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.
Appears in 16 contracts
Samples: Amending and Restating Deed, Amending and Restating Deed (Global Ship Lease, Inc.), Second Amending and Restating Deed (Global Ship Lease, Inc.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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.
Appears in 9 contracts
Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Acquisition CORP), Loan Agreement (Navios Maritime Partners L.P.)
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 and cover notes relating to the obligatory insurances which they are to effect affect or renew and of a letter or letters of 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 in accordance with the provisions requirements of Clause 13.4the Insurance Assignment for that Borrower’s Ship;
(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 insurancesinsurances or if they cease to act as brokers;
(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.
Appears in 7 contracts
Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 the event of fleet cover, together with waivers for liens for unpaid premiums of other vessels not mortgaged to the Security Trustee) 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 Owner or its agents Agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions;
(e) they will notify the Security Trustee if any person other than the Owner is named as assured or co-assured in any of the obligatory insurances and shall procure that, upon the written request of the Security Trustee, such additional assured or co-assured executes in favour of the Security an assignment (in such form as the Lenders may approve or require) of its interest in the obligatory insurances; and
(ef) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower the relevant Owner 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 policiespolicies or, 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 the Ship forthwith upon being so requested by the Security Trustee. If any of the obligatory insurances referred to in Clause 13.6 form part of a fleet cover, the Borrower will procure that any letter of undertaking referred to in this Clause is amended to provide that the relevant brokers shall undertake to the Security Trustee that they shall neither set-off against any claims in respect of a Ship any premiums due in respect of other vessels under such fleet cover of any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances.
Appears in 7 contracts
Samples: Loan Agreement (Paragon Shipping Inc.), Amending and Restating Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 Majority Lenders 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 Owner 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 Owner 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 policiespolicies or, 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.
Appears in 6 contracts
Samples: Loan Agreement, Loan Agreement, Loan Agreement (Capital Product Partners L.P.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 Majority Lenders 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 Owner 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;
(e) they will notify the Security Trustee if any person other than the Owner is named as assured or co-assured in any of the obligatory insurances and shall procure that, upon the written request of the Security Trustee, such additional assured or co-assured executes in favour of the Security an assignment (in such form as the Lenders may approve or require) of its interest in the obligatory insurances; and
(ef) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower the relevant Owner 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 policiespolicies or, 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 6 contracts
Samples: Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Star Bulk Carriers Corp.)
Copies of policies; letters of undertaking. Each The 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 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;
(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 the 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 5 contracts
Samples: Loan Agreement (GasLog Ltd.), Loan Agreement (GasLog Ltd.), Loan Agreement (B Plus H Ocean Carriers LTD)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 Majority Lenders 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 Owner 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 the relevant Owner 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 policiespolicies or, 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 5 contracts
Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.), Loan Agreement (DryShips Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 the Ship or otherwise, they waive any lien on the policiespolicies or, 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 the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 4 contracts
Samples: Loan Agreement (Euroseas Ltd.), Loan Agreement (Euroseas Ltd.), Loan Agreement (Euroseas Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that the Owner shall ensure that all approved brokers provide the Security Trustee Lender 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 Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the Owner or its agents the Lender and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 the Ship or otherwise, they waive any lien on the policiespolicies or, 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 the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Box Ships Inc.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the relevant Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 relevant 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 the relevant Ship or otherwise, they waive any lien on the policiespolicies (including, without limitation, any fleet lien), 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 the relevant Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 4 contracts
Samples: Amending and Restating Agreement (DryShips Inc.), Loan Agreement (Oceanfreight Inc.), Loan Agreement (DryShips Inc.)
Copies of policies; letters of undertaking. Each Ship Owning Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clauseclause referred to in paragraph (a);
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Ship Owning Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 Ship Owning 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 immediately upon being so requested by the Security TrusteeLender.
Appears in 4 contracts
Samples: Loan Agreement (B Plus H Ocean Carriers LTD), Loan Agreement (B Plus H Ocean Carriers LTD), Loan Agreement (B Plus H Ocean Carriers LTD)
Copies of policies; letters of undertaking. Each The 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 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;
(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 10 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that the 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 4 contracts
Samples: Amending and Restating Agreement (GasLog Partners LP), Loan Agreement (GasLog Partners LP), Amending and Restating Agreement
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender in writing, 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 the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 the Ship or otherwise, they waive any lien on the policiespolicies (including, without limitation, any fleet lien), 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 the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 3 contracts
Samples: Loan Agreement (NewLead Holdings Ltd.), Loan Agreement (NewLead Holdings Ltd.), Loan Agreement (Omega Navigation Enterprises, Inc.)
