Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that:
(a) they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 13.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause;
(c) they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and
(e) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security Trustee.
Copies of policies; letters of undertaking. Each Borrower shall ensure that the Approved Brokers provide the Security Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew; and
(b) a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the Approved Brokers that:
Copies of policies; letters of undertaking. Each Guarantor shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of a letter or letters or undertaking in a form customary for the market from time to time.
Copies of policies; letters of undertaking. The Borrower will procure that each of the relevant brokers and associations furnishes the Agent with a letter of undertaking in the standard form available in the relevant insurance market or otherwise in such form as may be required by the Agent and waives any lien for premiums or calls except in relation to premiums or calls solely attributable to the Ship.
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved insurance brokers provide the Security Trustee with pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of a letter or letters or undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that:
a. they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 13.4;
Copies of policies; letters of undertaking. Each Borrower shall ensure that the Approved Brokers provide the Lender with:
(a) pro forma
(b) a letter or letters of undertaking in a form required by the Lender and including undertakings by the Approved Brokers that:
(i) they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause
Copies of policies; letters of undertaking. 29.9.1 The Borrower shall ensure that the Approved Broker provides the Lender with certificates of insurance relating to the obligatory insurances which it is to effect or renew.
29.9.2 The Borrower shall procure that the Approved Broker provides the Lender with a letter of undertaking in the form satisfactory to the Lender (acting reasonably) and including undertakings by the Approved Insurer or Approved Brokers (as the case may be) that:
29.9.2.1 they will have endorsed on each relevant policy, immediately upon issue, an additional insured clause complying with Clause 29.4.1;
29.9.2.2 they will advise the Lender immediately of any material change to the terms of the obligatory insurances;
29.9.2.3 they will notify the Lender if they have not received notice of renewal instructions from the relevant Borrower or its Lenders not less than 5 days before the expiry of the obligatory insurances; and
29.9.2.4 they will notify, or procure that the Approved Insurers will notify, the Lender if they have received instructions to renew and of the terms of the instructions;
29.9.2.5 they will arrange for a separate policy to be issued in respect of the Data Centre Assets forthwith upon being so requested by the Lender at the cost of the Lender and upon the Lender executing such fee letter as the Approved Broker may reasonably require.
Copies of policies; letters of undertaking. Each Borrower shall ensure that the Approved Brokers provide the Lender with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew; and
(b) a letter or letters of undertaking in a form required by the Lender and including undertakings by the Approved Brokers that:
(i) they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 23.4 (Further protections for the Lender);
(ii) they will hold such policies, and the benefit of such insurances, to the order of the Lender in accordance with such loss payable clause;
(iii) they will advise the Lender immediately of any material change to the terms of the obligatory insurances;
Copies of policies; letters of undertaking. Each Borrower shall ensure that the Approved Brokers provide the Security Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew;
(b) a letter or letters or undertaking in a form reasonably required by the Facility Agent having regard to the then current market practice of the IGA (International Group Agreement) P&I Clubs and the practices prescribed or recommended by the IGA (International Group Agreement) or any successor association or body and/or the London Market Brokers Committee and/or any other professional association of which any Approved Brokers are members including undertakings by the Approved Brokers that:
(i) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and
(ii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Borrower forthwith upon being so requested by the Facility Agent.
Copies of policies; letters of undertaking. Each Collateral Guarantor shall ensure that the Approved Brokers provide the Security Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew; and
(b) a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the Approved Brokers that:
93 (i) they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 22.4 (Further protections for the Finance Parties);
