Common use of Manager’s confirmation Clause in Contracts

Manager’s confirmation. The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the Lender, they will remain the commercial and technical managers of the Vessel and that they will not, without the prior written consent of the Lender, sub-contract or delegate the commercial or technical management of the Vessel to any third party and confirming in terms acceptable to the Lender that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower shall be subordinated to the claims of the Lender under the Finance Documents.

Manager’s confirmation. The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the Lender, they will remain the commercial and technical managers of the each Collateral Vessel and that they will not, without the prior written consent of the Lender, sub-contract or delegate the commercial or technical management of the any Collateral Vessel to any third party and confirming in terms acceptable to the Lender that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower any Collateral Owner shall be subordinated to the claims of the Lender under the Finance Documents.

Manager’s confirmation. The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the LenderAgent, they will remain the commercial and technical managers of the Vessel and that they will not, without the prior written consent of the LenderAgent, sub-contract or delegate the commercial or technical management of the Vessel to any third party and confirming in terms acceptable to the Lender Agent that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower shall be subordinated to the claims of the Lender Finance Parties under the Finance Documents.

Manager’s confirmation. The written confirmation of the relevant Managers that, throughout the Facility Period during which any other Charter other than the Bareboat Charter is in effect, unless otherwise agreed by the Lender, they will remain the commercial and technical managers of the Vessel and that they will not, without the prior written consent of the Lender, sub-contract or delegate the commercial or technical management of the Vessel to any third party and confirming in terms acceptable to the Lender that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower Owner shall be subordinated to the claims of the Lender under the Finance Documents.

Manager’s confirmation. The written confirmation of the relevant Managers that, throughout the Facility Period during which the Bareboat Charter is in effect, unless otherwise agreed by the Lender, they will remain the commercial and technical managers of the Vessel and that they will not, without the prior written consent of the Lender, sub-contract or delegate the commercial or technical management of the Vessel to any third party and confirming in terms acceptable to the Lender that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower relevant Bareboat Charterer shall be subordinated to the claims of the Lender under the Finance Documents.

Manager’s confirmation. The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the LenderAgent, they will remain the commercial and technical managers of the Vessel and that they will not, without the prior written consent of the LenderAgent, sub-contract or delegate the commercial or technical management of the Vessel to any third party and confirming in terms acceptable to the Lender Agent that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower shall be subordinated to the claims of the Lender Creditor Parties under the Finance Creditor Documents.

Manager’s confirmation. The written confirmation of the Managers that, throughout the Facility Period unless otherwise agreed by the Lender, they will remain the commercial and technical managers of the Vessel and that they will not, without the prior written consent of the Lender, sub-sub contract or delegate the commercial or technical management of the Vessel to any third party and confirming in terms acceptable to the Lender that, following the occurrence of an Event of Default, all claims of the Managers against the Borrower shall be subordinated to the claims of the Lender under the Finance Documents.