Copies of policies; letters of undertaking. Each Borrower shall use its best endeavours to ensure that all approved brokers provide the Security Trustee upon its request 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 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;
(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.
Appears in 3 contracts
Samples: Loan Agreement (Dynagas LNG Partners LP), Loan Agreement (Dynagas LNG Partners LP), Loan Agreement
Copies of policies; letters of undertaking. Each Borrower 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 affect or renew and of a letter or letters of 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 in accordance with the provisions requirements of Clause 13.4the Insurance Assignment for that Guarantor’s Ship;
(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 insurancesinsurances or if they cease to act as brokers;
(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 Guarantor 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 Guarantor 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.
Appears in 3 contracts
Samples: Loan Agreement (Eagle Bulk Shipping Inc.), Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)
Copies of policies; letters of undertaking. Each Borrower 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 of or undertaking in a form required by the Security Trustee Agent and including including, subject to customary practice in the market from time to time, 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 13.420.4 (Further protections for the Finance Parties);
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said such loss payable clause;
(c) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeAgent, not less than 14 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower Guarantor or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Agent 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 Guarantor 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, amounts and they will not cancel such obligatory insurances by reason of non-payment 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 TrusteeAgent.
Appears in 3 contracts
Samples: Subordinated Facility Agreement (Diana Containerships Inc.), Facility Agreement (Diana Containerships Inc.), Subordinated Facility Agreement (Diana Shipping Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner shall ensure that all approved brokers provide the Security Trustee Lender with pro forma copies of all cover notes and 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 Lender 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 13.48.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, not less than 14 10 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 Owner 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 TrusteeLender.
Appears in 3 contracts
Samples: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner shall ensure that all approved brokers provide the Security Trustee Lender with pro forma proforma 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 Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender of the terms of the instructions; and
(e) they will not (other than in respect of premiums due in relation to the other Ship) set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower Owner 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 policiespolicies or, 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 TrusteeLender.
Appears in 3 contracts
Samples: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)
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 or undertaking in a form required by the Security Trustee Lenders 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 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that such 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 such Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that the Ship owned by such Borrower 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 the Ship owned buy such Borrower forthwith upon being so requested by the Security Trustee.
Appears in 3 contracts
Samples: Loan Agreement (Navios Maritime Holdings Inc.), Loan Agreement (Navios Maritime Holdings Inc.), Loan Agreement (Navios Maritime Holdings Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 Owner 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 Owner 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.
Appears in 3 contracts
Samples: Loan Agreement (Capital Product Partners L.P.), Loan Agreement (Capital Product Partners L.P.), Deed of Amendment and Restatement (Capital Product Partners L.P.)
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 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;
(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.
Appears in 3 contracts
Samples: Loan Agreement, Loan Agreement (Dynagas LNG Partners LP), Loan Agreement (Top Ships Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 the 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 3 contracts
Samples: Amending and Restating Agreement (Navios Maritime Acquisition CORP), Loan Agreement (Navios Maritime Acquisition CORP), Loan Agreement (Navios Maritime Holdings Inc.)
Copies of policies; letters of undertaking. Each Borrower The Borrowers 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 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;
(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 10 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower the Borrowers or its their 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 a 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.
Appears in 3 contracts
Samples: Amending and Restating Agreement (TBS International PLC), Amending and Restating Agreement (TBS International PLC), Loan Agreement (TBS International LTD)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Guarantor shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender having regard to current market practice 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 Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) upon the request of the Lender, they will notify the Security TrusteeLender, 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 the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 it under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that the Ship owned by it 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 the Ship owned by it forthwith upon being so requested by the Security TrusteeLender.
Appears in 3 contracts
Samples: Loan Agreement (General Maritime Corp / MI), Loan Agreement (Arlington Tankers Ltd.), Loan Agreement (Arlington Tankers Ltd.)
Copies of policies; letters of undertaking. Each Borrower The relevant Security Party 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 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;
(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 the relevant Security Party 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 Security Party 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.
Appears in 3 contracts
Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall use its best endeavours to ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 the 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 3 contracts
Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.), Loan Agreement (Euroseas Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 with 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 13.414.4;
(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 Owner 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 (other than in respect of premiums due in relation to the other Mortgaged Ships) set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower Owner 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, 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.
