Common use of Laying-up Clause in Contracts

Laying-up. 12.1 Subject to the relevant Pool Participant’s prior consent, which not to be unreasonably withheld, the Company may decide to lay up any Pool Vessel if market conditions justify such a decision. If a Pool Vessel is laid up, the Pool Participant shall receive hire according to the Pool Vessel’s Pool Earning Points but with a reduction for any net savings that the Pool Participant may reasonably be expected to obtain as a result of the Pool Vessel being laid up. If the Pool Participant do not consent to the laying up of its Pool Vessel, they shall have the option to elect to terminate this Agreement by giving ninety (90) days notice, plus or minus thirty (30) days in the Company’s option, in writing to the Company and the Pool Vessel shall not be laid up during such notice period.