Common use of Charter Contracts Clause in Contracts

Charter Contracts. (a) Each Assignor hereby agrees that at any time and from time to time, upon entering into any Pledged Charter, it will, at the cost and expense of the Borrower, promptly and duly execute and deliver to the charterer under such Pledged Charter, notice of this Agreement in respect of such Pledged Charter substantially in the form attached as Exhibit C. The Assignors covenant to use commercially reasonable efforts to obtain the consent of the charterer under said Pledged Charter to the assignment of the Pledged Charter in the form attached as Annex I to Exhibit C or in such other form as the Assignee may agree. (b) On the date hereof, the Assignor shall have furnished to the Assignee copies of all notices and other instruments, certificates, reports and communications required or permitted to be given or made by the charterer under any Pledged Charter to the Assignor pursuant to the Pledged Charter and, the Assignee may at any time after a Default or Event of Default, instruct the charterer to deliver such notices and other instruments, certificates, reports and communications directly to the Assignee.