Appears in 2 contracts
Samples: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.425.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Xxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Term Loan Facility (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp)
Copies of policies; letters of undertaking. Each Borrower Guarantor shall ensure that all the approved brokers provide the Security Trustee with with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers that:
(ai) they will have endorsed on each policy, immediately upon issueif and when issued, a loss payable clause and a copy of the notice of assignment complying with the provisions of Clause 13.421.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee immediately promptly of any material change to the terms of the obligatory insurances;
(div) they will notify the Security Trustee, Trustee not less than 14 days before the expiry of the obligatory insurances, in the event of their insurances if they have not having received notice of renewal instructions from that Borrower the relevant Guarantor or its agents and, in the event of their receiving agents;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower Guarantor 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; provided, and however, in the event there is any premium outstanding on a Ship for which a claim is being paid, they shall have the right to set off any such outstanding premium notwithstanding the foregoing; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Guarantor forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Credit Agreement (DHT Holdings, Inc.), Credit Agreement (DHT Holdings, Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 Owner 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 Owner 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 policiespolicies or, 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.
Appears in 2 contracts
Samples: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Guarantor shall ensure that all approved brokers provide the Security Trustee as soon as practicable with pro forma copies of all policies relating to the obligatory insurances which they are to effect have been effected or renew renewed and of a letter or letters of 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 13.413.4 (Further protections for the Creditor Parties);
(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 the relevant Guarantor 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 the relevant Guarantor under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship any of the Ships 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 the Ships forthwith upon being so requested by the Security Trustee.
Appears in 2 contracts
Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)
Copies of policies; letters of undertaking. Each Borrower shall shall, in respect of the Ship owned by it, ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent (acting on the instructions of the Majority Lenders) and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.422.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from that Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Borrower forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Facility Agreement (United Maritime Corp), Term Loan Facility (Seanergy Maritime Holdings Corp.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.421.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Xxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Term Loan Facility (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)
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 Majority Lenders 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 policiespolicies or, 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.
Appears in 2 contracts
Samples: Loan Agreement (Capital Product Partners L.P.), Loan Agreement (Capital Product Partners L.P.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Lender with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and renew; and
(b) copies of all cover notes in form acceptable to the Lender;
(c) a letter or letters of undertaking in a form required by the Security Trustee Lender and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.423.4 (Further protections for the Lender);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Lender not less than 14 seven 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Lender of the terms of the instructions; and;
(evi) 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, 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.; and
Appears in 2 contracts
Samples: Term Loan Facility (Seanergy Maritime Holdings Corp.), Facility Agreement (Seanergy Maritime Holdings Corp.)
Copies of policies; letters of undertaking. Each The 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 Majority Lenders 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 the 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 2 contracts
Samples: Loan Agreement (Euronav NV), Loan Agreement (Euronav NV)
Copies of policies; letters of undertaking. Each The Borrower shall procure that the Owner shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 the Owner 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 2 contracts
Samples: Loan Agreement (Capital Product Partners L.P.), Loan Agreement (Capital Product Partners L.P.)
Copies of policies; letters of undertaking. Each The Borrower shall (and to the extent applicable shall procure in all cases that each other Security Party or other entity if named as co-assured in the insurance policies will) 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 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;
(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 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that the 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) if the insurances form part of a fleet cover, they will not set off any claims on the Ship against any sum recoverable in respect of a claim relating premiums due for other vessels under the fleet cover not mortgaged to the Agent or against premiums due for other insurances; neither will they cancel the insurance cover of 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 for reason of non-payment of such premiums or other amounts, premiums; and they will arrange for a separate policy to be issued in respect of that the Ship forthwith upon being so requested by the Security Trustee.
Appears in 2 contracts
Samples: Loan Agreement (Euroseas Ltd.), Loan Agreement (EuroDry Ltd.)
Copies of policies; letters of undertaking. Each Borrower Shipowner shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Shipowner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 Shipowner 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 TrusteeLender.
Appears in 2 contracts
Samples: Loan Agreement (StealthGas Inc.), Loan Agreement (StealthGas Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all policies and cover notes relating to the obligatory insurances which they are to effect affect or renew and of a letter or letters of 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 in accordance with the provisions requirements of Clause 13.4the Insurance Assignment for the Borrower’s Ship;
(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 insurancesinsurances or if they cease to act as brokers;
(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 the 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 the Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that the 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 non‑payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that the Ship forthwith upon being so requested by the Security Trustee.
