Approved Manager Clause Samples
The 'Approved Manager' clause defines the requirements and qualifications for a manager who is authorized to oversee certain assets, operations, or activities under an agreement. Typically, this clause specifies that only individuals or entities meeting predefined standards—such as possessing relevant licenses, experience, or regulatory approvals—can be appointed as the manager. For example, in a real estate or investment context, the clause may require the manager to be registered with a governing body or to have a minimum number of years of industry experience. The core function of this clause is to ensure that management responsibilities are entrusted to competent and trustworthy parties, thereby protecting the interests of all stakeholders and reducing the risk of mismanagement.
Approved Manager. Each Ship shall be managed by the Approved Manager and the Borrower shall procure that no Owner shall employ a manager of any Ship other than the Approved Manager, nor change the terms and conditions of the management of any Ship other than upon such terms and conditions as the Lender shall approve.
Approved Manager. The Charterers shall appoint the Approved Manager to carry out technical and commercial management of the Vessel, and there shall not be any change to the Approved Manager without the Owners' prior written consent, unless:- (a) the Charterers notify the Owners in writing at least fourteen (14) days prior to the proposed change of the Approved Manager, together with supporting evidence satisfactory to the Owners that the requirements set out in sub-paragraphs (b) to (d) below will be met; (b) the new Approved Manager is a commercial and technical manager that is wholly owned by the Permitted Holders;
Approved Manager. Employ a manager of any Vessel other than an Approved Manager, or change the terms and conditions of the management of such Vessel in any material respect other than upon such terms and conditions as the Lender shall approve.
Approved Manager not without the prior written consent of the Lender which shall not be unreasonably withheld appoint a manager of the Vessel other than the Approved Manager;
Approved Manager. If, in the opinion of the Lender, the Approved Manager’s performance level falls below that expected of a prudent ship manager (for example, without limiting the generality of the foregoing, due to excessive off-hire periods in respect of a Ship), then the Borrowers undertake to replace such Approved Manager (forthwith upon being requested to do so by the Lender) with such other company as shall be acceptable to the Lender in its sole discretion.
Approved Manager. (a) not without the prior written consent of the Security Trustee (which shall not be unreasonably withheld or delayed) to appoint a technical, commercial or crewing manager of the Ship other than the Approved Manager or terminate or amend the terms of the relevant Management Agreement;
(b) duly and punctually perform its obligations under any Management Agreement;
Approved Manager not to appoint a manager of a Ship (other than the relevant Approved Manager(s)) or terminate or amend the terms of any Management Agreement.
Approved Manager there occurs, in relation to the Approved Manager any of the events mentioned in Clauses 9.1(e) (Legal process) to (m) (
Approved Manager. The Charterers shall appoint the Approved Manager to carry out technical and commercial management of the Vessel, and there shall not be any change to the Approved Manager without the Owners’ prior written consent, unless:-
(a) the Charterers notify the Owners in writing at least fourteen (14) days prior to the proposed change of the Approved Manager, together with supporting evidence satisfactory to the Owners that the requirements set out in sub- paragraphs (b) to (d) below will be met;
(b) the new Approved Manager is a commercial and technical manager that is wholly owned by the Permitted Holders; BBC Rider Clause (▇▇▇▇▇▇▇▇▇▇) (20180426)
(c) the new Management Agreement is on such terms that are substantially the same as, or more favourable to the Charterers than, the original Management Agreement dated 9 May 2017 entered into between TMS Bulkers Ltd. and the Charterers; and
(d) immediately upon the change of the Approved Manager,
(i) the Charterers provide the Owners with a certified true copy of the new Management Agreement; and (ii)the Charterers and the new Approved Manager execute in favour of the Owners such supplements and/or replacements to the General Assignment, the Assignment of Management Agreement each in form and substance satisfactory to the Owners; and
Approved Manager there occurs, in relation to the Approved Manager any of the events mentioned in Clauses 9.1(e) (Legal process) to (m) (