Insurance assignment. 5.1 By way of security for the aggregate of the Loan and interest accrued and accruing thereon, the Expenses (as such term is defined in the General Assignment) the Master Swap Agreement Liabilities (as such term is defined in the General Assignment) and all other sums of money from time to time owing by the Borrower to the Bank, whether actually or contingently, under the Security Documents (as such term is defined in the General Assignment) or any of them to which the Borrower is or is to be a party (the “Outstanding Indebtedness”) the Manager with full title guarantee hereby irrevocably and unconditionally assigns and agrees to assign to the Bank all of the Manager’s rights, title and interest in and to and the benefit of the Insurances.
5.2 The Manager hereby undertakes to procure that a duly completed notice in the form set out in Appendix 2 to this Letter is given to all insurers of the Ship and to procure that such notice is promptly endorsed on all policies and entries in respect of the Insurances and agrees promptly to authorise and/or instruct any broker, insurer or association with or through whom Insurances may be effected to endorse on any policy or entry or otherwise to give effect to such loss payable clause as may be stipulated by the Bank.
5.3 The Bank shall, at the Manager’s cost, re-assign to the Manager all the Manager’s right, title and interest in the Insurances upon the Outstanding Indebtedness being discharged in full to the satisfaction of the Bank.
5.4 Any moneys in respect of the Insurances which would (but for the assignment contained in clause 5.1 above) be payable to the Manager shall be applied in accordance with clause 2.3 of the General Assignment and/or (as the case may be) clause 2.6 of the General Assignment.
Insurance assignment. 5.1 By way of security for the repayment of the aggregate of (a) the Loan and interest accrued and accruing thereon, (b) the Master Swap Agreement Liabilities (as such term is defined in the General Assignment), (c) the Expenses (as such term is defined in the General Assignment) and (d) all other sums of money from time to time owing by the Borrowers and/or the Owner to the Mortgagees or any of them, whether actually or contingently, under the Loan Agreement, the Master Swap Agreements, the Collateral Guarantee and the other Security Documents or any of them (the "Outstanding Indebtedness"), the Manager with full title guarantee hereby irrevocably and unconditionally assigns and agrees to assign to the Mortgagees all of the Managers rights, title and interest in and to all the benefit of the Insurances.
5.2 The Manager hereby undertakes to procure that a duly completed notice in the form set out in Appendix 2 to this Letter is given to all insurers of the Ship and to procure that such notice is promptly endorsed on all policies and entries in respect of the Insurances and agrees promptly to authorise and/or instruct any broker, insurer or association with or through whom Insurances may be effected to endorse on any policy or entry or otherwise to give effect to such loss payable clause as may be stipulated by the Agent.
5.3 The Mortgagees shall, at the Manager's cost and request, re-assign to the Manager all the Manager's right, title and interest in the Insurances upon the Outstanding Indebtedness being paid and discharged in full to the satisfaction of the Agent.
5.4 Any moneys in respect of the Insurances which would (but for the assignment contained in clause 5.1 above) be payable to the Manager shall be applied in accordance with clause 2.1 and/or clause 2.3
Insurance assignment. (a) By way of security for the aggregate of the Loan and interest accrued and accruing thereon, the Expenses (as defined in the relevant Deed of Covenant) and all other sums of money from time to time owing to the Finance Parties, whether actually or contingently, under the Finance Documents or any of them (Outstanding Indebtedness) the Manager with full title guarantee hereby irrevocably and unconditionally assigns and agrees to assign to the Security Agent all of the Manager's rights, title and interest in and to all the benefit of Insurances.
(b) The Manager hereby undertakes to procure that a duly completed notice in the form set out in Appendix 2 to this letter is given to all insurers of the Ship and to procure that such notice is promptly endorsed on all policies and entries in respect of the Insurances and agrees promptly to authorise and/or instruct any broker, insurer or association with or through whom Insurances may be effected to endorse on any policy or entry or otherwise to give effect to such loss payable clause as may be stipulated by the Security Agent. The Manager also undertakes to obtain a letter of acknowledgement from the insurance broker that such endorsement has been effected.
