Common use of Charters Clause in Contracts

Charters. provided it has first obtained the consent of the Security Agent or any other Creditors in accordance with the relevant Ship Security Documents and/or clause 8.5, (i) deliver to the Agent, a certified copy of each time charter or other contract of employment (excluding any time-charters entered into with any of its Related Companies) of its Ship with a tenor (including any options to extend) exceeding twelve (12) months, forthwith after its execution, (ii) forthwith on the Agents request execute (1) a specific assignment of any such time charter or other contract of employment in favour of the Security Agent in a form acceptable to the Agent in its sole discretion and (2) any notice of assignment required in connection therewith in a form acceptable to the Agent in its sole discretion, and promptly procure the acknowledgement of any such notice of assignment by the relevant charterer in a form acceptable to the Agent in its sole discretion, and (iii) pay all legal and other costs incurred by any Creditor in connection with any such specific assignments, forthwith following the Agent’s demand.

Charters. provided it has first obtained the consent of the Security Agent or any other Creditors in accordance with the relevant Ship Security Documents and/or clause 8.5, (ia) deliver to the Agent, a certified copy of each time charter or other contract of employment (excluding any time-charters entered into with any other member of its Related Companiesthe Group) of its Ship with a tenor (including any options to extend) exceeding twelve (12) months, forthwith after its execution, (iib) forthwith on the Agents Agent's request execute (1i) a specific assignment of any such time charter or other contract of employment in favour of the Security Agent in a form acceptable to the Agent in its sole discretion and (2ii) any notice of assignment required in connection therewith in a form acceptable to the Agent in its sole discretion, and promptly procure the acknowledgement of any such notice of assignment by the relevant charterer in a form acceptable to the Agent in its sole discretion, and (iiic) pay all legal and other costs incurred by any Creditor in connection with any such specific assignments, forthwith following the Agent’s 's demand.

Charters. provided it the relevant Owner has first obtained the consent of the Security Agent or any other Creditors in accordance with the relevant Ship Security Documents and/or clause 8.5, (i) procure that each Owner will deliver to the Agent, a certified copy of each time charter or other contract of employment (excluding any time-charters entered into with any of its Related Companies) of its Ship with a tenor (including any options to extend) exceeding twelve six (126) months, forthwith after its execution, (ii) procure that each Owner will forthwith on the Agents Agent's request execute (1) a specific assignment of any such time charter or other contract of employment in favour of the Security Agent and/or any other Creditors in a form acceptable to the Agent in its sole discretion and (2) any notice of assignment required in connection therewith in a form acceptable to the Agent in its sole discretion, and promptly procure the acknowledgement of any such notice of assignment by the relevant charterer in a form acceptable to the Agent in its sole discretion, and (iii) pay all legal and other costs incurred by any Creditor in connection with any such specific assignments, forthwith following the Agent’s 's demand.

Charters. provided it has first obtained the consent of the Security Agent or any other Creditors in accordance with the relevant Ship Security Documents and/or clause 8.58.5 has first been obtained, (i) deliver to the Agent, a certified copy of each time charter or other contract of employment (excluding of any time-charters entered into with any of its Related Companies) of its Ship with a tenor (including any options to extend) exceeding twelve (12) months, forthwith after its execution, (ii) forthwith on the Agents Agent's request execute or (as the case may be) procure that the relevant Owner executes (1) a specific assignment of any such time charter or other contract of employment in favour of the Security Agent in a form acceptable to the Agent in its sole discretion and (2) any notice of assignment required in connection therewith in a form acceptable to the Agent in its sole discretion, and promptly procure the acknowledgement of any such notice of assignment by the relevant charterer in a form acceptable to the Agent in its sole discretion, and (iii) pay all legal and other costs incurred by any Creditor in connection with any such specific assignments, forthwith following the Agent’s 's demand.

Charters. provided it has first obtained the consent of the Security Agent or any other Creditors in accordance with the relevant Ship Security Documents and/or clause 8.5, (i) deliver to the Agent, a certified copy of each time charter or other contract of employment (excluding any time-charters entered into with any of its Related Companies) of its Ship with a tenor (including any options to extend) exceeding twelve (12) months, forthwith after its execution, (ii) forthwith on the Agents Agent’s request execute (1) a specific assignment of any such time charter or other contract of employment in favour of the Security Agent in a form acceptable to the Agent in its sole discretion and (2) any notice of assignment required in connection therewith in a form acceptable to the Agent in its sole discretion, and promptly procure the acknowledgement of any such notice of assignment by the relevant charterer in a form acceptable to the Agent in its sole discretion, and (iii) pay all legal and other costs incurred by any Creditor in connection with any such specific assignments, forthwith following the Agent’s demand.