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, in relation to each Ship, a letter of undertaking including, where appropriate, an assignment of any obligatory insurances executed or, as the context may require, to be executed by each Manager in favour of the Lender, in such terms as the Lender may approve or require and, in the plural, means all of them;
Manager’s Undertaking means, in relation to an Approved Manager, a letter of undertaking from that Approved Manager subordinating the rights of that Approved Manager against a Ship and the relevant Borrower to the rights of the Finance Parties in agreed form.
Examples of Manager’s Undertaking in a sentence
A manager of the Ship shall not be appointed unless that manager is an Approved Manager and such appointment of an Approved Manager should be made on the basis that such Approved Manager shall enter into a Manager's Undertaking prior to the commencement of its appointment.
More Definitions of Manager’s Undertaking
Manager’s Undertaking means, in relation to a Ship, the letter executed and delivered by an Approved Manager, 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 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, 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 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 Manager’s Undertaking described in Sections 3.1(a) (vii) or 3.1(a)(viii).
Manager’s Undertaking means, in respect of each Collateral Vessel, a letter of undertaking to be issued by the Manager to the Security Trustee confirming it shall not make a claim to security ranking ahead of the Lenders’ security in respect of that Collateral Vessel in form and substance satisfactory to the Administrative Agent.