Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period: (A) to maintain: (i) its existence as a limited liability company of the state of Delaware; (ii) its good standing under the laws of the state of Delaware; and (iii) a registered office as required by the laws of the state of Delaware; (B) to duly perform and observe the terms of the Transaction Documents to which it is a party; (C) (i) to insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, to reimburse the Mortgagee therefor), in regard to: (a) all fire and usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii) of the Facility Agreement; (b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull value) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking; (c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the ship, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000); and (d) Mortgagee's interest including mortgagee’s interest additional perils (pollution) risks and, on demand, reimburse the Security Trustee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) maintain its existence as a limited liability company of the state of Delaware;
(ii) its good standing corporation under the laws of the state of Delaware; and
(iii) a registered office as required by the laws Republic of the state of DelawareXxxxxxxx Islands;
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, or to reimburse the Mortgagee therefor (including with regard to the insurance cover described in (df) below), to reimburse using brokers, insurance companies, underwriters and/or War Risk/P&I Associations and on such terms as the Mortgagee therefor)shall from time to time approve in writing, in regard to:
(a) all fire hull and machinery plus freight interest and hull interest and any other usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii) of the Facility Agreementsuch as excess risks);
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull valuevalue and including the London blocking and trapping addendum or similar arrangement) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the shipVessel, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000) covered by a protection and indemnity association which is a member of the International Group of Protection and Indemnity Associations (and to strictly comply with all rules of such association as they are in effect); and;
(d) freight, demurrage and defense risks;
(e) loss of hire in respect of any charter party agreement, with the minimum obtaining waiting period and a minimum cover of 90 days with an insured daily amount equal to at least (i) the daily rate under such charter party agreement or (ii) the daily running costs plus the daily debt service amount under the Credit Agreement;
(f) Mortgagee's interest including insurance in an amount not less than one hundred twenty percent (120%) of the Facility and mortgagee’s interest additional perils (pollution) risks insurance against the possible consequences of pollution involving the Vessel including, without limitation, expropriation or sequestration of the Vessel or the imposition of a Lien or encumbrances of any kind having priority to the security interest granted to the Mortgagee or claims against the Lenders to be subscribed by the Mortgagee and, on demand, reimburse the Security Trustee Mortgagee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
(g) such other insurances as the Mortgagee may reasonably require (including without limitation political risks or mortgage rights insurance in the event that the Vessel is registered (or operated via a charter agreement fully and exclusively) in a jurisdiction that is not an Approved Jurisdiction);
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) its existence as a limited liability company of the state of Delawareincorporated in England and Wales;
(ii) its good standing under the laws of the state of DelawareEngland and Wales; and
(iii) a registered office as required by the laws of the state of DelawareEngland and Wales;
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, below to reimburse the Mortgagee therefor), in regard to:,
(a) all fire and usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least eighty percent (80% %) of the Fair Market Value of the Vessel in accordance with Section section 9.1(v)(iii) of the Facility Credit Agreement;
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull value) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the ship, as approved in writing by the MortgageeSecurity Trustee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000); and
(d) Mortgagee's interest Interest including mortgagee’s interest additional perils (pollution) risks and, on demand, reimburse the Security Trustee for all premiums, costs and expenses paid or incurred by the Mortgagee Security Trustee from time to time;
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) maintain its existence as a limited liability company of the state of Delaware;
(ii) its good standing corporation under the laws of the state of Delaware; and
(iii) a registered office as required by the laws Republic of the state of DelawareMxxxxxxx Islands;
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, or to reimburse the Mortgagee therefore (including with regard to the insurance cover described in (df) below), to reimburse using brokers, insurance companies, underwriters and/or War Risk/P&I Associations and on such terms as the Mortgagee therefor)shall from time to time approve in writing, in regard to:
(a) all fire hull and machinery plus freight interest and hull interest and any other usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii) of the Facility Agreementsuch as excess risks);