(c) The Security Agent shall, with no cost for the Manager, re-assign to the Manager all the Manager's right, title and interest in the Insurances upon the Outstanding Indebtedness being discharged in full to the satisfaction of the Security Agent.
(d) Any moneys in respect of the Insurances which would (but for the assignment contained in clause 5(a) above) be payable to the Manager shall be applied in accordance with clause 8.1 (Application) of the Deed of Covenants.
Insurance assignment. Upon the occurrence and continuation of an Event of Default, Borrower hereby assigns to Bank all sums, including without limitation, return of premiums, which may become payable under any and all of Borrower's policies of insurance and directs each insurance company issuing any such policy to make payment thereof directly to Bank.
Insurance assignment. The fully executed and insurer-acknowledged Insurance Assignment.
Insurance assignment. In the Event of Default, each Borrower --------------------------- hereby assigns to Agent all sums, including without limitation return of premiums, which may become payable under any and all of such Borrower's policies of insurance and directs each insurance company issuing any such policy to make payment thereof directly to Agent.
Insurance assignment. (a) Each Additional Guarantor is hereby added as a party to the Insurance Assignment and shall be included within the term “Assignor” as used therein. Each Additional Guarantor hereby agrees to be bound by all of the terms and conditions of the Insurance Assignment, in all respects as if it were an original signatory thereto, and unconditionally, and jointly and severally with the parties thereto, grants to the Administrative Agent, for the benefit of the Secured Parties, to secure the payment and performance in full of all of the Obligations, a security interest in and to and lien on, all of its right, title and interest in and to the insurances assigned thereby. Each Additional Guarantor covenants and agrees to execute and deliver to the Administrative Agent a signature page to the Insurance Assignment to be attached thereto as provided in Section 12 of the Insurance Assignment.
Insurance assignment. By way of security for the repayment of the aggregate of the Loan and interest accrued and accruing thereon, the Expenses (as such term is defined in the General Assignment) and all other sums of money from time to time owing to the Security Agent and/or the Security Creditors or any of them, whether actually or contingently under the Loan Agreement, the Corporate Guarantee and the other Security Documents or any of them (the “Outstanding Indebtedness”), the Manager with full title guarantee hereby irrevocably and unconditionally (subject to the assignment contained in the First Undertaking) assigns and agrees to assign to the Security Agent all of the Manager’s rights, title and interest in and to all the benefit of the Insurances.
Insurance assignment each collateral assignment of insurance pursuant to which a Loan Party assigns to the Agent, for the benefit of the Secured Parties, such Loan Party’s rights under business interruption policies, as security for the Secured Obligations.
Insurance assignment. 11.1 In addition to the consideration paid in Section 10 above, upon final approval of this Settlement, First Health shall assign to the Class any and all of its rights to: (a) receive any and all proceeds available/awarded pursuant to First Health’s insurance policies with respect to the released claims, with the exception that all claims for payment by the Insurers issuing those policies of the legal fees and litigation costs incurred by First Health prior to final approval of this settlement, which amounts may diminish coverage otherwise available for indemnity under the policies, shall be reserved to and retained by First Health; and (b) pursue a declaratory judgment and/or damages action with respect to indemnity coverage under these policies for the released claims. The claims excepted from the assignment to the Class shall have priority over those assigned to the Class in terms of payment from the proceeds of the policies.
11.2 By making this partial assignment of its right to recover under the above policies with respect to the released claims, First Health and its Affiliates make no warranty as to either the existence or extent of coverage afforded by these policies or the validity of the assignment. The Parties agree that the validity and finality of this Settlement is not contingent upon the outcome of any declaratory judgment and/or damages action or actual payment of any proceeds from any of the policies.
11.3 First Health’s defense and prosecution of the existing Delaware coverage litigation, entitled Executive Risk Insurance Company v. First
