Managers' subordination confirmation. letter The written confirmation of the Managers that they will (i) remain the commercial and technical managers of the Vessels throughout the Facility Period and will manage the Vessels in accordance with good standard ship management practice and (ii) subordinate all their rights in relation to the Vessels to those of the Finance Parties.
Appears in 2 contracts
Samples: Secured Multi Currency Revolving Loan Facility Agreement (Stolt Offshore S A), Loan Agreement (Stolt Offshore S A)
Managers' subordination confirmation. letter The written confirmation of the Managers that they will (i) remain the commercial and technical managers of the Qualifying Vessels throughout the Facility Period and will manage the Qualifying Vessels in accordance with good standard ship management practice and (ii) subordinate all their rights in relation to the Qualifying Vessels to those of the Finance Parties.
Appears in 1 contract
Samples: Bank Guarantee Facility Agreement (Stolt Offshore S A)
Managers' subordination confirmation. letter The written confirmation of the Managers that they will (i) remain the commercial and technical managers of the Barge Vessels and the Avenir Vessel throughout the Facility Period and will manage the Barge Vessels and the Avenir Vessel in accordance with good standard ship management practice and (ii) subordinate all their rights in relation to the Barge Vessels and the Avenir Vessel to those of the Finance Parties.
Appears in 1 contract
Samples: Bank Guarantee Facility Agreement (Stolt Offshore S A)
