Long Term Charter definition
Long Term Charter means, in relation to a Ship, any Acceptable Charter or other charter with a term of thirteen (13) months or longer (including extension options).
Long Term Charter means, in respect of a Ship, any time charter or other contract of employment in relation to such Ship, which is entered into during the Security Period between the relevant Borrower as owner and another person as charterer or counterparty of that Borrower thereunder, and having a tenor of at least 12 months (taking into account any options
Long Term Charter means any charter or other contract of employment for a Ship which is entered into by the Borrower or a Guarantor with a person other than a wholly-owned subsidiarySubsidiary of the Borrower and for a term which exceeds 36 months' duration. "Long Term Charter Guarantee" means any guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting a Long Term Charter. "Major Casualty" means, in relation to a Ship, any casualty to that Ship in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency. "Majority Lenders" means: (a) if no Advance has yet been made, a Lender or Lenders whose Commitments aggregate more than 66⅔ per cent. of the Total Commitments; or (b) at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66⅔ per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than 66⅔ per cent. of the Loan immediately before such repayment. "Majority Shareholder" means any two or more persons acting in concert or any individual person: (a) owning legally and/or beneficially, and either directly or indirectly, in excess of 50 per cent. of the issued share capital or voting rights of the Borrower; or (b) that has the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of the Borrower. "Management Agreement" means a Technical Management Agreement or a Commercial Management Agreement. "Manager's Undertaking" means the letter of undertaking from the Approved Technical Manager and the letter of undertaking from the Approved Commercial Manager subordinating the rights of the Approved Technical Manager and the Approved Commercial Manager respectively against each Ship and each Obligor to the rights of the Finance Parties in agreed form. "Margin" has the meaning given to it at Clause 8.5 (Calculation of Margin). "Market Disruption Rate" means the Reference Rate. 19 EUROPE/75885978v8
Examples of Long Term Charter in a sentence
Except as disclosed by the Borrower to the Security Agent in writing on or before the date of this Agreement, no Ship is subject to any Long Term Charter.
A confirmation from the Borrower that no Long Term Charter has been entered into by it in respect of the Vessel or, if it has, a certified true copy of that Long Term Charter and any related Charter Guarantee.
More Definitions of Long Term Charter
Long Term Charter means any charter or other contract of employment for the Vessel which is entered into by the Borrower for a term which exceeds, or which by virtue of any optional extensions might exceed, 24 months’ duration;
Long Term Charter means any charter or other contract of employment for a Ship which is entered into by the Borrower with a person other than a wholly-owned subsidiary of the Borrower and for a term which exceeds 36 months' duration. "Manager's Undertaking" means, in relation to a Ship, the undertaking to be given by the Approved Manager in favour of the Security Trustee in the Agreed Form. "Mandated Lead Arrangers" means Nordea Bank Abp, filial i Norge, BNP Paribas Fortis SA/NV, ING Bank, a branch of ING-DiBa AG, KBC Bank NV and Standard Chartered Bank. "Major Casualty" means, in relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency. "Majority Lenders" means a Lender or Lenders whose Commitments aggregate more than 662/3 per cent. of the Total Commitments or, if the Commitments has been cancelled in full, a Lender or Lenders whose participations in the Loan immediately before such cancellation in full aggregate more than 66⅔ per cent. of the Total Commitments immediately before such cancellation. "Majority Shareholder" means any two or more persons acting in concert or any individual person:
Long Term Charter means any drilling contract, charter or other contract of employment for the Vessel which is entered into by the Owner or an Internal Charterer with a third-party operator/customer which (i) is not subject to a final investment decision or other condition to be fulfilled by the customer/operator prior to an obligation of the Owner or such Internal Charterer to provide the Vessel to perform services under such contract, (ii) relates solely to the Vessel (and not to multiple vessels in the Transocean Group fleet) and (iii) excluding any options to extend, requires the use of the Vessel for an initial firm period of at least 4 years in duration.
Long Term Charter means a Long Term FSRU Charter or a Long Term LNGC Charter.
Long Term Charter means any drilling contract, charter or other contract of employment (except the CVX Contract) for the Vessel which is entered into by the Owner or an Internal Charterer with a third-party operator/customer which (i) is not subject to a final investment decision or other condition to be fulfilled by the customer/operator prior to an obligation of the Owner or such Internal Charterer to provide the Vessel to perform services under such contract, (ii) relates solely to the Vessel (and not to multiple vessels in the Transocean Group fleet) and (iii) excluding any options to extend, requires the use of the Vessel for an initial firm period of at least 4 years in duration.