LTC CONTRACT definition
LTC CONTRACT means a time charterparty entered into between the Ocean Borrower as owner and a third party charterer (which is not a Related Company of the Ocean Borrower or of any other Security Party and which is acceptable to the Banks in their sole discretion) in respect of the Newbuilding having a term of at least twenty-four (24) months and with such charterhire and otherwise on such terms and conditions as shall be in all respects acceptable to the Banks in their sole discretion;