Acceptable Charter definition

Acceptable Charter means, in respect of a Vessel, any time charter having a duration of 18 months or more which is acceptable to and has been approved by the Agent in writing (such approval not to be unreasonably withheld).

Acceptable Charter means, in respect of a Vessel or any other Group Vessel:

Acceptable Charter means in respect of “FANTASTIKS”, a charterparty in respect thereof which (i) covers at least the period March 2011 until September 2014, (ii) is at a net daily charterhire of at least USD35,000 and (iii) is made with a charterer acceptable to the Agent;

Examples of Acceptable Charter in a sentence

• If an Acceptable Charter is not in force, any valuations for the purposes of Clause 20 (Financial Covenants) shall be made on a charter-free basis.

• Ensure that within 60 days of the later to occur of the first Utilisation Date in respect of its Term Loan and the signing of the first Acceptable Charter or first Alternative Charter in respect of its Vessel and at all times thereafter at least 75 per cent.

• No Acceptable Charterer has given to it or received from it any notice of force majeure under any Acceptable Charter or Alternative Charter, in each case to which such Acceptable Charterer is party where the event of force majeure in respect of which such notice is given reasonably could be expected to have a Material Adverse Effect.

• No Acceptable Charterer has given any notice to it to terminate any Shipbuilding Contract or any Acceptable Charter or Alternative Charter, in each case to which it is party and it is not aware of any circumstance that would give rise to such Acceptable Charterer’s right to terminate any such Shipbuilding Contract or any such Acceptable Charter or Alternative Charter.

• Other than as expressly permitted or contemplated by any Transaction Document to which it is party, enter into any material agreement, contract or commitment (other than a charter agreement or a commitment to enter into a charter agreement, in each case, in respect of a Vessel that it plans to submit to the Intercreditor Agent for approval as an Acceptable Charter or an Alternative Charter by the Lenders) or incur any additional obligation without the prior written consent of the Intercreditor Agent.

More Definitions of Acceptable Charter

Acceptable Charter means for any Ship, a charterparty, and if approved by the Required Lenders, any contract of affreightment entered into between the relevant Upstream Guarantor and an Acceptable Charterer at a monthly rate of at least $680,000.

Acceptable Charter means, with respect to a Mexican-flagged Vessel, a Pemex Charter or any time charter, or other employment acceptable to the Facility Agent, under the Mexican Navigation and Maritime Commerce Law (Ley de Navegación y Comercio Marítimos) with an Acceptable Charterer, with rates (denominated in Dollars), projected cash flow, and all other terms and conditions satisfactory to the Facility Agent or, with respect to a non-Mexican flagged Vessel, any other Charter Party Agreement;

Acceptable Charter means a time charter in respect of the Vessel with a minimum term (inclusive of the primary term and any renewal or extension term options) of five years in form and substance reasonably acceptable to the Majority Lenders;

Acceptable Charter means, in relation to a Ship, a charterparty entered into by the relevant Owner in respect of such Ship, at a minimum Daily Charter Rate and a minimum term (commencing (a) from the relevant Drawdown Date (in the case of a New Ship) or (b) from the first Drawdown Date (in the case of a Collateral Ship)), as specified for such Ship in the table below, and with such charterer and otherwise on such other terms and conditions, as shall be in all respects acceptable to the Bank: New Ship Minimum Daily Charter Rate minimum term Harmony $17,000 2 years Phoenix $14,500 1 year Goddess $26,000 3 years Daisy $11,500 Spot Provided that, in the case of Goddess, the minimum Daily Charter Rate for the purposes of this table, may, at the Borrowers’ option notified to the Bank in writing, be substituted for by an average net daily charterhire of $26,000 over the relevant minimum term of 3 years of the relevant Acceptable Charter; Collateral Ships Minimum Daily Charter Rate minimum term Free Destiny $15,000 Spot Free Envoy $17,000 12 months less 2 weeks

Acceptable Charter means, in relation to a Ship, a charterparty entered into by the relevant Borrower in respect of such Ship, at a minimum Daily Charter Rate and a minimum term (commencing from the relevant Drawdown Date), as specified for such Ship in the table below, and with such charterer and otherwise on such other terms and conditions, as shall be in all respects acceptable to the Agent (acting on the instructions of the Majority Banks): minimum Daily Charter Ship Rate ($) minimum term Harmony $ 17,000 2 years Phoenix $ 14,500 1 year Goddess $ 26,000 3 years Daisy $ 11,500 Spot Minimum Fleet Daily Charter Rate $ 69,000 Provided that, in the case of Goddess, the minimum Daily Charter Rate for the purposes of this table, may, at the Borrowers’ option notified to the Agent in writing, be substituted for by an average net daily charterhire of $26,000 over the relevant minimum term of 3 years of the relevant Acceptable Charter;

Acceptable Charter means in relation to each Vessel, each of the charter commitments of that Vessel set out in Schedule 2 (Vessel Information) or, for the purposes of Clause 28.17 (Charter termination) only, such other Charter acceptable in all respects to the Lenders.

Acceptable Charter means, in respect of a Vessel or any other Group Vessel, any time charter or other contract of employment which: