Insurance Undertakings. The Borrower hereby undertakes with the Lender to ensure and procure that during the Security Period, at the expense of the Borrower and upon such terms, in such amounts and with such Insurers as shall from time to time be approved in writing by the Lender, the Borrower shall comply with the following provisions of this Clause 19 at all times during the Security Period:
19.01 to insure and keep insured the Ship in Dollars or such other currency as may be approved in writing by the Lender, in the full aggregate insurable value of the Ship but in no event for an aggregate amount less than the higher of (i) the Market Value of the Ship and (ii) One hundred and Twenty Five per cent (125%) of the aggregate amount of the Facility and the Swap Exposure at any relevant time against fire, marine and other risks (including Excess Risks) and War Risks covered by hull and machinery policies;
19.02 to enter the Ship in the name of the Borrower, for her full value and tonnage in a protection and indemnity association approved by the Lender with unlimited liability if available otherwise for the highest possible standard cover for the time being US$1,000,000,000 for oil pollution and for excess oil spillage and pollution liability insurance for the highest possible standard cover against all Protection and Indemnity Risks;
19.03 if the Ship enters the territorial waters of the United States of America (U.S.A.) for any reason whatsoever, to take out such additional insurance to cover such risks as may be necessary in order to obtain a Certificate of Financial Responsibility from the United States Coastguard;
19.04 to effect such additional Insurances as may reasonably be requested by the Lender to maintain the scope of the existing cover of the Insurances;
19.05 to renew the Insurances at least fourteen (14) days before the relevant Insurances expire and to procure that the Approved Brokers shall promptly confirm in writing to the Lender as and when each such renewal is effected;
19.06 to punctually pay all premiums, calls, contributions or other sums payable in respect of the Insurances and to produce all relevant receipts when so required in writing by the Lender;
19.07 to pay to the Lender on demand all premiums or other amounts payable by the Lender in effecting a mortgagee's interest policy and a mortgagee's interest (additional perils) insurance policy in respect of the Ship in the name of the Lender for a minimum insured amount of one hundred and ten per cent (110%...
Insurance Undertakings. The Lessee hereby covenants with the Lessor and undertakes that throughout the Lease Period and thereafter, whilst the Lessee continues to have possession of the Ship, until the sale of the Ship (other than a sale to the Standby Purchaser), it will:
16.1.1 Insured risks, amounts and terms insure and keep the Ship insured free of cost and expense to the Lessor and in the joint names of the Lessee, the Sub-Lessee and the Lessor (but without liability on the part of the Lessor for premiums or calls) in connection with the operation of the Ship (each as their interests may appear):
(a) against fire and usual marine risks (including excess risks) and war risks, on an agreed value basis, in such amounts (but not in any event for an amount less than whichever shall be the greater of (i) the market value of the Ship for the time being and (ii) such amount as shall from time to time be not less than the aggregate, from time to time, of (A) the amount of the Strip Liability Amount and (B) the aggregate amount of insurance required to be placed by the Lessee by persons other than the Lessor and in whose favour the Lessee has created a prior ranking Encumbrance in respect of the Insurances and which is determined independently of the market value of the Ship;
(b) against protection and indemnity risks (including pollution risks) for the highest amount (but, in the case of pollution risks, for a minimum amount of one billion Dollars ($1,000,000,000) (or such other amount as is from time to time deemed to be the maximum insurable amount of the International Group of Protection and Indemnity Associations)) in respect of which cover is in accordance with customary insurance market practice taken out for vessels of the same type, size, age and flag as the Ship) for the full tonnage of the Ship (as approved in writing by the Lessor) and upon such terms as shall from time to time be approved in writing by the Lessor; and
(c) in respect of such other matters of whatsoever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of the Ship, and that it will pay to the Lessor the cost (as conclusively certified by the Lessor) of any (aa) innocent owner's insurance which the Lessor may from time to time effect in respect of the Ship upon such terms and in such amounts as shall from time to time be approved in writing by the Lessor and (bb) any other insurance cover which the Lessor may from time to time require to be effected in respect ...
Insurance Undertakings confirmations from the relevant P&I Club, War Risks Club, brokers/insurers confirming that Letters of Undertaking will be issued in respect of the relevant Ship in a form and substance acceptable to the Lenders in their sole discretion;
Insurance Undertakings. (a) IP OpCo undertakes, during the term of this Agreement, to:
(i) pay or procure the payment on a timely basis of all premiums and other fees and charges as required by the terms of the Insurances;
(ii) subject to clauses 6 (Unavailability Notice) to 8 (Unavailability Loss compensation) (inclusive) and clause 13.3 (Renewal of Insurances), procure that no changes in the Applicable Policy Limits or coverage (including those resulting from extensions or exclusions), shall be made to any Insurance without the prior written consent of the Secretary of State;
(iii) provide (or procure that it is provided) to the Secretary of State copies of all policies and other instruments of insurance (including endorsements and, unless unavailable following request to the Insurer, premium receipts) issued from time to time in relation to the Insurances and of all changes requested or effected to the Insurances promptly following their issue or the implementation of relevant changes (as applicable);
(iv) allow the Secretary of State upon reasonable notice to inspect the originals of all policies (including endorsements) and other instruments of insurance at the offices of IP OpCo; and
(v) procure that all Insurances, and the procurement thereof, comply at all times with all applicable laws and regulations and that all authorisations required for the purchase and maintenance of the Insurances on the basis provided in this Agreement are obtained and remain valid and applicable.
