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LETTER OF MANAGERS UNDERTAKING, 경영 착수서?, 영문계약서 본문
LETTER OF MANAGERS UNDERTAKING
The Export-Import Bank of
16-1 Yoido-dong
Youngdeungpo-gu
[·], 20[·]
Manager’s Undertaking pursuant to a credit facility agreement dated [·], 20[·] and made between [AAA] and [BBB] as owners and The Export-Import Bank of
Words and expressions used in the Facility Agreement shall have the same meaning when used in this letter.
With effect from the Delivery Date of a the Vessel, [name of the Manager] has been appointed as manager of the Vessels in accordance with the terms of the relevant Vessel Management Agreement.
We undertake full responsibility for the management of the delivered Vessels in accordance with the relevant Vessel Management Agreement and we further agree that we will continue to undertake the management of the Vessels until the Final Maturity Date subject always to the provisions of Clause 16.22 of the Facility Agreement.
At all times during the Post-delivery Period, we confirm that any Security Interest created in our favour arising as a result of the operation of law, shall be fully subordinate to your rights arising under a Mortgage in respect of a Vessel.
This letter is a Finance Document and may only be modified in writing.
This letter shall be governed and construed in accordance with the laws of
Yours faithfully,
……………………………………….
[name of the Manager]
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