Appears in 2 contracts
Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 TrusteeTrustee provided that the general or, as the case may be, individual conditions of such insurances permit.
Appears in 2 contracts
Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Navios Maritime Acquisition CORP)
Copies of policies; letters of undertaking. Each The 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 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 or cut-through 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 the relevant Owner 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 a 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.
Appears in 2 contracts
Samples: Loan Agreement (Britannia Bulk Holdings Inc), Loan Agreement (Britannia Bulk PLC)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 it 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 TrusteeTrustee provided that the general or, as the case may be, individual conditions of such insurances permit.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Navios Maritime Partners L.P.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Corporate Guarantor shall ensure that all approved brokers provide the Security Trustee Lender with pro forma copies of all cover notes and 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 Lender 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 13.413.4 (Further protections for the Lender);
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Corporate Guarantor or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 Corprorate Guarantor 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 TrusteeLender.
Appears in 2 contracts
Samples: Loan Agreement (Castor Maritime Inc.), Loan Agreement (Toro Corp.)
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 affect or renew and of a letter or letters of 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 in accordance with the provisions requirements of Clause 13.4the Insurance Assignment for that Xxxxxxxx’s Ship;
(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 insurancesinsurances or if they cease to act as brokers;
(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.
Appears in 2 contracts
Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, not less than 14 10 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 Lender 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 TrusteeLender.
Appears in 2 contracts
Samples: Loan Agreement (TBS International LTD), Loan Agreement (StealthGas Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner shall ensure that all the approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, not less than 14 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 Owner 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 TrusteeLender.
Appears in 2 contracts
Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Gala Properties Inc.)
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 or undertaking in a form required by the Security Trustee Lenders 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 it 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 policiespolicies or, 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.
Appears in 2 contracts
Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Partners L.P.)
Copies of policies; letters of undertaking. Each The Borrower shall or shall procure that each Owner 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 13.412.4;
(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 the Owner 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 the Owner 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.
Appears in 2 contracts
Samples: Loan Agreement (Navios Maritime Holdings Inc.), Loan Agreement (Navios Maritime Acquisition CORP)
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.422.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the Borrower, the First Bareboat Charterer or (as the case may be) the Second Bareboat Charterer, or their respective agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower Vessel under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship the Vessel 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of that Ship the Vessel forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Term Loan Facility (Grindrod Shipping Holdings Ltd.), Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)
Copies of policies; letters of undertaking. Each The 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 or undertaking in a form required by the Security Trustee Lenders 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 the 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 the Ship or otherwise, they waive any lien on the policiespolicies or, 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 2 contracts
Samples: Loan Agreement (Navios Maritime Containers Inc.), Loan Agreement (StealthGas Inc.)
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 or undertaking in a form required by the Security Trustee Lenders 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 13.413.4 (Further protections for the Creditor Parties);
(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 it 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 policiespolicies or, 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.
Appears in 2 contracts
Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Partners L.P.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.424.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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 will waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Bxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Facility Agreement (Okeanis Eco Tankers Corp.), Facility Agreement (Okeanis Eco Tankers Corp.)
Copies of policies; letters of undertaking. Each Borrower Owner shall use its best endeavours to 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 or undertaking substantially in a the 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 Owner 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 Owner 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.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Product Shipping Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.411.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the relevant Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 relevant 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 the relevant Ship or otherwise, they waive any lien on the policiespolicies (including, without limitation, any fleet lien), 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 the relevant Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 2 contracts
Samples: Fourth Amending and Restating Agreement (DryShips Inc.), Loan Agreement (DryShips Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 the event of fleet cover, together with waivers for liens for unpaid premiums of other vessels not mortgaged to the Security Trustee) 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 Owner or its agents 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 the relevant Owner 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 policiespolicies or, 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 the Ship forthwith upon being so requested by the Security Trustee. If any of the obligatory insurances referred to in Clause 13.6 form part of a fleet cover, the Borrower will procure that any letter of undertaking referred to in this Clause is amended to provide that the relevant brokers shall undertake to the Security Trustee that they shall neither set-off against any claims in respect of a Ship any premiums due in respect of other vessels under such fleet cover of any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances.
Appears in 2 contracts
Samples: Loan Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)
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 and cover notes relating to the obligatory insurances which they are to effect affect or renew and of a letter or letters of 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 in accordance with the provisions requirements of Clause 13.4the Insurance Assignment for that Borrower’s Ship;
(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 insurancesinsurances or if they cease to act as brokers;
(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 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.
