Common use of Insurance assignment Clause in Contracts

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. (a) 5.1 By way of security for the repayment of the aggregate of the Loan Loan, the Master Swap Agreement Liabilities (as defined in the Deed of Covenant) and interest accrued and accruing thereon, the Expenses (as such term is defined in the relevant Deed of Covenant) and all other sums of money from time to time owing by the Owner to the Finance PartiesBank, whether actually or contingently, under the Finance Loan Agreement, the Master Swap Agreement and the other Security Documents or any of them to which the Owner 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 Security Agent Bank all of the Manager's ’s rights, title and interest in and to all the benefit of the Insurances. (b) 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 Security Agent. The Manager also undertakes to obtain a letter of acknowledgement from the insurance broker that such endorsement has been effectedBank. (c) 5.3 The Security Agent Bank shall, with no cost for at the Manager’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 Security AgentBank. (d) 5.4 Any moneys in respect of the Insurances which would (but for the assignment contained in clause 5(a) 5.1 above) be payable to the Manager shall be applied in accordance with clause 8.1 (Application) and/or clause 8.4 of the Deed of CovenantsCovenant.

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 CovenantCovenants ) 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 ’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 ail 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 ’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. (a) 5.1 By way of security for the repayment of the aggregate of the Loan and interest accrued and accruing thereon, the Master Swap Agreement Liabilities (as such term is defined in the Deed of Covenant), the Expenses (as such term is defined in the relevant Deed of Covenant) and all other sums of money from time to time owing by the Owner to the Finance PartiesSecurity Agent and/or the Secured Creditors or any of them, whether actually or contingently, under the Finance Loan Agreement, the Master Swap Agreement and the other Security Documents or any of them to which the Owner 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 Security Agent all of the Manager's ’s rights, title and interest in and to all the benefit of the Insurances. (b) 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 Security Agent. The Manager also undertakes to obtain a letter of acknowledgement from the insurance broker that such endorsement has been effected. (c) 5.3 The Security Agent shall, with no cost for at the Manager’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 Security Agent. (d) 5.4 Any moneys in respect of the Insurances which would (but for the assignment contained in clause 5(a) 5.1 above) be payable to the Manager shall be applied in accordance with clause clauses 8.1 (Application) or 8.4 of the Deed of CovenantsCovenant.

Insurance assignment. (a) 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 relevant Deed of CovenantGeneral Assignment) and all other sums of money from time to time owing to the Finance PartiesSecurity Agent and/or the Security Creditors or any of them, whether actually or contingently, contingently under the Finance 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 assignments contained in the First Undertaking and the Second Undertaking) assigns and agrees to assign to the Security Agent all of the Manager's ’s rights, title and interest in and to all the benefit of the Insurances. (b) 5.1 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 Security Agent. The Manager also undertakes to obtain a letter of acknowledgement from the insurance broker that such endorsement has been effected. (c) 5.2 The Security Agent shall, with no cost for at the Manager’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 Security Agent. (d) 5.3 Any moneys in respect of the Insurances which would (but for the assignment contained in clause 5(a) 5.1 above) be payable to the Manager shall be applied in accordance with clause 8.1 (Application) 2.3 of the Deed of CovenantsGeneral Assignment.