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull valuevalue and including the London blocking and trapping addendum or similar arrangement) covering, inter alia, the perils SK 0 I 029 0083 6034319 v5 of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the shipVessel, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000) covered by a protection and indemnity association which is a member of the International Group of Protection and Indemnity Associations (and to strictly comply with all rules of such association as they are in effect); and;
(d) freight, demurrage and defense risks;
(e) loss of hire in respect of any charter party agreement, with the minimum obtaining waiting period and a minimum cover of 90 days with an insured daily amount equal to at least (i) the daily rate under such charter party agreement or (ii) the daily running costs plus the daily debt service amount under the Credit Agreement;
(f) Mortgagee's interest including insurance in an amount not less than one hundred twenty percent (120%) of the Facility and mortgagee’s interest 's additional perils (pollution) risks insurance against the possible consequences of pollution involving the Vessel including, without limitation, expropriation or sequestration of the Vessel or the imposition of a Lien or encumbrances of any kind having priority to the security interest granted to the Mortgagee or claims against the Lenders to be subscribed by the Mortgagee and, on demand, reimburse the Security Trustee Mortgagee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
(g) such other insurances as the Mortgagee may reasonably require (including without limitation political risks or mortgage rights insurance in the event that the Vessel is registered (or operated via a charter agreement fully and exclusively) in a jurisdiction that is not an Approved Jurisdiction);
(ii) with respect to the Vessel, to effect the Insurances aforesaid or to cause or procure the same to be effected:
(a) in the cases of the Insurances referred to in sub-sections (i) (a) and (b) above, (x) in such amounts as shall be at least equivalent to the higher of
(I) the Fair Market Value (as such term is defined in the Credit Agreement) of the Vessel at the most recent date at which such Fair Market Value shall have been determined pursuant to the terms of the Credit Agreement and
(II) One Hundred Twenty percent (120%) of the SK 0 I 029 0083 6034319 v5 total amount outstanding under the Facility (as such term is defined in the Credit Agreement), and all such insurance shall be payable in lawful money of the United States of America, and (y) upon such terms (including provisions as to named insureds and loss payees and prior notice of cancellation) and with such deductibles as shall from time to time be approved by the Mortgagee;
(b) in the case of the protection and indemnity Insurances referred to in sub section (i)(c) above payable in lawful money of the United States of America, to the full extent commercially available and to include provisions as to loss payees and prior notice of cancellation in form and substance satisfactory to the Mortgagee; and
(c) with first class insurance companies, underwriters and protection and indemnity associations or clubs with a rating from Standard & Poor's of at least BBB as shall from time to time be approved by the Mortgagee (hereinafter called the "Insurers");
(a) to renew all such Insurances or cause or procure the same to be renewed before the relevant policies or contracts expire and (b) to procure that the Insurers or the firm of insurance brokers referred to herein below shall promptly confirm in writing to the Mortgagee at least fourteen (14) days prior to all insurance renewals;
(iv) to procure concurrently with the execution hereof and thereafter at intervals of not more than twelve (12) calendar months, a detailed report from a firm of independent marine insurance brokers, appointed by the Owner and acceptable to the Mortgagee, with respect to the Insurances together with their opinion to the Mortgagee that the Insurances comply with the provisions of this Section 5(B), such report and opinion to be addressed and delivered promptly to the Mortgagee and the costs of such repo1i and opinion to be for the account of the Owner;
(v) to cause the said independent marine insurance brokers or the Insurers to agree to use reasonable efforts to advise the Mortgagee promptly of any failure to renew any of the Insurances and of any default in payment of any premium and of any other act or omission on the part of the Owner of which they have knowledge and which might, in their opinion, invalidate or render unenforceable, or cause the lapse of or prevent the renewal or extension of, in whole or in part, any Insurances on the Vessel;
(vi) to cause the said independent marine insurance brokers to agree to mxxx their records and to use their best efforts to promptly advise the Mortgagee that such Insurances have been renewed or replaced with new insurance which complies with the provisions of this Section 5(B);
(vii) duly and punctually to pay or to cause duly and punctually to be paid all premiums, calls, contributions or other sums payable in respect of all such Insurances, to produce or to cause to be produced all relevant receipts when so required by the Mortgagee and duly and SK 0 I 029 0083 6034319 v5 punctually to perfom1and observe or to cause duly and punctually to be performed and observed any other obligations and conditions under all such Insurances;
(viii) to execute or use reasonable efforts to cause to be executed such guarantees as may from time to time be required by any relevant protection and indemnity association or club;
