Common use of Letters of undertaking Clause in Contracts

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. 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 International Group 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.