Common use of Mortgagee’s interest and additional perils insurances Clause in Contracts

Mortgagee’s interest and additional perils insurances. (a) The Security Trustee, acting with the authorization of the Majority Lenders, shall be entitled from time to time to effect, maintain and renew in its own name in respect of each Ship all or any of the following on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate: (i) a mortgagee’s interest marine insurance in an amount, together with the amount of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for the Loan, equal to 120% of the Loan; and (ii) a mortgagee’s interest additional perils insurance, together with the amount of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for the Loan, equal to 110% of the Loan; but in not event in either instance less than the fair market value of the Ship. (b) The Guarantors shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph (a) above or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional perils insurances. (a) The Security Trustee, acting with the authorization of Trustee shall (unless otherwise instructed by the Majority Lenders, shall be entitled ) from time to time to effect, maintain and renew in its own name in respect of each Ship all or any of the following in an amount, together with the amount of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for the Loans, equal to one hundred twenty percent (120%) of the aggregate of the Loans, on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate: (i) a mortgagee’s interest marine insurance policy in an amount, together with the amount respect of such coverage Ship (which policy may be issued solely in respect of such Ship or on a fleet basis in respect of all other Ships mortgaged to the Security Trustee as security for the Loan, equal to 120% of Loans) providing coverage on the Loanso-called “German Wording” basis; and (ii) a mortgagee’s interest additional perils insurance, together with policy providing for the amount indemnification of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for against any matter capable of being insured against under a mortgagee’s interest additional perils policy, including (without limitation) any possible losses or other consequences of any Environmental Claim, and the Loanrelevant Guarantor shall, equal to 110% of the Loan; but in not event in either instance less than the fair market value of the Ship. (b) The Guarantors shall upon demand demand, fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph (a) above or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional perils insurances. (a) The Security Trustee, acting with Trustee shall (unless otherwise instructed by the authorization of the Majority Required DIP Lenders, shall be entitled ) from time to time to effect, maintain and renew in its own name in respect of each Ship all or any of the following in an amount, together with the amount of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for the Loans, equal to one hundred twenty percent (120%) of the aggregate of the Loans, on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate: (i) a mortgagee’s interest marine insurance policy in an amount, together with the amount respect of such coverage Ship (which policy may be issued solely in respect of such Ship or on a fleet basis in respect of all other Ships mortgaged to the Security Trustee as security for the Loan, equal to 120% of the LoanLoans); and (ii) a mortgagee’s interest additional perils insurance, together with policy providing for the amount indemnification of such coverage in respect of all other Ships mortgaged to the Security Trustee as security for against any matter capable of being insured against under a mortgagee’s interest additional perils policy, including (without limitation) any possible losses or other consequences of any Environmental Claim, and the Loanrelevant Guarantor shall, equal to 110% of the Loan; but in not event in either instance less than the fair market value of the Ship. (b) The Guarantors shall upon demand demand, fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph (a) above or dealing with, or considering, any matter arising out of any such insurance.