Replacement Charter definition

Replacement Charter means a time charter of the Ship entered into by the Borrower with a charterer approved by the Lenders and on terms approved by the Lenders (acting reasonably);

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Replacement Charter means, in relation to a Ship, a charter commitment in respect of that Ship (other than the Charter for that Ship) which:

Replacement Charter means a drilling contract with a duration exceeding six (6) months including an operating rate of minimum USD 100,000 per day (in respect of a ▇▇▇▇ up Rig) or USD 85,000 per day (in respect of a Tender Rig).

Examples of Replacement Charter in a sentence

The Borrower will not let the Ship other than under the Charter or a Replacement Charter provided that the Borrower may let the Ship on a voyage or short-term time charter with the consent of the Agent (such consent not to be unreasonably withheld or delayed).
Such cash collateral shall be released to the Borrower upon the Borrower having entered into a Replacement Charter (or, as the case may be, another Replacement Charter) and the Ship having been delivered and accepted under such Replacement Charter.
Upon termination or expiry of the Charter or a Replacement Charter, the Borrower shall, within 30 days after the date of such termination or cancellation, deposit $20,000,000 on an account with the Agent and the Borrower shall execute security, in favour of the Security Trustee (on behalf of the Lenders and the Swap Banks) and acceptable to the Lenders, over such account.
Except with approval, the relevant Owner shall not terminate or rescind any Charter Document or withdraw the relevant Ship from service under its Charter or Replacement Charter or take any similar action.
We certify to you that, upon the Rating Agencies giving such confirmation, the New Charter will constitute an Acceptable Replacement Charter.
We hereby advise you pursuant to Section 3.05(b) of the Management Agreement that an Acceptable Replacement Charter (in the form attached hereto, the “New Charter”) is available in respect of the Vessel, to commence upon redelivery of the Vessel by the Initial Charterer.
In no event shall the Manager be responsible for the costs and expenses incurred in connection with the enforcement of the Initial Charter, any Acceptable Replacement Charter or substitute charter.
In addition, in the event a Charter is terminated and an Acceptable Replacement Charter is commercially unavailable, the Owners, at their option, may redeem the Mortgage Notes in part in an amount equal to the Allocated Principal Amount of the Mortgage Notes for such Vessel upon payment of a redemption price equal to 100% of the principal amount thereof, together with accrued interest (including default interest) to the date fixed for redemption.
So long as the Initial Charterer or a replacement charterer under an Acceptable Replacement Charter shall not be in default under and pursuant to the terms of the Initial Charter or the terms of the Acceptable Replacement Charter, as the case may be, the Initial Charterer or replacement charterer shall be entitled to quiet enjoyment of the Vessel.
The Shipowner shall not, without the prior written consent of the Mortgagee, charter the Vessel by demise charter or by period, time or voyage charter for any period other than to the Initial Charterer under the Initial Charter or any other charterer under an Acceptable Replacement Charter.

More Definitions of Replacement Charter

Replacement Charter has the meaning given to it in clause 7.6 (Termination of Initial Charters).

Replacement Charter means any charter approved by the Lenders entered into between the Borrower and a charterer which is acceptable to the Lenders, on terms similar to, or better than, the Approved Charter;

Replacement Charter means a charter which replaces a Charter in accordance with clause 4.2.5 of the Security Deed;

Replacement Charter means at any time when the Financed Ship is not operating under the Initial Time Charter for any reason whatsoever, a charter in respect of the Financed Ship of a duration in excess of 12 months, at a daily hire rate and with a charterer in all respects acceptable to the Lender (in its sole and absolute discretion);