(ix) to procure that all policies, binders, cover notes or other instruments of the Insurances referred to in subsections (i)(a) and (b) above shall be taken out in the name of the Owner, with the Mortgagee as an additional assured, the Owner to ensure that the Mortgagee is not liable for any premiums thereby, as its or their respective interests may appear, and shall incorporate a loss payable clause naming the Mortgagee as loss payee and first priority mortgagee prepared in compliance with the terms of this Mortgage and such loss payable clause to be in any event in form and substance acceptable to the Mortgagee and all policies, binders, cover notes or other instruments referred to in subsection (i) shall provide (a) for prompt notice to be given to the Mortgagee before cancellation of insurance for any reason whatsoever and for a waiver of liability for payment of premiums as to the Mortgagee; provided, however, that unless otherwise required by the M01tgagee by notice to the underwriters, although all losses under such Insurances are payable to the Mortgagee, in case of any such losses involving any damage to the Vessel the underwriters may pay direct for the repair, salvage and other charges involved or, if the Owner shall have first fully repaired the damage or paid all of the salvage and other charges, may pay the Owner as reimbursement therefore, provided, further, however, that if such damage involves a loss in excess of US$500,000, or its equivalent, the underwriters shall not make such payment without first obtaining the written consent thereto of the Mortgagee and
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) its existence as a limited liability company of the state of Delaware[JURISDICTION];
(ii) its good standing under the laws of the state of Delaware; and[JURISDICTION];
(iii) a registered office as required by the laws of [JURISDICTION];
(iv) its registration as a Foreign Maritime Entity under the state laws of Delawarethe Republic of the Xxxxxxxx Islands;]
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, to reimburse the Mortgagee therefor), in regard to:
(a) all fire and usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii10.1(t)(iii) of the Facility Credit Agreement;
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull value) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the ship, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000); and
(d) Mortgagee's ’s interest including mortgagee’s interest additional perils (pollution) risks and, on demand, reimburse the Security Trustee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) its existence as a limited liability company of the state of Delaware;
(ii) its good standing under the laws of the state of Delaware; and
(iii) a registered office as required by the laws of the state of Delaware;
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, to reimburse the Mortgagee therefor), in regard to:
(a) all fire and usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii) of the Facility Agreement;
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull value) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the ship, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000); and
(d) Mortgagee's interest including mortgagee’s interest additional perils (pollution) risks and, on demand, reimburse the Security Trustee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) maintain its existence as a limited liability company of the state of Delaware;
(ii) its good standing corporation under the laws of the state of Delaware; and
(iii) a registered office as required by the laws Republic of the state of DelawareXxxxxxxx Islands;
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, or to reimburse the Mortgagee therefor (including with regard to the insurance cover described in (df) below), to reimburse using brokers, insurance companies, underwriters and/or War Risk/P&I Associations and on such terms as the Mortgagee therefor)shall from time to time approve in writing, in regard to:
(a) all fire hull and machinery plus freight interest and hull interest and any other usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii) of the Facility Agreementsuch as excess risks);
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull valuevalue and including the London blocking and trapping addendum or similar arrangement) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the shipVessel, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000) covered by a protection and indemnity association which is a member of the International Group of Protection and Indemnity Associations (and to strictly comply with all rules of such association as they are in effect); and;
(d) freight, demurrage and defense risks;
(e) loss of hire in respect of any charter party agreement, with the minimum obtaining waiting period and a minimum cover of 90 days with an insured daily amount equal to at least (i) the daily rate under such charter party agreement or (ii) the daily running costs plus the daily debt service amount under the Credit Agreement;
(f) Mortgagee's interest including insurance in an amount not less than one hundred twenty percent (120%) of the Facility and mortgagee’s interest 's additional perils (pollution) risks insurance against the possible consequences of pollution involving the Vessel including, without limitation, expropriation or sequestration of the Vessel or the imposition of a Lien or encumbrances of any kind having priority to the security interest granted to the Mortgagee or claims against the Lenders to be subscribed by the Mortgagee and, on demand, reimburse the Security Trustee Mortgagee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
