Change of Approved Manager Sample Clauses

Change of Approved Manager. Each Borrower may, at its sole discretion, at any time during the Security Period, change the Approved Manager of its Ship from Dxxxx Shipping Services SA to Dxxxx Xxxxxxxxxx Management Limited, provided that the Borrowers shall give the Agent 5 Business' Days prior written notice and shall provide the Agent no later than the date of the change with: (a) documents of the kind specified in paragraphs 2, 3, 5, and 11 of Part A of Schedule 3 in respect of Dxxxx Xxxxxxxxxx Management Limited; (b) the documents referred to in paragraph 3 of Part B of Schedule 3; and (c) any other documents that the Agent may reasonably require.
Sample 1
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Change of Approved Manager. If at any time during the Security Period the commercial and/or technical management of a Ship is transferred to TMS Bulkers Ltd. or any other company which the Lender may reasonably approve as the commercial, technical and/or operational manager of that Ship the Borrower shall, or, as the case may be, shall procure that the relevant Additional Owner shall, provide the Lender, on or prior to the date on which such transfer shall be effected, with: (a) documents acceptable to the Lender (in its sole discretion) establishing that such Ship is managed by the relevant Approved Manager on terms acceptable to the Lender; (b) the Approved Manager’s Undertaking in respect of that Ship; and (c) copies of the document of compliance (DOC), the safety management certificate (SMC) and the ISSC referred to in paragraph (a) of the definition of the ISM Code Documentation in respect of that Ship certified as true and in effect by the relevant Owner’s or (as the case may be) the Approved Manager’s (duly certified) legal counsel.
Sample 1
Change of Approved Manager. (a) Each Borrower may, at its sole discretion, at any time during the Security Period, change the Approved Manager of its Ship from Xxxxx Shipping Services SA to Xxxxx Xxxxxxxxxx Management Limited, the Borrowe rs shall give the Agent five Business' Days prior written notice and shall provide the Agent no later than the date of the change with: (b) documents of the kind specified in paragraphs 0 , 0 , 0 , and of of ( ) in respect of Xxxxx Xxxxxxxxxx Management Limited; (c) the documents referred to in paragraph of of ( ); and (d) any other documents that the Agent may reasonably require. SECURITY COVER 15.1 Minimum required security cover Clause 0 ( security; prepayment ) applies if, at any relevant time during the Security Period, the Agent notifies the Borrowers that: (a) the aggregate of the Market Value of the Ships then subject to a Mortgage; plus (b) the net realisable value of any additional security previously provided under this Clause 0 ( ), is below 125 per cent. of the Loan. 15.2 Provision of additional security; prepayment If the Agent serves a notice on the Borrowers under Clause 0 ( required security ), the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling one month after the date on which the Agent's notice is served under Clause ( cover ) (the " ") unless at least 1 Business Day before the Prepayment Date the Borrowers have provided additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or require.
Sample 1
Change of Approved Manager. If, in accordance with the terms of this Agreement, there is any change of Approved Manager, the Borrowers shall: (a) promptly provide the Lender with a copy of the management agreement pursuant to which such new Approved Manager is to be appointed; and (b) procure the new Approved Manager shall provide to the Lender, on or prior to the commencement of its appointment, a Manager’s Undertaking.
Sample 1

Related to Change of Approved Manager

  • CHANGE OF T-PIN The Account Holder may change his T-PIN from time to time in accordance with the Bank’s prescribed procedure then prevailing. The Bank shall be entitled, in its reasonable discretion but without liability and without giving any reason, to reject any selection made by the Account Holder as his substituted T-PIN; if the Bank so approves, such substituted T-PIN, shall take effect from the time of receipt by the Bank of such instructions from the Account Holder. The Account Holder shall take all steps not to select such numbers as a substitute T-PIN which may easily be ascertained or otherwise facilitate fraud or forgery.

  • Change of agreement (a) We may at any time vary, modify, add to or delete the terms and conditions of this agreement and the Privacy Circular and we will notify you of any such changes in such manner as we may, in our reasonable discretion, deem fit. (b) If you do not accept such changes, you may terminate your card account in accordance with clause 10 within 10 days after we have given such notice of change. (c) If you retain or use the card or the PIN or otherwise operate the card account after we have given such notice of change, you will be deemed to have accepted such changes without reservation.

  • Change of Schedule (a) (applicable to full-time employees only) Where an employee's schedule is changed by the Hospital with less than twenty-four (24) hours notice, she shall receive time and one-half (1½) of her regular straight time hourly rate for all hours worked on her next shift. (b) (applicable to regular part-time employees only) Where a regular part-time employee's scheduled shift is cancelled by the Hospital with less than twelve (12) hours notice, she shall receive time and one-half (1½) of her regular straight time hourly rate for all hours worked on her next shift. (The following clause related to No Pyramiding will be incorporated into all collective agreements:)

  • Change of Account Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change.

  • Change of Scope (i) The Authority may, notwithstanding anything to the contrary contained in this Agreement, require the Contractor to make modifications/ alterations to the Works (“Change of Scope”) within a period of six months counted from the Appointed Date. Upon the Authority making its intention known to the Contractor for the specific Change of Scope, be it positive or negative, the Contractor shall submit his proposal for the said Change of Scope involving additional cost or reduction in cost. Any such Change of Scope shall be made and valued in accordance with the provisions of this Article 13. (ii) Provided that any such Change of Scope, excluding major structures (e.g. Major Bridge/ ROB/ RUB/ Flyover/ elevated road of more than 50 m length) may be required and agreed to be executed between the parties beyond the period of six months of the Appointed Date but before expiry of 50% of the original Scheduled Construction Period of the Project Highway, subject to the condition that it shall not entail any claims (e.g. Extension of Time/ Prolongation related claims), against the Authority. (iii) The Change of Scope shall mean the following: (a) change in specifications of any item of Works; (b) omission of any work from the Scope of the Project except under Clause 8.3 (iii); provided that, subject to Clause 13.5, the Authority shall not omit any Work under this Clause in order to get it executed by any other authority; and / or (c) any additional Work, Plant, Materials or services which are not included in the Scope of the Project, including any associated Tests on completion of construction.

  • Change of Assignment Mutual consent for a change in work year assignment must be reached by March 15 for the following academic year.

  • Change of Location None of the Borrower or the Guarantors shall change the location of its chief executive office or the office where its corporate records are kept or open any new office for the conduct of its business on less than thirty (30) days prior written notice to the Agent.

  • Change of Shift (a) Where the regular day, afternoon or night shift of an employee is to be changed, the employee shall be given forty-eight (48) hours’ notice of such change. 11.01 (b) If the employee is given less than forty-eight (48) hours’ notice of such shift change, he shall be paid at the rate of time and one-half (1 ½) for the first changed shift worked.

  • Change of Management Not to make any substantial change in the present executive or management personnel of the Borrower.

  • Change of business The Company shall procure that no substantial change is made to the general nature of the business of the Company or the Group from that carried on at the date of this Agreement.

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