Manager’s Undertaking definition
Manager’s Undertaking means, in relation to a Ship, the letter of undertaking from its Approved Technical Manager and the letter of undertaking from its Approved Commercial Manager subordinating the rights of such Approved Technical Manager and such Approved Commercial Manager respectively against that Ship and the relevant Borrower to the rights of the Finance Parties in agreed form.
Manager’s Undertaking means, in relation to a Ship, the letter executed and delivered by an Approved Manager, in Agreed Form;
Manager’s Undertaking means the manager’s undertaking required to be executed hereunder by the Manager in favour of the Security Trustee in respect of the Ship in agreed form;
Examples of Manager’s Undertaking in a sentence
On and after the Fourth Amendment Effective Date and not later than December 31, 2023 (as such period may be extend by the Collateral Agent, acting reasonably), the Borrower will use commercially reasonable efforts to cause each Acceptable Third Party Technical Manager with respect to a New Collateral Vessel to execute a Manager’s Undertaking.
More Definitions of Manager’s Undertaking
Manager’s Undertaking means, in relation to each Ship, the letter of undertaking executed or to be executed by the Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in relation to the commercial and technical management of such Ship and subordinating the rights of the Approved Manager against such Ship and Borrower B or, as the case may be, the New Owner to the rights of the Creditor Parties under the Finance Documents and, in the plural, means both of them;
Manager’s Undertaking means an undertaking in respect of the Ship executed or (as the context may require) to be executed by the Manager in favour of the Lessor Agent in respect of the Ship in the agreed form;
Manager’s Undertaking means an undertaking referred to in clause 8.1.8 executed or (as the context may require) to be executed by the Manager in favour of the Security Trustee as a condition precedent to the approval of the Management Agreement, such undertakings to be in a form and substance satisfactory to the Lenders in all respects.
Manager’s Undertaking means, in relation to each Ship, a letter of undertaking including, where appropriate, an assignment of any obligatory insurances executed or, as the context may require, to be executed by each Manager in favour of the Lender, in such terms as the Lender may approve or require and, in the plural, means all of them;
Manager’s Undertaking means, in relation to a Ship, an undertaking by any manager of the Ship to the Security Agent in the agreed form pursuant to clause 20.3 (Manager).
Manager’s Undertaking means an undertaking to be issued by the Approved Manager agreeing certain matters in relation to the management of the Ship to be such form as the Lender may approve or require;
Manager’s Undertaking means a letter of undertaking and subordination to be executed by the Manager, as manager of the Vessel, in favour of the Lender, such Manager's Undertaking to be and in form and substance satisfactory to the Lender as the same may from time to time be amended and/or supplemented (together, the "Manager's Undertakings");