Common use of Time Charter Assignment Clause in Contracts

Time Charter Assignment. If the Owner enters into any Charterparty (subject to obtaining the consent of the Lender in accordance with Clause 13.12(b)), the Borrower shall procure that the Owner shall, at the request of the Lender, execute in favour of the Lender a Charterparty Assignment and shall: (a) serve on the relevant Approved Charterer notice of the assignment contemplated in that Charterparty Assignment and use its best endeavours to procure that such Approved Charterer acknowledges such notice immediately after its service; and (b) deliver to the Lender such other documents equivalent to those referred to at paragraphs 3, 4 and 5 of Schedule 2, Part A hereof as the Lender may reasonably require.