Approved Manager. None of the Borrowers shall employ a manager of its Vessel other than an Approved Manager, or change the terms and conditions of the management of such Vessel other than upon such terms and conditions as the Administrative Agent shall approve.
Appears in 2 contracts
Samples: Credit Agreement (TBS International PLC), Credit Agreement (TBS International PLC)
Approved Manager. None of Each Ship shall be managed by the Borrowers Approved Manager and the Borrower shall procure that no Owner shall employ a manager of its Vessel any Ship other than an the Approved Manager, or nor change the terms and conditions of the management of such Vessel any Ship other than upon such terms and conditions as the Administrative Agent Lender shall approve.
Appears in 2 contracts
Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Gala Properties Inc.)