(g) such other insurances as the Mortgagee may reasonably require (including without limitation political risks or mortgage rights insurance in the event that the Vessel is registered (or operated via a charter agreement fully and exclusively) in a jurisdiction that is not an Approved Jurisdiction);
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) its existence as a limited liability company of To comply with and satisfy all the state of Delaware;
(ii) its good standing under the laws of the state of Delaware; and
(iii) a registered office as required requisites and formalities established by the laws of the state State of DelawareNew York in respect of its legal existence and good standing and to maintain its status as a citizen of the United States, within the meaning of Section 2 of the United States Shipping Act, 1916, and to give evidence in respect of the foregoing to the Mortgagee;
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, or to reimburse the Mortgagee therefore (including with regard to the insurance cover described in (df) below), to reimburse using brokers, insurance companies, underwriters and/or War Risk/P&I Associations and on such terms as the Mortgagee therefor)shall from time to time approve in writing, in regard to:
(a) all fire hull and machinery plus freight interest and hull interest and any other usual marine risks (including increased value, which shall not exceed twenty percent (20%) of the total hull and machinery coverage) on an agreed value basis, which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii) of the Facility Agreementsuch as excess risks);
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull valuevalue and including the London blocking and trapping addendum or similar arrangement) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) to the highest amount available in the market for the full value and tonnage of the shipVessel, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000) covered by a protection and indemnity association which is a member of the International Group of Protection and Indemnity Associations (and to strictly comply with all rules of such association as they are in effect); and;
(d) freight, demurrage and defense risks; SK 0 I 029 0083 6034319 v5
(e) loss of hire in respect of any charter party agreement, with the minimum obtaining waiting period and a minimum cover of 90 days with an insured daily amount equal to at least (i) the daily rate under such charter party agreement or (ii) the daily running costs plus the daily debt service amount under the Credit Agreement;
(f) Mortgagee's interest including insurance in an amount not less than one hundred twenty percent (120%) of the Facility and mortgagee’s interest 's additional perils (pollution) risks insurance against the possible consequences of pollution involving the Vessel including, without limitation, expropriation or sequestration of the Vessel or the imposition of a Lien or encumbrances of any kind having priority to the security interest granted to the Mortgagee or claims against the Lenders to be subscribed by the Mortgagee and, on demand, reimburse the Security Trustee Mortgagee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
(g) such other insurances as the Mortgagee may reasonably require (including without limitation political risks or mortgage rights insurance in the event that the Vessel is registered (or operated via a charter agreement fully and exclusively) in a jurisdiction that is not an Approved Jurisdiction);
Appears in 1 contract
Affirmative Covenants and Insurances. The Owner further covenants with the Mortgagee and undertakes at all times throughout the Security Period:
(A) to maintain:
(i) its existence as a limited liability company of the state Republic of Delawarethe Xxxxxxxx Islands;
(ii) its good standing under the laws of the state Republic of Delawarethe Xxxxxxxx Islands; and
(iii) a registered office address as required by the laws of the state Republic of Delawarethe Xxxxxxxx Islands;
(B) to duly perform and observe the terms of the Transaction Documents to which it is a party;
(C) (i) to To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Mortgagee (or, with regard to the insurance cover described in (d) below, to reimburse the Mortgagee therefor), in regard to:
(a) all fire and usual marine risks (including increased value, which shall not exceed twenty thirty percent (2030%) of the total hull and machinery coverage) on an agreed value basis, ; which hull and machinery insured value shall be at least 80% of the Fair Market Value of the Vessel in accordance with Section 9.1(v)(iii9.1(t)(iii) of the Facility Credit Agreement;
(b) war risks on an agreed value basis (including war protection and indemnity liability with a separate limit not less than hull value) covering, inter alia, the perils of confiscation, terrorism, piracy, expropriation, nationalization, seizure and blocking;
(c) protection and indemnity risks (including pollution risks and including protection and indemnity war risks in excess of the amount for war risks (hull)) [to the highest amount available in the market for the full value and tonnage of the ship, as approved in writing by the Mortgagee, and, in case of oil pollution liability risks, at the highest level of cover from time to time available under basic protection and indemnity clubs entry, currently One Billion United States Dollars ($1,000,000,000); and
(d) Mortgagee's ’s interest including mortgagee’s interest additional perils (pollution) risks and, on demand, reimburse the Security Trustee for all premiums, costs and expenses paid or incurred by the Mortgagee from time to time;
Appears in 1 contract
