Extract to table

The Draft provides only a negative consent mechanism: the Administrative Agent is required to notify the Borrower and the Lenders of the proposed replacement benchmark, and such replacement shall become effective unless the Borrower delivers a written objection within five (5) Business Days of receipt of such notice

There is no preexisting LIBOR-based pricing to which economic neutrality must be maintained

Upon the occurrence of a Change of Control Event of Default, the Administrative Agent is authorized to (and, at the direction of the Required Lenders, is required to) declare all outstanding obligations immediately due and payable and terminate all commitments under the Facility

Current Draft Treatment The treatment of vessel sale proceeds in the Draft is addressed in two separate provisions that must be read together: Section 2

the ratio of the aggregate appraised value of the remaining Mortgaged Vessels to the aggregate outstanding obligations under the Facility) must be no less than 140%

Similarly, the $25,000,000 annual aggregate cap would prevent TSL from executing routine fleet renewal transactions — a critical operational requirement for any shipping company that must periodically dispose of aging tonnage and acquire modern, fuel-efficient vessels to remain competitive