Common use of Compliance with terms of insurances Clause in Contracts

Compliance with terms of insurances. The Borrower shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: (a) the Borrower shall procure that each Owner shall (in the case of the Ship owned by it) take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 13.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval; (b) the Borrower shall procure that no Owner shall (in the case of the Ship owned by it) make any changes relating to the classification or Classification Society or manager or operator of the Ship approved by the underwriters of the obligatory insurances; (c) the Borrower shall procure that each Owner shall (in the case of the Ship owned by it) make (and promptly supply copies to the Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and (d) the Borrower shall procure that no Owner shall (in the case of the Ship owned by it) employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

Compliance with terms of insurances. The (a) No Borrower shall neither do nor or omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and. (b) Without limiting paragraph (a) above, in particulareach Borrower shall: (a) the Borrower shall procure that each Owner shall (in the case of the Ship owned by iti) take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause 13.6(c24.6 (Copies of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee Facility Agent has not given its prior approval; (bii) the Borrower shall procure that no Owner shall (in the case of the Ship owned by it) not make any changes relating to the classification or Classification Society classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances; (c) the Borrower shall procure that each Owner shall (in the case of the Ship owned by itiii) make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and (div) the Borrower shall procure that no Owner shall (in the case of not employ the Ship owned by it) employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. (c) The Facility Agent, acting on the instructions of the Majority Lenders, shall be entitled to review the requirements of Clause 24.11 (Compliance with terms of insurances) from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the reasonable opinion of the Majority Lenders, significant and capable of affecting the Borrower or the Ship and its or their insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower may be subject), and may appoint insurance consultants in relation to this review at the cost of the Borrower, such review to be carried out before the Utilisation Date of the Loan and, at the Facility Agent's request, at any time during the Security Period if the Facility Agent (acting on the instructions of the Majority Lenders) reasonably considers necessary (fees of the insurance consultants to conduct such review shall be deducted from the Earnings Account and the Borrower hereby irrevocably authorises the Facility Agent to debit the Earnings Account in order to pay such fees Provided that the Borrower will only bear the cost of such opinion if insurance arrangements change unless an Event of Default has occurred and is continuing).

Compliance with terms of insurances. The No Guarantor shall (and the Borrower shall neither do nor omit to procure that no Guarantor shall) do (nor or permit to be done or not to be done) or omit to do any act or thing which would or might enable cancellation of any obligatory insurance or render any obligatory insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable paid under an any obligatory insurance repayable in whole or in part; and, part and in particular: (a) the Borrower each Guarantor shall procure that each Owner shall (in the case of the Ship owned by it) take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in paragraph (c) of Clause 13.6(c18.6 (Copies of Policies and Letters of Undertaking)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior written approval; (b) the Borrower no Guarantor shall procure that no Owner shall (in the case of the Ship owned by it) make any changes relating to the classification or Classification Society classification society or manager or operator of the Ship Collateral Vessel owned by it except as approved by the underwriters of the obligatory insurancesinsurances and the Administrative Agent; (c) each Guarantor shall (and the Borrower shall procure that each Owner shall (in the case of the Ship owned by itGuarantor shall) make (and promptly supply copies to the Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship Collateral Vessel owned by it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and; (d) no Guarantor shall (and the Borrower shall procure that no Owner Guarantor shall) do any act or voluntarily suffer or permit any act to be done whereby any obligatory insurances shall or may be suspended or avoided and no Guarantor shall (in and the case of Borrower shall procure that no Guarantor shall) employ the Ship Collateral Vessel owned by it) employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the relevant insurers and complying with any requirements (as to extra premium or otherwise) which the such insurers specify; and (e) each Guarantor shall (and the Borrower shall procure that each Guarantor shall) procure that all amounts payable under the obligatory insurances are paid in accordance with the relevant loss payable clause.

Compliance with terms of insurances. The Borrower shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: (a) the Borrower shall procure that each Owner shall (in the case of the Ship or Ships (as the case may be) owned by it) ), take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 13.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval; (b) the Borrower shall procure that no Owner shall (in the case of the Ship or Ships (as the case may be) owned by it) ), make any changes relating to the classification or Classification Society classification society or manager or operator of the Ship approved by the underwriters of the obligatory insurances; (c) the Borrower shall procure that each Owner shall (in the case of the Ship or Ships (as the case may be) owned by it) ), make (and promptly supply copies to the Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and (d) the Borrower shall procure that no Owner shall (in the case of the Ship or Ships (as the case may be) owned by it) ), employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

Compliance with terms of insurances. The Borrower (a) No Drillship Owner shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship effected by it invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance effected by it repayable in whole or in part; and. (b) Without limiting paragraph (a) above, in particulareach Drillship Owner shall: (a) the Borrower shall procure that each Owner shall (in the case of the Ship owned by iti) take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurancesinsurances effected by it, and (without limiting the obligation contained in paragraph (b)(iii) of Clause 13.6(c22.6 (Copies of policies; letters of undertaking)) ensure that the obligatory insurances effected by it are not made subject to any exclusions or qualifications to which the Security Trustee Facility Agent has not given its prior approval; (bii) the Borrower shall procure that no Owner shall (in the case of the Ship owned by it) not make any changes relating to the classification Approved Classification or the Approved Classification Society or manager Manager or operator of the Ship approved Drillship owned by it, without obtaining the underwriters of the obligatory insurancesunderwriters' prior consent; (c) the Borrower shall procure that each Owner shall (in the case of the Ship owned by itiii) make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship Drillship owned by it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and (div) not employ the Borrower shall procure that no Owner shall (in the case of the Ship Drillship owned by it) employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurancesinsurances effected by it, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. (c) The Facility Agent may, at any time and for the account of the Borrower, obtain an insurance report from an independent marine insurance broker.

Compliance with terms of insurances. (a) The Borrower Drillship Owner shall neither not do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any Ship effected by it invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance effected by it repayable in whole or in part; and. (b) Without limiting paragraph (a) above, in particularthe Drillship Owner shall: (a) the Borrower shall procure that each Owner shall (in the case of the Ship owned by iti) take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurancesinsurances effected by it, and (without limiting the obligation contained in paragraph (b)(iii) of Clause 13.6(c23.6 (Copies of policies; letters of undertaking)) ensure that the obligatory insurances effected by it are not made subject to any exclusions or qualifications to which the Security Trustee Facility Agent has not given its prior approval; (bii) the Borrower shall procure that no Owner shall (in the case of the Ship owned by it) not make any changes relating to the classification Approved Classification or the Approved Classification Society or manager Manager or operator of the Ship approved by Drillship, without obtaining the underwriters of the obligatory insurancesunderwriters' prior consent; (c) the Borrower shall procure that each Owner shall (in the case of the Ship owned by itiii) make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship Drillship is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and; (div) the Borrower shall procure that no Owner shall (in the case of the Ship owned by it) not employ the ShipDrillship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurancesinsurances effected by it, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify; and (v) notify the Facility Agent in writing prior to the Drillship entering the territorial waters of the US, and arrange for such additional protection and indemnity cover as required by the Facility Agent. (c) The Facility Agent may, at any time and for the account of the Borrower, obtain an insurance report from an independent marine insurance broker.