Sub-Time Charter definition

Sub-Time Charter means the sub-time charter between Charterer and Phoenix dated February 14, 2013.

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Sub-Time Charter means, in relation to each of NORDIC ODYSSEY and NORDIC ORION, a sub-time charter party in respect of that Ship in Agreed Form between the Time Charterer as owner and the Sub-Time Charterer as charterer (the terms of which shall include, among other things, a charter period of not less than 5 years, a daily hire rate of not less than $12,000, and that any profit from any employment of the vessel at a rate in excess of $12,000 shall be allocated 75% to the owner of such Ship and 25% to the Time Charterer);

Sub-Time Charter means, in relation to a Ship, a sub-time charter party in respect of that Ship in Agreed Form between the Time Charterer as owner and the Sub-Time Charterer as charterer, the terms of which shall include, among other things, a charter period of not less than 5 years and a daily hire rate of not less than $15,500;

Examples of Sub-Time Charter in a sentence

There are no outstanding charters, contracts of affreightment, or other rights to possession of or services of the Vessel other than as listed in Schedule 4.9. So long as any Obligations are outstanding hereunder, the Vessel shall remain time chartered under the Time Charter and sub-time chartered under the Sub-Time Charter.
The Time Charter, Sub-Time Charter, Cargill Charter, Technical Management Agreement, and Commercial Management Agreement are in full force and effect, to the knowledge of the Credit Parties no parties thereto are in default thereunder, and no such contracts have been assigned, assumed, amended, supplemented, renewed, restated, replaced, or otherwise modified.
The Vessel satisfies, and shall continue to satisfy, the objective requirements for it to be utilized under the Time Charter, the Sub-Time Charter and the Cargill Charter, all of which are in full force and effect.
A copy of each Sub-Time Charter (and all addenda and supplements thereto), in form and substance acceptable to the Agent and certified as of a date reasonably near the date of the Drawdown Notice by a director, an officer, an authorized person or an attorney-in-fact of the relevant Borrower as being a true and correct copy thereof.
Borrower shall have opened a demand deposit account with HSBC Bermuda Bank Limited for the purpose of receiving from the Allseas Cash Deposit Account charter hire generated under the Time Charter, the Sub-Time Charter and the ED & F Charter (the "Bulk Liberty Hire Account").
The Time Charter, Sub-Time Charter, ED & F Charter, Technical Management Agreement, and Commercial Management Agreement are in full force and effect, to the knowledge of the Credit Parties no parties thereto are in default thereunder, and no such contracts have been assigned, assumed, amended, supplemented, renewed, restated, replaced, or otherwise modified.
Borrower shall have opened a demand deposit account with HSBC Bermuda Bank Limited for the purpose of receiving from the Allseas Cash Deposit Account charter hire generated under the Time Charter, the Sub-Time Charter and the Cargill Charter (the "Bulk Beothuk Hire Account").
The Vessel satisfies, and shall continue to satisfy, the objective requirements for it to be utilized under the Time Charter, the Sub-Time Charter and the ED & F Charter, all of which are in full force and effect.
A copy of each Sub-Time Charter (and all addenda and supplements thereto), other than those delivered in connection with a prior Advance, in form and substance acceptable to the Agent and certified as of a date reasonably near the date of the relevant Drawdown Notice by a director, an officer, an authorized person or an attorney-in-fact of the relevant Borrower as being a true and correct copy thereof.

More Definitions of Sub-Time Charter

Sub-Time Charter means, in relation to each of NORDIC ODYSSEY and NORDIC ORION, a sub-time charter party in respect of that Ship in Agreed Form between ST Shipping as owner and the Nordic Bulk as charterer (the terms of which shall include, among other things, a charter period of not less than 6 years, a daily hire rate of not less than (i) $11,500 (net) during the period commencing on the Drawdown Date of the Advance relating to that Ship until June 2018 and (ii) $11,000 (net) thereafter, and that any profit from any employment of the vessel at a rate in excess of such daily hire rate shall be allocated 75% to the owner of such Ship and 25% to the Time Charterer);

Sub-Time Charter means a sub-time charterparty agreement in respect of the Ship made or to be made between the Seller as head charterer and Mitsubishi Corporation as sub-charterer;