Permitted Third Party Charter definition

Permitted Third Party Charter means the charter of a Vessel to a third party in conjunction with the conduct of drilling operations, where a Guarantor effectively retains operational control of the Vessel and local law requires a resident person of the nation in whose waters the Vessel is located to charter the Vessel as a condition to the lawful conduct of drilling operations in such waters and where a Loan Party is the ultimate beneficiary of indemnities under the Drilling Contract.
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Permitted Third Party 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 or a Wholly‑Owned Subsidiary of the Borrower; provided that (x) 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, 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 (y) no such charter or other similar contract of employment shall be a bareboat charter or demise charter.
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Examples of Permitted Third Party Charter in a sentence

  • 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.

Related to Permitted Third Party Charter

  • Third Party Consents shall have the meaning set forth in Section 8.3.

  • Permitted Transaction means any transaction involving (i) a Swap that is not a Required Transaction or (ii) a Required Transaction that is a component of a Covered Package Transaction.

  • Related Party Agreement means any agreement, arrangement, or understanding between the Company and any Stockholder or any Affiliate of a Stockholder or any Director, officer, or employee of the Company, as such agreement may be amended, modified, supplemented, or restated in accordance with the terms of this Agreement.

  • Qualified third party means 1 or more of the following:

  • Permitted Affiliate means with respect to any Person (a) any Person that directly or indirectly controls such Person, and (b) any Person which is controlled by or is under common control with such controlling Person. As used in this definition, the term “control” of a Person means the possession, directly or indirectly, of the power to vote eighty percent (80%) or more of any class of voting securities of such Person or to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

  • Independent Third Party means any Person who, immediately prior to a contemplated transaction, does not own in excess of 5% of the Company’s Common Units on a fully-diluted basis (a “5% Owner”), who is not controlling, controlled by or under common control with any such 5% Owner and who is not the spouse or descendant (by birth or adoption) of any such 5% Owner or a trust for the benefit of such 5% Owner and/or such other Persons.

  • Termination of parental rights means the permanent elimination of all parental rights and duties, including residual parental rights and duties, by court order.

  • Third Party Agreements means any Contract between or among a Party (or any member of its Group) and any other Persons (other than the Parties or any member of their respective Groups) (it being understood that to the extent that the rights and obligations of the Parties and the members of their respective Groups under any such Contracts constitute Versum Assets or Versum Liabilities, or Air Products Retained Assets or Air Products Retained Liabilities, such Contracts shall be assigned or retained pursuant to Article II).

  • PAL permit means the major NSR permit, the minor NSR permit, or the State operating permit under a pro- gram that is approved into the State Implementation Plan, or the title V permit issued by the Administrator that establishes a PAL for a major sta- tionary source or a GHG-only source.

  • Third Party License means licenses from third parties governing third party software embedded or used in the Trading Platform.

  • Nonaffiliated third party means any person except:

  • Third Party IPR means any Intellectual Property Rights not belonging to either party to this Agreement but used by the Supplier in the creation of the Deliverables and/or in the course of or in connection with the Project.

  • Permitted Person means – the Representatives of the Recipient; and any other person to whom the Recipient discloses Confidential Information with the prior written consent of the Disclosing Party;