Internal Charter definition
Examples of Internal Charter in a sentence
No Other Guarantor shall engage in any other business or activities or incur or guarantee any Indebtedness (other than Loan Obligations and other Pari Passu Obligations), and any earnings of such Other Guarantor attributable to any Drilling Contract or Internal Charter in respect of a Vessel shall be subject to the Earnings Assignment.
Upon entering into an Internal Charter with respect to any Vessel, (a) to the extent any applicable Loan Party has not previously done so, deliver to the Collateral Agent an Earnings Assignment duly authorized, executed and delivered by each applicable Loan Party and each applicable Internal Charterer and (b) take all actions necessary to perfect and maintain the Liens of the Collateral Agent in the Earnings assigned pursuant thereto.
SECTION 2.16 The Shipowner will fully perform, and cause any Internal Charterer or charterer under a Permitted Third Party Charter, respectively, to fully perform, (a) any Internal Charter of the Vessel between the Shipowner and the Internal Charterer, (b) any Permitted Third Party Charter, and (c) all drilling or other contracts which may be entered into with respect to the Vessel.
Notwithstanding anything herein to the contrary, the Borrower will not, and will not permit any Subsidiary to, directly or indirectly, consummate any sale, lease (except an Internal Charter that complies with Section 5.15, a Permitted Third Party Charter, or a Drilling Contract), conveyance, transfer or other disposition of any Vessel except as expressly permitted under Section 5.14.
Upon entering into an Internal Charter, the Assignor will cause any Internal Charterer to execute and deliver to the Assignee an Assignment of Insurance substantially in the form hereof together with notice thereof, to deliver such notice to underwriters and insurers and to take all actions necessary to perfect and maintain the perfection of the security interest of the Assignee in the insurances assigned thereunder.
Each of the Internal Charters and other internal contracts described in the Perfection Certificate dated as of the Closing Date is in full force and effect, and there are currently no existing and unwaived and/or uncured defaults or events which with time or notice would become events of default under any such Internal Charter or other such internal contract.
Within 180 days of any sale, lease (except under an Internal Charter, Drilling Contract or Permitted Third Party Charter), conveyance or other disposition of any Vessel or any right to a Vessel or a construction contract respecting the construction of a Vessel, in each case (other than a Deepwater Vessel or that is otherwise not prohibited under this Indenture), the Company or the applicable Restricted Subsidiary, as the case may be, must reinvest such Net Proceeds in a Vessel.
The Subsidiary Borrower will not, and neither Parent nor the Subsidiary Borrower will permit any of the Restricted Subsidiaries to, directly or indirectly, consummate the sale, lease (except under an Internal Charter or a Drilling Contract), conveyance or other disposition of any Vessel or any right to a Vessel or a construction contract respecting the construction of a Vessel.
Each of the Internal Charters and other internal contracts described in the Perfection Certificate dated as of the STLA Closing Date is in full force and effect, and as of the Repricing Effective Date there are no existing and unwaived and/or uncured defaults or events which with time or notice would become events of default under any Internal Charter or other internal contract.