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:
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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 Xxxx up Rig) or USD 85,000 per day (in respect of a Tender Rig).
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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.

  • The condition precedent with respect to the provision of evidence that the relevant Ship has been delivered and accepted for service under the relevant Charter or the relevant Replacement Charter specified at paragraph 3(a)(v) of part 3 of Schedule 3, must be satisfied as soon as practicable after the relevant Utilisation Date and, in any event, no later than three Banking Days after the relevant Utilisation Date.

  • 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.

  • 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.

  • Thereafter, if the Owner enters into an Acceptable Replacement Charter or substitute charter, the Manager shall monitor and enforce the performance by any subsequent charterer (a "Subsequent Charterer") of its obligations under and pursuant to an Acceptable Replacement Charter or substitute charter.


More Definitions of Replacement Charter

Replacement Charter has the meaning given to it in clause 7.6 (Termination of Initial Charters).
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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);
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Replacement Charter means a charter which replaces a Charter in accordance with clause 4.2.5 of the Security Deed;
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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;
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Related to Replacement Charter

  • Parent Charter means the Certificate of Incorporation of Parent, as from time to time amended.

  • Replacement Agreement shall have the meaning set forth in Paragraph 2(b) hereof.

  • CFA Charter means the charter earned through the Chartered Financial Analyst program prepared and administered by the CFA Institute and so named on the day this Instrument comes into force, and every program that preceded that program, or succeeded that program, that does not have a significantly reduced scope and content when compared to the scope and content of the first-mentioned program;

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Replacement Card means a renewal or replacement Card issued to you by us;

  • Air charter service means an air carrier operation which requires the customer to

  • Replacement Engine means a [Engine Manufacturer and Model] engine (or an engine of the same or another manufacturer of a comparable or an improved model and suitable for installation and use on the Airframe with the other Engine (or any other Replacement Engine being substituted simultaneously therewith)) that shall have been made subject to the Lien of the Indenture pursuant to Section 7.04 or Section 7.05 thereof, together with all Parts relating to such engine, but excluding items installed or incorporated in or attached to any such engine from time to time that are excluded from the definition of Parts.

  • Charter contract or "contract" means a fixed-term, renewable contract

  • Replacement Reserve Agreement means a Replacement Reserve and Security Agreement, reasonably required by the Lender, and completed in accordance with the requirements of the DUS Guide.

  • Company Charter means the certificate of incorporation of the Company, as amended.

  • Management Charge means the sum paid by the Supplier to the Authority being an amount of half (0.5) percent of all Charges for the Services invoiced to the Contracting Bodies (net of VAT) in each Month throughout the Term and thereafter until the expiry or earlier termination of any Call-Off Contract;

  • Operating Agreement means this Operating Agreement as originally executed and as amended from time to time.

  • Replacement Sub-Contractor means a sub-contractor of the Replacement Supplier to whom Transferring Supplier Employees will transfer on a Service Transfer Date (or any sub-contractor of any such sub-contractor);

  • Charter Agreement means an agreement made in accordance with Section 53G-5-303 that authorizes the operation of a charter school.

  • Bareboat Charter means the bareboat charter agreement to be executed by the Effective Date by the Borrower as owner and the Charterer as bareboat charterer.

  • Replacement Management Agreement means, collectively, (a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to this subclause (ii), Lender, at its option, may require that Borrower shall have obtained prior written confirmation from the applicable Rating Agencies that such management agreement will not cause a downgrade, withdrawal or qualification of the then current rating of the Securities or any class thereof and (b) an assignment of management agreement and subordination of management fees substantially in the form then used by Lender (or of such other form and substance reasonably acceptable to Lender), executed and delivered to Lender by Borrower and such Qualified Manager at Borrower’s expense.

  • Replacement Equipment means operational equipment or other parts used by Tenant to replace any of the Equipment.

  • Charter Assignment means a specific assignment of any Extended Employment Contract required to be executed hereunder by either Owner in favour of the Bank (including any notices and/or acknowledgements and/or undertakings associated therewith) in such form as the Bank may require in its sole discretion;

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Substitution Agreement means the substitution agreement, substantially in the form set forth in the Schedules as entered into/ proposed to be entered into between the Authority, Developer, and the Lenders in relation to the substitution of the Developer with the Nominated Company in accordance with the Agreement;

  • Time Charter means the hire of a Vessel by which the charterer obtains possession and control of the Vessel for an agreed period of time or an agreed voyage.

  • Additional Special Servicing Compensation As defined in Section 3.11(d).

  • Company Charter Documents means the Company’s certificate of incorporation and bylaws, each as amended to the date of this Agreement.

  • Replacement Cut-Off Date With respect to any Qualified Replacement Mortgage, the first day of the calendar month in which such Qualified Replacement Mortgage is conveyed to the Trust.

  • Replacement Energy means Energy purchased by Buyer as replacement for any Delivery Shortfall.

  • Charter means the Corporation’s certificate or articles of incorporation, articles of association, or similar organizational document.