Cap. 234 Art. 49CAmendment of a finance charter instrument.  

(1) Where a registered finance charter instrument is amended, the registrar shall on the production of the instrument of the finance charter executed in accordance with the provisions of article

49B containing such amendment, together with the written acknowledgment by the lessor on the said instrument make a note thereof in the register to the effect that the finance charter instrument has been amended, and any such amendment shall form an integral part of the registered finance charter instrument and such finance charter instrument, as amended, shall continue to have the same priority as it had before the amendment was noted.

(2) Subject to the provisions of this article, an amendment of a finance charter instrument may be effected for any purpose.

(3) Without prejudice to the generality of the foregoing, and subject to the provisions of sub-articles (4) and (5), an amendment of a finance charter instrument shall be effected for any one or more of the following purposes:

(a) to increase the amount of capital secured by such finance charter instrument. An agreement to amend and vary the rates of interest payable, the modalities for the calculation of interest including any indices, margin, or market mechanism, the repayment schedule or the currency in which payment is to be made is not considered as an increase for the purposes of this article; and

(b) to extend such finance charter instrument to secure any other obligation of the finance charterer in favour of the lessor under and in accordance with the terms of a finance charter.

(4) An amendment of a finance charter instrument may not be effected after the obligation secured by the registered finance charter instrument has been satisfied.

(5) The acknowledgment to an amendment to a finance charter instrument shall be signified by means of a declaration executed by the lessor in the presence of and attested by a witness.

Special privileges