Common use of Change of Management Clause in Contracts

Change of Management. the Vessel ceases to be managed by the relevant Manager(s) (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender and the Borrower fails to appoint another Manager prior to the termination of the mandate with the previous Manager(s); or

Change of Management. the Vessel ceases to be managed by the relevant Manager(s) Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender (which shall not be unreasonably withheld) and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Manager(s)Approved Manager; or

Change of Management. the Vessel ceases to be managed by the relevant Manager(s) respective Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender which shall not be unreasonably withheld, and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Manager(s)Approved Manager; or

Change of Management. the Vessel ceases to be managed by the relevant Manager(s) Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Manager(sApproved Manager; or 56 (J18-185622/C) (aa) Deviation of Earnings: any Earnings of the Vessel are not paid to the Operating Account for any reason whatsoever (other than with the Lender’s prior written consent); or

Change of Management. the any Vessel ceases to be managed by the relevant Manager(s) either Approved Manager (for any reason other than the reason of a Total Loss or sale of the such Vessel) without the approval of the Lender and the Borrower Owner thereof fails to appoint another Approved Manager prior to the termination of the mandate with the previous Manager(s)Approved Manager; or

Change of Management. the Vessel ceases to be managed by the relevant Manager(s) Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender Lender, which shall not be unreasonably withheld, and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Manager(s)relevant Approved Manager; or

Change of Management. the either Vessel ceases to be managed by the relevant Manager(s) an Approved Manager (for any reason other than the reason of a Total Loss or sale of the such Vessel) without the approval of the Lender Bank and the Borrower Owner thereof fails to appoint another an Approved Manager prior to the termination of the mandate relevant Management Agreement with the previous Manager(s)Approved Manager; or

Change of Management. the any Vessel ceases to be managed by the relevant Manager(s) her respective Approved Manager (for any reason other than the reason of a Total Loss or sale of the that Vessel) without the approval of the Lender Lender, which shall not be unreasonably withheld, and the Borrower its Owner fails to appoint another Approved Manager prior to the termination of the mandate with the previous Manager(s)Approved Manager; or

Change of Management. the Vessel ceases to be managed by the relevant Manager(s) an Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender Bank and the Borrower Owner thereof fails to appoint another an Approved Manager prior to the termination of the mandate Management Agreement with the previous Manager(s)Approved Manager; or