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