Appears in 2 contracts
Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that the Owner shall ensure that all approved brokers provide the Security Trustee Lender 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 Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender of the terms of the instructions;
(e) they will notify the Lender if any person other than the Owner is named as assured or co-assured in any of the obligatory insurances and shall procure that, upon the written request of the Lender, such additional assured or co-assured executes in favour of the Lender an assignment (in such form as the Lenders may approve or require) of its interest in the obligatory insurances; and
(ef) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower the Owner under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that the Ship or otherwise, they waive any lien on the policiespolicies or, 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 the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 2 contracts
Samples: Loan Agreement (Star Cosmo Llc.), Loan Agreement (Star Bulk Carriers Corp.)
Copies of policies; letters of undertaking. Each Borrower In respect of each Ship, the Borrowers shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.422.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the Borrowers or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) they will not set off against any sum recoverable in respect of a claim relating to the that 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, amounts and they will not cancel such obligatory insurances by reason of non-non payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Term Loan Facility (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Lender 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 TrusteeLender.
Appears in 2 contracts
Samples: Loan Agreement (Scorpio Bulkers Inc.), Loan Agreement (Quintana Shipping Ltd.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.421.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) they will not set off against any sum recoverable in respect of a claim relating to the that 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 2 contracts
Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)
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 or undertaking in a form required by the Security Trustee Agent 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 Agent immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeAgent, 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 Agent 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 a 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 TrusteeAgent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.422.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) they will not set off against any sum recoverable in respect of a claim relating to the that 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.425.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Bxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Lender 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 policiespolicies or, 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 TrusteeLender.
Appears in 1 contract
Samples: Loan Agreement (Omega Navigation Enterprises, Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 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;
(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 Owner 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 a 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.
Appears in 1 contract
Samples: Loan Agreement (Grindrod Shipping Holdings Pte. Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender and including undertakings by the approved brokers and/or insurers 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, not less than 14 10 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 the 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 the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 1 contract
Copies of policies; letters of undertaking. Each The 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 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower the relevant Owner 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 a 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 or undertaking in a form required by the Security Trustee and including undertakings in their standard approved format issued 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 13.413.4 (Further protections for the Creditor Parties);
(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 the relevant Owner 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 relevant 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 such 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 non‑payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that such Ship forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the relevant Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 relevant 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 TrusteeLender.
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Copies of policies; letters of undertaking. Each Borrower The Borrowers shall ensure that all approved brokers provide the Security Trustee with pro forma copies statements detailing the intended cover of all policies relating to the obligatory insurances Insurances which they are to effect or renew and of a letter or letters of 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 in accordance with the provisions of Clause 13.4Insurance Assignment;
(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 insurancesInsurances or if they cease to act as brokers;
(d) they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurancesInsurances, in the event of their not having received notice of renewal instructions from that Borrower the relevant Security Party 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) in each case to the extent permitted by the terms of the Insurances, they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that such Borrower under such obligatory insurances Insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwiseany vessel other than the Ship, to which the claim refers, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amountsamounts related to vessels other than the Ships or persons other than the Borrowers, and they will not cancel such obligatory insurances Insurances by reason of non-payment of such premiums or other amountsamounts related to vessels other than the Ships or persons other than the Borrowers, and will arrange for a separate policy to be issued in respect of that the relevant Ship forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee Lender with pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of with a letter or letters of or undertaking in a form required approved by the Security Trustee Lender 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 13.412.2;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Lender of the terms of the instructions; and;
(e) if the insurances form part of a fleet cover 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 the Ship owned by it 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 ,; and
(f) they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, amounts for 14 days (or 7 days in the case of war risks) after the receipt by the Lender of a prior written notice and they will arrange for a separate policy to be issued in respect of that the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 1 contract
Samples: Loan Agreement (EuroDry Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner shall ensure that all approved brokers provide the Security Trustee Lender with pro forma copies of all cover notes and 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 Lender 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 13.48.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, not less than 14 10 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower the relevant Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 it under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that the Ship owned by it 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 the Ship owned by it forthwith upon being so requested by the Security TrusteeLender.
Appears in 1 contract
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, not less than 14 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 the 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 the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 1 contract
Samples: Loan Agreement (Box Ships Inc.)