(b) IP OpCo on behalf of itself and the other Relevant Parties undertakes, during the term of this Agreement, to:
(i) comply or procure compliance at all times with the terms and conditions of all Insurances and take all reasonable action within their respective powers to procure that nothing is at any time done or suffered to be done whereby any Insurance may be impaired, suspended or rendered void or voidable in whole or in part, or any claim under any Insurance becomes uncollectable in full;
(ii) take or procure the taking of reasonable risk management and risk control measures in relation to the Project as a prudent entity engaged in a similar function on a comparable project would take, provided that the Relevant Parties shall not be required to take or procure the taking of any such actions if they are unable to procure any relevant Insurance required as a result of taking such measures or steps in accordance with the provisions of this clause 13;
(iii) take or procure the taking of all reasonable...
Insurance Undertakings. The Company shall, from the date of this deed and in accordance with the Service Agency Agreement and the Notice to Insure and so long as monies are owing under this deed:
(a) promptly pay all premiums and do all other things necessary to keep insurance in conformity with the Notice to Insure in full force and effect;
(b) when requested by the Bank produce evidence of any insurance premium paid;
(c) the Company shall procure that the Bank receives any information in connection with the insurance and copies of the policy and the respective certificate;
(d) the Company shall notify the Bank of renewals made and material variations or cancellations of the policy made or, to the Company’s knowledge, threatened or pending;
(e) the Company shall not do or knowingly permit anything to be done which may make void or voidable an insurance policy in connection with any part of the property or in respect of any other insured risks;
(f) immediately notify the Bank of the occurrence of any insured risk or any other matter which ought reasonably to be notified to the insurers; and
(g) comply with all the conditions of the insurance policy and all the requirements of the insurers.
Insurance Undertakings. 4.1 The Managing Agent shall procure that policies of insurances are maintained in relation to the Works and the Asset with reputable underwriters or Takaful companies approved by the Bank and against such risks usual for such assets and which include the following:
Insurance Undertakings confirmations from the relevant P&I Club, War Risks Club, brokers/insurers confirming that Letters of Undertaking will be issued in respect of each of the Additional Second Lien Vessels and Rabelais in a form and substance acceptable to the Lenders in their sole discretion;
Insurance Undertakings. Each Obligor agrees that, unless the Lender has otherwise consented in writing or as otherwise directed by the Lender, it will:
(a) insure and keep insured all of the Secured Property (including buildings and other erections subject to the Security) against loss or damage by fire, explosion, earthquake, flood, environmental impairment and all other risks which should prudently be insured against and maintain insurance against third party liability which it is prudent to insure against, in each case in accordance with the best commercial practice and, if the Lender requires, in amounts approved by the Lender;
(b) effect all insurances on terms and with insurers approved by the Lender and provide the Lender with particulars of the insurances and the policies;
(c) duly and punctually pay all premiums and money necessary to maintain the insurances;
(d) ensure that each insurance policy provides that:
(i) the Lender’s interest is noted on each policy (in the manner required by the Lender);
(ii) no cancellation, change or reduction of insurance is effective until at least seven days after receipt by the Lender of written notice to that effect;
(iii) the Lender is named as loss payee of all claims without any consent being required from an Obligor or any other insured person as a prerequisite to such payment; and
(e) notify the Lender promptly:
(i) of any insurance claim in excess of $5,000;
(ii) of the cancellation, variation of, lapse or non-renewal of any insurance policy; and
(iii) of anything which may materially prejudice the rights of an Obligor or the Lender under any policy.
Insurance Undertakings. (i) To insure and keep the Vessel insured or cause or procure the Vessel to be insured and to be kept insured at no expense to the Security Trustee, in regard to:
Insurance Undertakings. 13.1 The undertakings in this Clause 13 remain in force throughout the Lease Period except as the Lessor may otherwise permit.
13.2 The Lessee shall keep the Equipment insured at its expense against:
(i) all loss or damage in an amount equal to the higher of the new replacement value of the Equipment from time to time and the highest Termination Sum from time to time applicable to the relevant period of insurance;
(ii) all third party liability risks in an amount agreed by the Lessor; and
(iii) all other risks in relation to the Lessee or the Equipment as required by law.
13.3 The Lessee shall, arrange for the interest of both the Lessor and the Supplier to be noted on the Lessee’s insurance policy and if requested by the Lessor, provide the Lessor with copies of all policies relating to the Insurances.
13.4 The Lessee shall punctually pay all premiums or other sums payable in respect of the Insurances and, if required by the Lessor, provide the Lessor with all relevant receipts.
13.5 The Lessee shall not do nor omit to do, or permit to be done or not to be done, anything that would or might render any Insurances invalid, void, voidable or unenforceable or render any sum payable under any Insurance repayable.
13.6 The Lessee shall not make or agree to any alteration to any insurances or waive any right relating to any insurances.
13.7 The Lessee shall do all things necessary and provide all documents, evidence and information to enable the Lessor to collect or recover any sums that at any time become payable in respect of the Insurances.
