Permitted Charter means, in relation to a Ship, a Charter:
Permitted Charter means a charter to a third party:
Permitted Charter means any charter or other similar contract of employment of a Collateral Vessel made between a Collateral Vessel Owner and a non-Affiliate third party charterer; provided that (x) for any charter which, as of the execution date of such charter or contract of employment, with the exercise of any extension option, has a term of longer than thirty-six (36) months, the Collateral Vessel Owner will use its commercially reasonable efforts to have the third party charterer subordinate its interests in such Collateral Vessel to the interests of the Collateral Agent as mortgagee of such Collateral Vessel, all on terms and conditions reasonably satisfactory to the Collateral Agent, (y) the Borrower shall provide prompt notice to the Administrative Agent of any charter or other similar contract of employment made (i) for a period which, as of the execution date of such charter or contract of employment, with the exercise of any extension option, has a term of longer than thirty-six (36) months or (ii) for less than market rate at the time when the charter or other similar contract of employment is fixed, and (z) no such charter or other similar contract of employment shall be a bareboat charter or demise charter.
Examples of Permitted Charter in a sentence
No Ship is subject to any Charter other than a Permitted Charter.
Except as disclosed by a Borrower to the Lender in writing on or before the date of this Agreement or (as applicable) on the Effective Date, no Ship is subject to any Charter other than a Permitted Charter.
More Definitions of Permitted Charter
Permitted Charter means a charter of a Collateral Vessel to a third party:
Permitted Charter means any charter or other similar contract of employment of a Collateral Vessel made between a Collateral Vessel Owner and a third party charterer that is not a Credit Party, another Subsidiary of the Parent Guarantor or an Affiliate of the Parent Guarantor; provided that (x) for any charter which, as of the execution date of such charter or contract of employment, with the exercise of any extension option, has a term of longer than 24 months, the Collateral Vessel Owner will use its commercially reasonable efforts to have the third party charterer subordinate its interests in such Collateral Vessel to the interests of the Collateral Agent as mortgagee of such Collateral Vessel, all on terms and conditions reasonably satisfactory to the Collateral Agent, (y) the Borrower shall provide prompt notice to the Administrative Agent of any charter or other similar contract of employment made (i) for a period which, as of the execution date of such charter or contract of employment, with the exercise of any extension option, has a term of longer than 24 months or (ii) for less than market rate at the time when the charter or other similar contract of employment is fixed, and (z) no such charter or other similar contract of employment shall be a bareboat charter or demise charter.
Permitted Charter means each Existing Charter, each New Ship Charter and any other charter that satisfies the Employment Conditions and:
Permitted Charter means any charter or other similar contract of employment of a Collateral Vessel made between a Collateral Vessel Owner and a third party charterer that is not a Credit Party, another Subsidiary of the Corporate Guarantor or the Borrower or an Affiliate of the Corporate Guarantor or the Borrower; provided that (x) for any charter which, as of the execution date of such charter or contract of employment, with the exercise of any extension option, has a term of longer than 24 months (including any optional periods), the Collateral Vessel Owner will use its commercially reasonable efforts to have the third party charterer subordinate its interests in such Collateral Vessel to the interests of the Collateral Agent as mortgagee of the Collateral Vessel, all on terms and conditions reasonably satisfactory to the Collateral Agent, (y) the Borrower shall provide prompt notice to the Administrative Agent of any charter or other similar contract of employment made (i) for a period which, as of the execution date of such charter or contract of employment, with the exercise of any extension option, has a term of longer than 24 months (including any optional periods) or (ii) for less than market rate at the time when the charter or other similar contract of employment is fixed, and (z) no such charter or other similar contract of employment shall have a term of longer than 24 months (including any optional periods) or be a bareboat charter or demise charter, other than with the prior written consent of the Administrative Agent (acting on the instructions of the Required Lenders).
Permitted Charter means, in relation to a Collateral Vessel, a Charter (other than a Charter existing as of the date of this Agreement) (A) which is a time, voyage or consecutive voyage charter and (B) which is entered into on bona fide arm's length terms at the time at which that Collateral Vessel is fixed.
Permitted Charter means the bareboat charters made between the Guarantor and the Charterer in respect of the Mortgaged Vessels "HIGHLAND GUIDE" and "HIGHLAND SCOUT";