Common use of Time Charter Assignment Clause in Contracts

Time Charter Assignment. If the Borrower enters into any time charter or contract of affreightment in respect of the Ship which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, the Borrower shall execute in favour of the Security Trustee an assignment and notice of assignment (and shall use its best endeavours 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 3, 4 and 5 of Schedule 3 (Part A) hereof as the Agent may require.

Time Charter Assignment. If the a Borrower enters into any time charter or contract of affreightment in respect of the its Ship which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, the that Borrower shall execute in favour of the Security Trustee an assignment and notice of assignment (and shall use its best endeavours 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 3, 4 and 5 of Schedule 3 (Part A) hereof as the Agent may require.