Letters of undertaking. Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by the terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved form (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations.
Letters of undertaking. In relation to all Insurances effected from time to time under and in accordance with this clause 13, the Lessee shall ensure that all brokers and/or insurers and any protection and indemnity or war risks associations in which the Ship is entered, in each case being approved under clause 13.19, provide the Lessor with letters of undertaking:
13.7.1 in the case of an approved broker, in such form as represents the then current market practice in the insurance market in which the approved broker operates and any professional association of which that approved broker is a member; and
13.7.2 in the case of a protection and indemnity association, having regard to the current market practice and the practices prescribed by the International Group of Protection and Indemnity Associations or, if the relevant protection and indemnity association is not a member of the International Group of Protection and Indemnity Associations but has otherwise been approved by the Lessor in accordance with clause 13.19, the current practice of that association (and which will for all purposes provide for notification to the Lessor prior to the cancellation of any such entry); and
13.7.3 in the case of a war risks association, having regard to the current market practice in the insurance market in which such association operates.
Letters of undertaking. In relation to all Insurances effected from time to time under and in accordance with this clause 9.5.7, the Borrower shall ensure that all brokers and/or insurers and any protection and indemnity or war risks associations in which the Vessel is entered, in each case being approved under clause 9.5.18, provide the Agent with letters of undertaking:
(a) in the case of an approved broker in the form of the L.I.B.C. Recommended Brokers’ Letter of Undertaking of October 1984 or, if such form no longer represents the then current market practice in the insurance market in which the approved broker operates, in such form as the Agent and the Borrower shall agree, having regard to the then current market practice in the insurance market in which the approved broker operates, and any professional association of which that approved broker is a member; and
(b) in the case of a protection and indemnity association, having regard to the current market practice and the practices prescribed by the International Group of Protection and Indemnity Associations or, if the relevant protection and indemnity association is not a member of the International Group of Protection and Indemnity Associations but has otherwise been approved by the Agent in accordance with clause 9.5.18, the current practice of that association (and which will for all purposes provide for notification to the Agent prior to the cancellation of any such entry); and
(c) in the case of a war risks association, having regard to the current market practice in the insurance market in which such association operates.
Letters of undertaking. Each Shipowner shall procure that the Approved Brokers and any protection and indemnity or war risks association in which its Ship may from time to time be entered shall deliver to the Security Agent a letter or letters of undertaking in such form as the Security Agent may reasonably require having regard to the then current market practice and the practices prescribed by the IGA or any successor association or body and/or the Lloyds Insurance Brokers' Committees and/or any other professional association of which the Approved Brokers are members.
Letters of undertaking. Letters of undertaking in respect of the Insurances as required by the Finance Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Creditor Parties.
Letters of undertaking. In relation to all obligatory insurances effected from time to time under Clause 13.2 (Maintenance of obligatory insurances), the Owners shall ensure that all brokers and any protection and indemnity or war risks associations in which any Ship is entered, in each case being approved by the Security Trustee (such approval not to be unreasonably withheld), provide the Security Trustee with letters of undertaking:
(a) in the case of a broker, in a form standard in the insurance market in which such broker operates or any professional association of which that approved broker is a member;
(b) in the case of a protection and indemnity or war risks association, in its standard form. If any of the obligatory insurances referred to in Clause 13.2(a) and/or 13.2(b) form part of a fleet cover, the Owners will procure that any letter of undertaking referred to in paragraph (a) of this Clause 13.6 (Letters of undertaking) is amended to provide that the relevant brokers shall undertake to the Security Trustee that they shall neither set-off against any claims in respect of the relevant Ship any premiums due in respect of other vessels under such fleet cover or any premiums due for other insurances, nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances.
Letters of undertaking. Duly executed Letters of Undertakings issued by the insurers and/or brokers;
Letters of undertaking. The marine insurance broker placing the marine and war risk hull and machinery insurance shall furnish the Collateral Agent with a letter of undertaking containing terms and subject to such conditions as are customary in the New York market and agreeing, either in its own name or by causing the policies to be appropriately endorsed, as appropriate:
Letters of undertaking. Unless otherwise approved where the Security Agent is satisfied that equivalent protection is afforded by the terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Security Agent (with copy to the Administrative Agent) shall be provided promptly and, in any event, within 60 days after the relevant Utilization, with letters of undertaking in an approved form (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations.
Letters of undertaking. Unless otherwise approved where the Lender is satisfied that equivalent protection is afforded by the terms of the relevant Insurances and Builder’s Risks Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Lender shall be provided promptly with letters of undertaking in an approved form (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations.
