Common use of Charter Assignment Clause in Contracts

Charter Assignment. if a Borrower enters into any other time charter or contract of affreightment in respect of a Ship which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, that Borrower shall execute in favour of the Security Trustee a Charter Assignment and notice of assignment (and shall try to obtain an acknowledgement of the same from the relevant charterer or counterparty) of such time charter or contract of affreightment in such form and on such terms as the Agent may reasonably require, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4 and 5 of Schedule 3, Part A hereof as the Agent may reasonably require.

Charter Assignment. in the case of the Approved Existing Charter and/or if a the Borrower enters into any other time charter or contract of affreightment in respect of a the Ship which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, that the Borrower shall execute in favour of the Security Trustee a Charter Assignment and notice of assignment (and shall try to obtain an acknowledgement of the same from the relevant charterer or counterparty) of such time charter or contract of affreightment in such form and on such terms as the Agent may reasonably require, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4 and 5 of Schedule 3, Part A hereof as the Agent may reasonably require.