Definition of Approved Manager’s Undertaking


Approved Manager’s Undertaking means, in relation to each Ship, a letter of undertaking executed or to be executed by each Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in relation to that Approved Manager, serving as technical or, as the case may be, commercial manager and subordinating its rights against that Ship and the Borrower which is the owner thereof to the rights of the Lenders under the Finance Documents and, in the plural, means all of them;


Approved Manager’s Undertaking means, in the event that the Approved Manager is a company other than the Borrower, a letter of undertaking executed or to be executed by the Approved Manager in favour of the Agent, which will include, without limitation, an agreement by the Approved Manager to subordinate its rights against the Ship and the Borrower to the rights of the Secured Parties under the Finance Documents, in the agreed form.

Approved Manager’s Undertaking means, in relation to each Ship, a letter of undertaking executed or to be executed by the Approved Manager in favour of the Security Trustee, agreeing certain matters in relation to the management of the relevant Ship and subordinating its rights against that Ship and the Borrower owning that Ship to the rights of the Lender under the Finance Documents, in the Agreed Form;

Examples of Approved Manager’s Undertaking in a sentence

A copy of the Management Agreement and a duly executed original of the Approved Manager’s Undertaking in relation to the Relevant Ship.
Documentary evidence that the agent for service of process named in clause 31 of the Amended and Restated Loan Agreement has accepted its appointment in respect of this Agreement, the Amended and Restated Loan Agreement, the Amended and Restated Approved Manager’s Undertaking, the Back End Fee Letter and the New Shares Pledges.
A copy of the Management Agreement and a duly executed original of the Approved Manager’s Undertaking in relation to each Existing Ship.



More definitions of Approved Manager’s Undertaking

Approved Manager’s Undertaking means, in relation to each Ship, a letter of undertaking executed by the Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in relation to the Approved Manager serving as the manager of that Ship and subordinating the rights of the Approved Manager against such Ship and the relevant Borrower to the rights of the Security Trustee under the Finance Documents;


Approved Manager’s Undertaking means a letter of undertaking executed by the Approved Manager in favour of the Lender in the terms required by the Lender agreeing certain matters in relation to the Approved Manager serving as the manager of the Ship and subordinating the rights of the Approved Manager against the Ship and the Borrower to the rights of the Lender under the Finance Documents in such form as the Lender may approve or require;

Approved Manager’s Undertaking means, in relation to a Ship, the letter executed and delivered by an Approved Manager, in the form set out in Appendix A;

Approved Manager’s Undertaking means the confirmation dated 16 October 2013 and made between Alpha Bank A.E. and the Approved Manager as assigned to the Original Lender and amended and restated on 31 March 2014, as further amended and restated in the form attached to the Amending and Restating Agreement as schedule [·] and as from time to time further amended or supplemented, or any other letter of undertaking executed or to be executed by the Approved Manager in favour of the Lender in the Agreed Form agreeing certain matters in relation to the Approved Manager serving as the manager of the Ship and subordinating the rights of the Approved Manager against the Ship and the Borrower to the rights of the Lender under the Finance Documents;

Approved Manager’s Undertaking means each of the undertakings made or to be made by an Approved Manager in favor of the Security Trustee in respect of a Ship.

Approved Manager’s Undertaking means the undertaking to be executed by the Approved Manager with respect to the management of the Vessel and the rights of the Lender in such form as the Lender may approve or require;

Approved Manager’s Undertaking means, in respect of a Ship, a letter of undertaking made or to be made by the Approved Manager subordinating the rights of the Approved Manager against each Ship and the relevant Guarantor to the rights of the Finance Parties and in substantially the form of Exhibit A attached hereto (as amended from time to time in accordance with its terms).