Approved Manager’s Undertaking definition

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, in the event that the Approved Manager is a company other than the Borrower (or Seven Seas, as bareboat charterer), 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 a Ship, the letter executed and delivered by an Approved Manager, in the form set out in Appendix A;

Examples of Approved Manager’s Undertaking in a sentence

  • By the date of entry of the Final DIP Order, (i) P&I Club Certificates of Entry for each Vessel, (ii) Cover Notes for Hull Marine and War Risk coverages for each Vessel, (iii) Broker Opinion Letters concerning the Vessels and (iv) the Approved Manager’s Undertaking with respect to V.


More Definitions of Approved Manager’s Undertaking

Approved Manager’s Undertaking means, in relation to a Ship, a letter of undertaking including, without limitation, an assignment of the Approved Manager’s rights, title and interest in the Insurances of the relevant Ship executed or to be executed by the Approved Manager in favour of the Security Trustee 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 that Ship and that Borrower to the rights of the Creditor Parties under the Finance Documents, in such form as the Security Trustee, with the authorisation of the Lenders, may approve or require and, in the plural, means both of them;
Approved Manager’s Undertaking means, in relation to a Ship, the letter executed and delivered by an Approved Manager, in Agreed Form;
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 a letter of undertaking executed or to be executed by the Approved Manager in favour of the Lender, agreeing certain matters in relation to the Approved Manager and subordinating its rights against the Ship and the Borrower to the rights of the Lender under the Finance Documents, in the Agreed Form;
Approved Manager’s Undertaking means, in relation to each Ship, a letter of undertaking including (inter alia) an assignment of the Approved Manager’s rights, title and interest in the Insurances of that Ship executed or to be 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 manager and subordinating its rights against that Ship and the Borrower which is the owner thereof to the rights of the Creditor Parties under the Finance Documents and, in the plural, means all of them;
Approved Manager’s Undertaking means a first priority letter of undertaking and subordination to be executed by the Approved Manager, as manager of the Vessel, in favour of the Lender, such Approved Manager’s Undertaking to be in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented;
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.