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) and they will not set off against any sum recoverable in respect of a claim relating to the that 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 TrusteeTrustee provided that the general or, as the case may be, individual conditions of such insurances permit.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower 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 of or undertaking in a form required by the Security Trustee Agent and including including, subject to customary practice in the market from time to time, 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 13.422.4 (Further protections for the Finance Parties);
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said such loss payable clause;
(c) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeAgent, not less than 14 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower Guarantor or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Agent 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 Guarantor 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, 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 TrusteeAgent.
Appears in 1 contract
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 and cover notes relating to the obligatory insurances which they are to effect affect or renew and of a letter or letters of 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 in accordance with the provisions requirements of Clause 13.4the Insurance Assignment for that Xxxxxxxx’s Ship;
(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 insurancesinsurances or if they cease to act as brokers;
(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 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.
Appears in 1 contract
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.422.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurancesinsurances and at least (14) days' prior to any policy cancellation for non-payment of premium;
(div) they will will, if they have not received notice of renewal instructions from the Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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 the 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of that the Ship forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Samples: Facility Agreement (Euroseas Ltd.)
Copies of policies; letters of undertaking. Each The Borrower shall use its best endeavours to ensure that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 13.413.4 (Further protections for the Creditor Parties);
(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 the 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Samples: Loan Agreement (EuroDry Ltd.)
Copies of policies; letters of undertaking. Each Borrower Owner 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 affect or renew and of a letter or letters of or undertaking in a form required by the Security Trustee Majority Lenders 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 in accordance with the provisions requirements of Clause 13.4the Insurance Assignment for that Owner Guarantor’s Vessel;
(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 insurancesinsurances or if they cease to act as brokers;
(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 Owner Guarantor 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 Vessel owned by that Borrower Owner Guarantor under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship Vessel 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 Vessel forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Samples: Loan Agreement (Dorian LPG Ltd.)
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 with a letter or letters of undertaking in a form required approved 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 13.413.4 (Further protections for the Creditor Parties);
(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 without undue delay 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.
Appears in 1 contract
Copies of policies; letters of undertaking. Each The 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 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 in accordance with the provisions of Clause 13.4Insurance Assignment;
(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 insurancesinsurances or if they cease to act as brokers;
(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 the relevant Security Party 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 the 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 the Ship forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.422.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Xxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each The Borrower shall ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 the 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 TrusteeLender.
Appears in 1 contract
Samples: Loan Agreement (Diana Shipping Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Guarantor and each Collateral Guarantor shall ensure that all approved brokers provide the Security Trustee as soon as practicable with pro forma copies of all policies relating to the obligatory insurances which they are to effect have been effected or renew renewed and of a letter or letters of 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;
(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 the relevant Guarantor or Collateral Guarantor 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 the relevant Guarantor or Collateral Guarantor under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship any of the Ships 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 the Ships forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Samples: Facility Agreement (Navios Maritime Containers Inc.)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner 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 with a letter or letters of undertaking in a form required approved 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 13.414.4;
(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 Owner 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 (other than in respect of premiums due in relation to the other Ship) set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower Owner 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, 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.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.427.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Xxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Samples: Term and Accordion Facilities Agreement (Ardmore Shipping Corp)
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner shall ensure that all approved brokers provide the Security Trustee Lender 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 Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 each Owner or its agents the Lender and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 Owner 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 policiespolicies or, 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 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 TrusteeLender.
Appears in 1 contract
Samples: Loan Agreement (Box Ships Inc.)
Copies of policies; letters of undertaking. Each Borrower shall, and shall procure that the Collateral Owner shall, ensure that all approved brokers provide the Security Trustee Lender 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 or undertaking in a form required by the Security Trustee Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 the relevant Owner Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 relevant 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 the relevant Ship or otherwise, they waive any lien on the policiespolicies (including, without limitation, any fleet lien), 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 the relevant Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower The Drillship Owner shall ensure that all approved the brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers that:
(ai) 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 13.423.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the Drillship Owner concerned or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower Drillship under such obligatory insurances any premiums due for other Drillships under the fleet or other amounts due to them for other insurances or any other person whether in respect of that Ship or otherwiseperson, they waive any lien on the policies, policies for premium due for other Drillships under the fleet cover or any sums received under them, them which they might have in respect of such premiums or other amounts, amounts due for other Drillships under the fleet cover and they will not cancel such obligatory insurances on this Drillship by reason of non-payment of such premiums for other Drillships under the fleet or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of that Ship the Drillship forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Samples: Addendum to First Preferred Marshall Islands Mortgage (Ocean Rig UDW Inc.)
