Qualifying Charter Contracts definition
Qualifying Charter Contracts means any firm contract for the employment of a vessel owned by a member of the Guarantor Group with a Person other than a member of the Guarantor Group, which has a remaining fixed term of not less than 12 months (which shall include any extension options which (i) if at the option of the Charterer, have been exercised, (ii) if at the option of the relevant vessel owner, have or have not yet been exercised and (iii) are automatically exercised (without any condition, requirement or other arrangement whereby such extension will not occur other than a determination from the relevant vessel owner otherwise)), and shall include any charter providing the applicable vessel owner with a termination right.
Qualifying Charter Contracts. (QCC) means any firm contract for the employment of a Collateral Vessel with a Person other than a member of the Guarantor Group, which has a remaining fixed term of not less than 6 months (which shall include any extension options which (i) if at the option of the Charterer, have been exercised, (ii) if at the option of the relevant Vessel Owner, have or have not yet been exercised and (iii) are automatically exercised (without any condition, requirement or other arrangement whereby such extension will not occur other than a determination from the relevant Vessel Owner otherwise)), and shall include any charter providing the applicable Vessel Owner with a termination right.
Examples of Qualifying Charter Contracts in a sentence
The details of the metrics and trajectory used in the Qualifying Charter Contracts are provided by the Borrower to the Lead Sustainability Coordinator, who will provide its opinion on the appropriateness of the metrics and trajectory used in the Sustainability Linked Charter Mechanism.
The Borrower shall then calculate the number of Qualifying Charter Contracts and the QCC Ratio.