Manager’s Undertaking definition
Manager’s Undertaking means, in relation to a Ship, the letter of undertaking from its Approved Technical Manager and the letter of undertaking from its Approved Commercial Manager subordinating the rights of such Approved Technical Manager and such Approved Commercial Manager respectively against that Ship and the relevant Borrower to the rights of the Finance Parties in agreed form.
Manager’s Undertaking means an undertaking and assignment executed or (as the context may require) to be executed by the Manager in favour of the Bank as a condition precedent to the approval of the Management Agreement, such undertaking to be in substantially the form set out in schedule 8 or in such form as the Bank may in its absolute discretion require;
Manager’s Undertaking means, in relation to a Ship, the letter executed and delivered by an Approved Manager, in Agreed Form;
Examples of Manager’s Undertaking in a sentence
On and after the Second Amendment Effective Date, the Borrower will use commercially reasonable efforts to cause each Acceptable Third Party Technical Manager with respect to each Vessel which becomes a Collateral Vessel on or after the Second Amendment Effective Date to execute a Manager’s Undertaking.
More Definitions of Manager’s Undertaking
Manager’s Undertaking means the manager’s undertaking required to be executed hereunder by the Manager in favour of the Security Trustee in respect of the Ship in agreed form;
Manager’s Undertaking means an undertaking in respect of the Ship executed or (as the context may require) to be executed by the Manager in favour of the Lessor Agent in respect of the Ship in the agreed form;
Manager’s Undertaking means a letter of undertaking executed or to be executed by the Approved Manager in favour of the Security Trustee in such form as the Lenders may approve or require agreeing certain matters in relation to the management of the Ship and subordinating the rights of the Approved Manager against the Ship and the Owner to the rights of the Creditor Parties under the Finance Documents and, if applicable, assigning the Approved Manager’s interest in the Insurances of the Ship in favour of the Security Trustee;
Manager’s Undertaking means in relation to the Ship, a letter of undertaking including, where appropriate, an assignment of any insurances of which the Manager is a beneficiary to be executed by the Manager in favour of the Lender, in such terms as the Lender may approve or require;
Manager’s Undertaking means, in relation to a Ship, an undertaking by any manager of the Ship to the Security Agent in the agreed form pursuant to clause 20.3 (Manager).
Manager’s Undertaking means an undertaking to be issued by the Approved Manager agreeing certain matters in relation to the management of the Ship to be such form as the Lender may approve or require;
Manager’s Undertaking means a Manager’s Undertaking described in Sections 3.1(a) (vii) or 3.1(a)(viii).