Management of Vessels. The Borrower shall ensure that each Vessel is at all times technically and commercially managed by an Approved Manager.
Management of Vessels. The Borrower shall procure that the Owner shall ensure that each of the Vessels is at all times technically and commercially managed by a management company controlled by Teekay Shipping Corporation or the Borrower or such other management company as may be acceptable to the Agent acting on the instructions of the Majority Lenders.
Management of Vessels. The Borrowers shall ensure that (a) each Vessel is at all times technically and commercially managed by Approved Managers and (b) at any time that the Approved Managers of the Vessels are not Teekay or any other member of the Teekay Group, such Approved Managers provide a written confirmation confirming that, among other things, following the occurrence of an Event of Default which is continuing unremedied and unwaived, all claims of the Approved Managers against the relevant Borrower shall be subordinated to the claims of the Finance Parties under the Finance Documents. The Borrowers shall promptly inform the Agent in writing of any proposed change of an Approved Manager.
Management of Vessels. The Borrowers shall ensure that m.v. “NASSAU SPIRIT” is at all times technically and commercially managed either by a company controlled by OAO Sovcomflot or by a management company controlled by Guarantor B or by A/S Dampskibsselskabet Torm, or such other management company as may be acceptable to the Agent acting on the instructions of the Majority Lenders. The Borrowers shall ensure that each of the other Vessels is at all times technically and commercially managed by a management company controlled by Guarantor B or by A/S Dampskibsselskabet Torm or such other management company as may be acceptable to the Agent acting on the instructions of the Majority Lenders.
Management of Vessels. Subject to subsection (j) below, change the flag, class, ownership, management or control of any Vessel.
Management of Vessels. Change the flag, class, ownership, management or control of the Vessels except for changes disclosed to the Lender prior to the date of this Credit Agreement.
Management of Vessels. 33 12.11 Charter........................................................33 12.12
Management of Vessels. The Borrowers shall ensure that each Vessel which they own is at all times technically and commercially managed by a member of the Guarantor Group.
Management of Vessels. The Borrowers shall ensure with effect from the relevant Drawdown Date that each Vessel is at all times technically and commercially managed by a company, which is a member of the Teekay Group or the TOO Group, (or by an approved Manager) in accordance with good industry standards.
Management of Vessels. The Borrower shall ensure that (a) each Vessel is at all times technically and commercially managed by an Approved Manager and (b) at any time that the Approved Manager of the Vessels is not a company controlled by either TGP or Teekay Corp., such Approved Manager provides a written confirmation confirming that, among other things, following the occurrence of an Event of Default which is continuing unremedied and unwaived, all claims of the Approved Manager against a Vessel Owner shall be subordinated to the claims of the Finance Parties under the Finance Documents.
