• Each Borrower will ensure that no Borrower shall agree to any amendment or supplement to, or waive or fail to enforce, any Approved Charter to which it is a party or any of its provisions.

• At all times throughout the Security Period, the Borrowers shall procure that at least 3 of the Mortgaged Ships shall remain employed under a time charter (for the avoidance of doubt, such time charter shall include any Approved Charter) having an original minimum fixed duration (without taking into account any extensions) of at least 3 years and an aggregate net daily rate of hire which is sufficient to satisfy the Operating Expenses of all the Mortgaged Ships and the Debt Service.

• No Borrower shall make any modification or repairs to, or replacement of, any Ship or equipment installed on it unless (a) this is required pursuant to the terms and conditions of an Approved Charter or an Additional Charter (as the case may be) and (b) any modification or repairs to, or replacement of, the relevant Ship or equipment installed on it could not be reasonably expected to materially alter the structure, type or performance characteristics of that Ship or materially reduce its value.

More Definitions of Approved Charter

Approved Charter means, at any relevant time, any charter or other contract of employment entered into by the Borrower in respect of the Ship, which:

Approved Charter means each of them;

Approved Charter means in respect of the Ship, a time charter to be made between the Borrower and a charterer acceptable to the Lender in its reasonable discretion, for a period of not less than twenty four (24) months, at such hire rate and on such other terms and conditions as may be acceptable to the Lender in its reasonable discretion;

Approved Charter means any charterparty, contract or engagement of affreightment or for the carriage or transportation of cargo, mail or passengers or any of them, relating to any of the Mortgaged Vessels, whether now existing or hereafter entered into by the Borrower or any person, firm or company on its behalf, the terms of which are approved by the Agent;

Approved Charter means, collectively, (i) the time charters described in Part II of Schedule 11 (Details of Existing Ships and Approved Charters), and (ii) any other time or consecutive voyage charter in respect of a Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 24 months and has been approved by the DIP Agent.

Approved Charter means the Initial Charter Party Agreement and any other charter party to be entered with an internationally recognized PCTC operator acceptable to the Facility Agent (such consent not to be unreasonably withheld); provided, that such other charter party has charter hire rates that are comparable to the then current market charter hire rates for similar vessels and having other prevailing market terms;

Approved Charter means, in relation to a Ship or a Fleet Vessel, a charterparty or other contract of employment in respect of that Ship or Fleet Vessel having an unexpired duration of at least 3 months entered into by the Owner of the Ship (or the applicable member of the Group in the case of a Fleet Vessel) with an Approved Charterer;