Common use of Insurance assignment Clause in Contracts

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 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 Documents, the General Assignment) Master Swap Agreement 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 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 and/or the Owner 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 (subject to the assignment contained in the First Undertaking) assigns and agrees to assign to the Bank all of the Manager’s 's rights, title and interest in and to and 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 Bank. 5.3 The Bank shall, at the Manager’s cost's cost and request, re-assign to the Manager all the Manager’s '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 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 Documents, the General Assignment) Master Swap Agreement 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 '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 's cost, re-assign to the Manager all the Manager’s '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 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 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 5(a) above) be payable to the Manager shall be applied in accordance with clause clauses 2.3 of the General Assignment and/or and 2.6 (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 the Loan (as defined in the Loan Agreement) 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 Owner to the Bank, whether actually or contingently, under the Loan Agreement, the Master Swap Agreement and the other 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 's rights, title and interest in and to and 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 Bank. 5.3 The Bank shall, at the Manager’s cost's cost and request, re-assign to the Manager all the Manager’s 's right, title and interest in the Insurances upon the Outstanding Indebtedness being paid and 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.