Common use of Change of Management Clause in Contracts

Change of Management. the Vessel ceases to be managed by the Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender (which shall not be unreasonably withheld) and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved Manager; or

Change of Management. the Vessel ceases to be managed by the Approved Manager relevant Manager(s) (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender (which shall not be unreasonably withheld) and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved ManagerManager(s); or

Change of Management. the Vessel ceases to be managed by the an Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender (which shall not be unreasonably withheld) Bank and the Borrower Owner thereof fails to appoint another an Approved Manager prior to the termination of the mandate Management Agreement with the previous Approved Manager; or

Change of Management. the Vessel ceases to be managed by the Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender (Lender, which shall not be unreasonably withheld) , and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous relevant Approved Manager; or

Change of Management. the any Vessel ceases to be managed by the either Approved Manager (for any reason other than the reason of a Total Loss or sale of the such Vessel) without the approval of the Lender (which shall not be unreasonably withheld) and the Borrower Owner thereof fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved Manager; or

Change of Management. the Vessel ceases to be managed by the Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender (which shall not be unreasonably withheld) and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved Manager; or 56 (J18-185622/C) (aa) Deviation of Earnings: any Earnings of the Vessel are not paid to the Operating Account for any reason whatsoever (other than with the Lender’s prior written consent); or

Change of Management. the any Vessel ceases to be managed by the her respective Approved Manager (for any reason other than the reason of a Total Loss or sale of the that Vessel) without the approval of the Lender (Lender, which shall not be unreasonably withheld) , and the Borrower its Owner fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved Manager; or

Change of Management. the Vessel ceases to be managed by the respective Approved Manager (for any reason other than the reason of a Total Loss or sale of the Vessel) without the approval of the Lender (which shall not be unreasonably withheld) , and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved Manager; or

Change of Management. the either Vessel ceases to be managed by the an Approved Manager (for any reason other than the reason of a Total Loss or sale of the such Vessel) without the approval of the Lender (which shall not be unreasonably withheld) Bank and the Borrower Owner thereof fails to appoint another an Approved Manager prior to the termination of the mandate relevant Management Agreement with the previous Approved Manager; or