Common use of Mortgagee’s insurance Clause in Contracts

Mortgagee’s insurance. The Borrower shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in respect of the Ship on approved terms, or in considering or making claims under: (a) a mortgagee’s interest insurance and a mortgagee’s additional perils (pollution risks) cover for the benefit of the Finance Parties for an amount up to 110% of the Loan; and (b) any other insurance cover which the Agent (if so instructed by the Majority Lenders) reasonably requires in respect of any Finance Party’s interests and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents).

Mortgagee’s insurance. The Borrower shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in respect of the Ship and the other Mortgaged Ships on approved terms, or in considering or making claims under: (a) a mortgagee’s interest insurance and a mortgagee’s additional perils (pollution risksrisks cover) cover for the benefit of the Finance Parties for an aggregate amount up to 110% of the LoanLoan at such time; and (b) any other insurance cover which the Agent (if so instructed by the Majority Lenders) reasonably requires in respect of any Finance Party’s interests and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents).

Mortgagee’s insurance. The Borrower Borrowers shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in respect of the Ship and the other Mortgaged Ships on approved terms, or in considering or making claims under: (a) a mortgagee’s interest insurance and a mortgagee’s additional perils (pollution risksrisks cover) cover for the benefit of the Finance Parties for an aggregate amount up to 110120% of the LoanLoan at such time; and (b) any other insurance cover which the Agent (if so instructed by the Majority Lenders) reasonably requires in respect of any Finance Party’s interests and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents).

Mortgagee’s insurance. The Borrower Borrowers shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in respect of the Ship and the other Mortgaged Ships on approved terms, or in considering or making claims under: (a) a mortgagee’s interest insurance and a mortgagee’s additional perils (pollution risksrisks cover) cover for the benefit of the Finance Parties for an aggregate amount up to 110% of the LoanLoan at such time; and (b) any other insurance cover which the Agent (if so instructed by the Majority Lenders) reasonably requires in respect of any Finance Party’s interests and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents).