Common use of Copies of Policies Clause in Contracts

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 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 of the terms of the instructions; and (e) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security Trustee.

Copies of Policies. letters of undertaking Each Borrower shall ensure that all approved brokers the Approved Brokers provide the Security Trustee with Agent with: (a) pro forma copies of all cover notes and 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 10 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.

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 10 14 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from that Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and (e) they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so requested by the Security Trustee.

Copies of Policies. letters of undertaking undertaking. Each Borrower Guarantor shall in relation to each Ship owned by it 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 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 10 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 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 Trustee.

Copies of Policies. letters of undertaking Each Borrower shall ensure that all approved brokers provide the Security Trustee with undertaking (a) pro forma copies of all cover notes and 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 Agent and including undertakings by the approved brokers Approved Insurance 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 13.4assignment; (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 Debtor or its agents, notify the Security Trustee, Agent not less than 10 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 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 Debtor 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 168776.01000/150917043v.5 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 Debtor forthwith upon being so requested by the Security TrusteeAgent.