Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall:
(a) let the Ship owned by it on demise charter for any period;
(b) other than the relevant Initial Charterparty or Future Charterparty, enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 11 months;
(c) change the terms on which the Ship owned by it is employed or the identity of the person by whom that Ship is employed;
(d) enter into any charter in relation to the Ship owned by it under which more than 2 months’ hire (or the equivalent) is payable in advance;
(e) charter the Ship owned by it otherwise than on bona fide arm’s length terms at the time when the Ship is fixed;
(f) appoint a manager of the Ship owned by it other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment;
(g) de-activate or lay up the Ship owned by it; or
(h) put the Ship owned by it into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise.
Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall (without the Lender’s prior written consent), in relation to the Ship owned by it:
(a) let that Ship on demise charter for any period;
(b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months;
(c) enter into any charter in relation to that Ship under which more than, in the case of time charters, 2 and, in the case voyage charters, 4 months’ hire (or the equivalent) is payable in advance;
(d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed;
(e) appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the Approved Managers’ appointment;
(f) de-activate or lay up that Ship; or
(g) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.
Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no Owner shall, in relation to the Ship owned by it:
(a) enter into any charter in relation to that Ship under which more than 2 months’ hire (or the equivalent) is payable in advance;
(b) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed;
(c) appoint a manager of that Ship other than an Approved Manager or agree to any alteration to the terms of any Approved Manager’s appointment; or
(d) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.
Restrictions on chartering, appointment of managers etc. Except as the Agent may otherwise permit, no Guarantor shall, in relation to the Ship owned by it:
(a) let that Ship on demise charter for any period;
(b) enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months;
(c) enter into any charter in relation to that Ship under which more than 2 months' hire (or the equivalent) is payable in advance;
(d) charter that Ship otherwise than on bona fide arm's length terms at the time when that Ship is fixed;
(e) appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager's appointment;
(f) de‑activate or lay up that Ship; or
(g) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason other than any Permitted Security.
Restrictions on chartering, appointment of managers etc. The Borrower shall procure that no relevant Guarantor shall:
(a) let the Ship owned by it on demise charter for any period;
(b) enter into any time or consecutive voyage charter in respect of the Ship owned by it for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months;
(c) enter into any charter in relation to its Ship under which more than 2 months’ hire (or the equivalent) is payable in advance;
(d) charter its Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed;
(e) appoint a manager of its Ship other than the entities advised to the Agent at the date of this Agreement as the Approved Manager or Third Party Manager of each Ship, provided that the Creditor Parties consent to the change of management of each ship to either entity being the Approved Manager and the Third Party Manager in respect of each Ship at the date of this Agreement on the condition that such Approved Manager or Third Party Manager deliver to the Agent, to the Agent’s satisfaction (i) a certified true copy of the Management Agreement, (ii) a Manager’s Undertaking in the Agreed Form and (iii) in relation to such Approved Manager or Third Party Manager, items 1, 2, 3, 4, 6, 7, 8 and 9 included in Schedule 3, Part A of this Agreement and items 2(f) and 3(b) included in Schedule 3, Part B of this Agreement;
(f) agree to any alteration to the material terms of the Management Agreement relating to its Ship or to any other terms of the Approved Manager’s and the Third Party Manager’s appointment;
(g) de-activate or lay up its Ship for more than 30 days; or
(h) put its Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $500,000 (or the equivalent in any other currency), which amount shall exclude dry-docking costs, unless the Agent (acting with authorisation of the Majority Lenders) has given prior approval in writing.
Restrictions on chartering, appointment of managers etc. The Borrower shall not:
(a) let the Ship on demise charter for any period;
(b) enter into any time or consecutive voyage charter, other than an Approved Charter, in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months;
(c) enter into any charter in relation to the Ship under which more than 2 months’ hire (or the equivalent) is payable in advance;
(d) charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed;
(e) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Manager’s appointment;
(f) de-activate or lay up the Ship; or
(g) put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed $250,000 (or the equivalent in any other currency) unless that person has first given to the Lender and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or the Earnings for the cost of such work or for any other reason.
Restrictions on chartering, appointment of managers etc. The Borrower shall not, in relation to the Ship:
(a) enter into any charter in relation to the Ship under which more than two months’ hire (or the equivalent) is payable in advance;
(b) charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed;
(c) appoint a manager of the Ship other than the Approved Manager; or
(d) put the Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or its Earnings for the cost of such work or for any other reason.
Restrictions on chartering, appointment of managers etc. No Borrower shall, in relation to the Ship owned by it:
(a) let that Ship on demise charter for any period;
(b) enter into any time or consecutive voyage charter in respect of that Ship other than a Permitted Charter;
(c) appoint a manager of that Ship other than an Approved Manager or agree to any alteration to the terms of an Approved Manager’s appointment;
(d) de activate or lay up that Ship; or
(e) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,500,000 (or the equivalent in any other currency) unless that person has first given to the Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.
Restrictions on chartering, appointment of managers etc. None of the Borrower shall:
(a) let the Ship owned by it on demise charter for any period;
(b) enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months (except pursuant to the relevant Time Charter);
(c) enter into any charter in relation to that Ship under which more than two (2) months’ hire (or the equivalent) is payable in advance;
(d) charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed;
(e) appoint a manager of the Ship other than the Approved Manager or agree to any alteration to the terms of the Approved Management Agreement;
(f) de‑activate or lay up that Ship;
(g) change the Classification Society;
(h) put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,500,000 (or the equivalent in any other currency) without the prior written consent of the Security Trustee, unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any Security Interest on that Ship or the Earnings for the cost of such work or for any other reason; or
(i) permit the Ship to carry nuclear waste or material.
Restrictions on chartering, appointment of managers etc. The Borrower shall not:
(a) let the Ship on demise charter for any period;
(b) save for any Charter or Replacement Charter, enter into any time or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 13 months;
(c) save for any Charter or Replacement Charter, enter into any charter in relation to the Ship under which more than 2 months’ hire (or the equivalent) is payable in advance;
(d) save for any Charter or Replacement Charter, charter the Ship otherwise than on bona fide arm’s length terms at the time when the Ship is fixed;
(e) appoint a manager of the Ship other than an Approved Manager (and then provided that that Approved Manager has provided to the Security Trustee the undertaking referred to in Schedule 4, Part B, Paragraph 4(a)) nor agree to any material alteration to the terms of any Approved Manager’s appointment;
(f) de-activate or lay up the Ship; or
(g) put the Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless the Borrower has established to the reasonable satisfaction of the Agent that the Borrower has sufficient reserves to pay for the cost of such work.
