Time Charters Sample Clauses

Time Charters ensure that: (a) the Vessel is constructed pursuant to the Building Contract so that on the Delivery Date the Vessel is accepted by the Time Charterer under the Time Charter; (b) from the Delivery Date and throughout the Facility Period: (i) subject to clauses 5.8.3 and 5.8.4, the Vessel shall be chartered to the Time Charterer under the Time Charter or (subject to clause 9.2.18) a bareboat charter unless the Agent, acting on the instruction of all the Lenders (acting reasonably and without delay) otherwise agrees; (ii) no amendments are made to (aa) the Time Charter (other than in respect of purely technical and/or operational matters which shall have no material adverse financial effect upon the Borrower, no adverse effect upon the security rights of the Agent, the Security Trustee, the KEIC Agent, the Lenders or the Swap Providers, which shall not have the effect of reducing the rate of hire payable under the Time Charter or amending the dates on which such hire is payable or reducing the period of the contractTime Charter itself and which shall in any event be promptly notified to the Agent) or (bb) to any letters of credit or insurance policies to be issued under the Time Charter, in each case without the consent of the Agent (such consent not to be unreasonably withheld or delayed); and (iii) all licenses, consents and Authorisations necessary to permit the proper and lawful operation of the Vessel pursuant to the Time Charter in any Relevant Jurisdiction to which the Vessel may be ordered or trade are complied with and ensure that each such licence, consent and Authorisation has been properly and validly obtained; and (c) upon the occurrence of any force majeure as set out in the Time Charter or any incident or other occurrence of which it is aware which may reasonably be expected to become a force majeure upon the giving of notice or lapse of time the Borrower shall forthwith advise the Agent of such force majeure or incident or occurrence which may become a force majeure and keep the Agent up to date in respect of all matters and/or developments in respect of such force majeure and/or incident and/or occurrence;

Time Charters. (i) During the period beginning on the ARCO Marine Transfer Date and ending on the First Closing Date, Purchaser shall not permit ARCO Marine to terminate, and shall cause ARCO Marine to perform its obligations under, each of the time charters between ARCO Marine and ARCO Products Company then in effect for each of the AMI Conveyed Properties and the ARCO Trader (the "ARCO PRODUCTS TIME CHARTERS"). (ii) ARCO shall cause the termination of each of the ARCO Products Time Charters, effective simultaneously with the termination of the Bareboat Charters in accordance with Section 5.22(b).

Time Charters. None of the US Borrowers shall terminate any Time Charter Agreement or agree to amend its terms in any manner which would be unfavorable from the perspective of such US Borrower, without the prior written consent of the Agent, which shall not be unreasonably withheld. Upon the occurrence of an Event of Default and written notice being provided by Agent to the US Borrowers, the US Borrowers shall not make any payments under any Time Charter Agreement.

Time Charters. The Obligors shall not agree to any amendment to, variation or termination of any Time Charter without the prior written consent of the Agent (acting on instructions of the Lenders) and Sinosure.

Time Charters. (a) The Borrowers undertake to ensure that the Owners shall enter into the Time Charters in respect of Ships, which Time Charters shall remain in place throughout the Security Period. (b) The Borrowers further undertake that, should any of the Owners enter into any time charter or consecutive voyage charter or contract of affreightment in relation to any Ship (other than a Time Charter) and which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, then the Borrowers shall procure that the relevant Owner shall execute in favour of the Security Trustee an assignment and notice of assignment (to be acknowledged by the relevant counterparty) of such time charter or consecutive voyage charter or contract of affreightment in such form and on such terms as the Time Charter Assignment, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 4, 5 and 6 of Part A of Schedule 4 hereof as the Agent may require.”;

Time Charters. (a) Following delivery of a Vessel, that Vessel shall be employed under a fixed rate charter on terms and with counterparties satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders (a TIME CHARTER), such charters to be in place no later than the date on which each Vessel is delivered to the relevant Owner under the relevant Memorandum of Agreement (or, with respect to Vessel 4 and Vessel 5 no later than thirty (30) days following the date on which such Vessel is delivered to the Owner under the relevant Memorandum of Agreement). Each Owner shall provide copies of the relevant executed charter to the Facility Agent on or prior to drawdown of the relevant Loan (or, with respect to Vessel 4 and Vessel 5 no later than thirty (30) days following the date on which such Vessel is delivered to the Owner under the relevant Memorandum of Agreement). (b) The charter rates for each of the fixed term charters for the delivered Vessels shall be, in aggregate, at least equal to the Predicted Charter Rates. In the event that the charter rates when aggregated are less than the Predicted Charter Rates the Borrower shall be obliged to make a prepayment in accordance with the provisions of Clause 6.3(d). (c) No Owner shall be permitted to let any of the Vessels on demise charter. (d) Notwithstanding any of the foregoing, one (1) Vessel may be chartered on a spot rather than time charter basis.