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent having regard to market practice and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.423.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Borrower forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower The Borrowers 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 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;
(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 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower the Borrowers or its their 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) if the insurances form part of a fleet cover, 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 claims on the policies, Ships against premiums due for other vessels under the fleet cover or any sums received under them, which against premiums due for other insurances; neither will they might have in respect cancel the insurance cover of such premiums or other amounts, and they will not cancel such obligatory insurances by the Ships for reason of non-payment of such premiums or other amounts, premiums; and they will arrange for a separate policy to be issued in respect of that Ship the Ships forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Samples: Loan Agreement (Euroseas Ltd.)
Copies of policies; letters of undertaking. Each Borrower shall shall, in respect of the Ship owned by it, ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent (acting on the instructions of the Majority Lenders) and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.423.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from that Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Xxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent upon request with:
(a) pro forma copies of all requested policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of or undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.423.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurances;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ;
(vii) they will provide notice for any cancellation of policies within the time line standard for industry guidelines; and
(viii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Borrower forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers provide the Security Trustee as soon as practicable with pro forma copies of all policies relating to the obligatory insurances which they are to effect have been effected or renew renewed and of a letter or letters of 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 13.413.4 (Further protections for the Creditor Parties);
(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 the relevant Guarantor 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 the relevant Guarantor under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship any of the Ships 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 the Ships forthwith upon being so requested by the Security Trustee.
Appears in 1 contract
Samples: Term Loan Facility Agreement (Navios Maritime Partners L.P.)
Copies of policies; letters of undertaking. Each The Borrower shall ensure procure that each Owner ensures that that all approved brokers provide the Security Trustee with pro forma copies of all cover notes and 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 13.413.4 (Further protections for the Creditor Parties);
(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.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower New Owner shall ensure that all the approved brokers provide the Security Trustee Lender 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 Lender 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 13.414.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 on behalf of the relevant New Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender 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 the obligatory insurances any premiums or other amounts due to them or any relevant other person whether in respect of that the relevant Ship or otherwise, ;
(f) they waive any lien on the policies, policies or on any sums received under them, them which they might have in respect of such premiums or other amounts, and ;
(g) they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(h) they will arrange for a separate policy to be issued in respect of that the Ship forthwith upon being so requested by the Security TrusteeLender.
Appears in 1 contract
Copies of policies; letters of undertaking. Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with:
(a) pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew and of renew; and
(b) a letter or letters of undertaking in a form required by the Security Trustee Facility Agent and including undertakings by the approved brokers Approved Brokers that:
(ai) 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 13.421.4 (Further protections for the Finance Parties);
(bii) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Agent in accordance with the said such loss payable clause;
(ciii) they will advise the Security Trustee Agent immediately of any material change to the terms of the obligatory insurancesinsurances and at least fourteen (14) days’ prior to any policy cancellation for non-payment of premium;
(div) they will will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Trustee, Agent 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 ;
(v) if they receive instructions to renewrenew the obligatory insurances, they will promptly notify the Security Trustee Facility Agent of the terms of the instructions; and;
(evi) 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, amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and ; and
(vii) they will arrange for a separate policy to be issued in respect of the Ship owned by that Ship Xxxxxxxx forthwith upon being so requested by the Security TrusteeFacility Agent.
Appears in 1 contract
Copies of policies; letters of undertaking. Each The Borrower shall procure that each Owner shall ensure that all approved brokers provide the Security Trustee Lender 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 Lender 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 13.412.4;
(b) they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee Lender in accordance with the said loss payable clause;
(c) they will advise the Security Trustee Lender immediately of any material change to the terms of the obligatory insurances;
(d) they will notify the Security TrusteeLender, 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 Owner or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee Lender of the terms of the instructions;
(e) they will notify the Lender if any person other than that Owner is named as assured or co-assured in any of the obligatory insurances and shall procure that, upon the written request of the Lender, such additional assured or co-assured executes in favour of the Lender an assignment (in such form as the Lenders may approve or require) of its interest in the obligatory insurances; and
(ef) they will not set off against any sum recoverable in respect of a claim relating to the that Ship owned by the Owner owning that Borrower Ship 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 policiespolicies or, 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 TrusteeLender.
Appears in 1 contract
Samples: Amending and Restating Agreement (Star Bulk Carriers Corp.)
