Maintenance of obligatory insurances. The Borrower shall insure the Ship in its name and keep the Ship insured on an agreed value basis for an amount in the currency in which the Loan is denominated approved by the Agent (acting on the instructions of the Majority Lenders) but not being less than the greater of (x) one hundred and twenty per cent. (120%) of the amount of the Loan; and (y) the full market and commercial value of the Ship determined in accordance with Clause 23.4 (Valuation of the Ship) from time to time through internationally recognised independent first class insurance companies, underwriters, war risks and protection and indemnity associations acceptable to the Agent (acting on the instructions of the Majority Lenders), acting reasonably, in each instance on terms and conditions approved by the Agent including as to deductibles but at least in respect of:
Appears in 4 contracts
Samples: Sace Facility Agreement (Norwegian Cruise Line Holdings Ltd.), Sace Facility Agreement (Norwegian Cruise Line Holdings Ltd.), Sace Facility Agreement (Norwegian Cruise Line Holdings Ltd.)
