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

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that Borrower, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing; (b) a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Security Trustee against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and the Borrowers 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 120 110 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that BorrowerXxxxxxxx, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing; (b) a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 120 110 per cent. of the Loan, providing for the indemnification of the Security Trustee against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and the Borrowers 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (pollution). The Security Trustee shall effect, maintain and renew all or any of the following insurances, on such terms, conditions, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate: (a) a mortgagee’s mortgagees’ interest marine insurance in relation to the Ships each Ship in an amount equal to 120 110 per cent. of the LoanTranche applicable to that Ship, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a any Ship or a liability of that any Ship or of the Borrower owning that Shipany Owner, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that Borroweran Owner, of any operator, charterer, manager or sub-manager of that the Ship owned by it or of any officer, employee or agent of that Borrower an Owner or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borroweran Owner, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower Owner or of such a person, including the casting away or damaging of that the Ship owned by it and/or that the Ship owned by it being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s mortgagees interest marine insurance policy whether or not similar to the foregoing; (b) a mortgagee’s mortgagees’ interest additional perils policy in relation to the Ships each Ship in an amount equal to 120 110 per cent. of the LoanTranche applicable to that Ship, providing for the indemnification of the Security Trustee Creditor Parties against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that a Ship and/or any other matter capable of being insured against under a mortgagee’s mortgagees’ interest additional perils policy whether or not similar to the foregoingpolicy, and the Borrowers Borrower shall upon demand fully indemnify the Security Trustee in respect of all premiums and other reasonable expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document (in an amount of up to 120 per cent. of the Loan) which directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that Borrower, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing;; and (b) a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 120 per cent. of the Loan, insurance providing for the indemnification of the Security Trustee Creditor Parties against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and in an amount of up to 110 per cent. of the Loan, and the Borrowers 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Creditor Finance Parties for any losses Losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a Ship the Vessel or a liability of that Ship the Vessel or of the Borrower owning that ShipBorrower, being a loss or damage which is prima facie covered by an obligatory insurance Obligatory Insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an any allegation concerning: (i) any act or omission on the part of that the Borrower, of any operator, charterer, manager operator or sub-manager of that Ship the Vessel or of any officer, employee or agent of that the Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insuranceObligatory Insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, the Borrower or any other person referred to in paragraph subparagraph (i) above, or of any officer, employee or agent of that an Borrower or of such a person, including the casting away or damaging of that Ship the Vessel and/or that Ship the Vessel being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing;; and (b) a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Security Trustee Finance Parties against, among amongst other things, any possible losses Losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Shipthe Vessel, or the imposition of any Security Interest over that Ship the Vessel and/or any other matter capable of being insured against under a mortgagee’s interest additional perils (pollution) policy whether or not similar to the foregoing, and the Borrowers 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s interest marine insurance in relation to the Ships Ship in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a the Ship or a liability of that the Ship or of the Borrower owning that ShipBorrower, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that the Borrower, of any operator, charterer, manager or sub-manager of that the Ship or of any officer, employee or agent of that the Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that the Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that the Borrower or of such a person, including the casting away or damaging of that the Ship and/or that the Ship being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing; (b) a mortgagee’s interest additional perils policy in relation to the Ships Ship in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Security Trustee against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a the Ship, the imposition of any Security Interest over that the Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and the Borrowers Borrower 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances. The Lender shall effect, maintain and renew all or any of the following insurances in an amount equal to at least (a) a mortgagee’s interest marine insurance in relation to the Ships Ship in an such amount equal to 120 per cent. of as the LoanLender may consider appropriate, providing for the indemnification of the Creditor Parties Lender for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a the Ship or a liability in respect of that the Ship or of the Borrower owning that ShipOwner, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that Borrowerthe Owner, of any operator, charterer, manager or sub-manager of that the Ship or of any officer, employee or agent Lender of that Borrower the Owner or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrowerthe Owner, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower the Owner or of such a person, including the casting away or damaging of that the Ship and/or that the Ship being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing; (b) a mortgagee’s interest additional perils policy in relation to the Ships Ship in an such amount equal to 120 per cent. of as the LoanLender may consider appropriate, providing for the indemnification of the Security Trustee Lender against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a the Ship, the imposition of any Security Interest over that the Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and the Borrowers Borrower shall upon demand fully indemnify the Security Trustee Lender in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s 's interest marine insurance in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Creditor Finance Parties for any losses Losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a Ship the Vessel or a liability of that Ship the Vessel or of the Borrower owning that ShipOwner or the Bareboat Charterer, being a loss or damage which is prima facie covered by an obligatory insurance Obligatory Insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an any allegation concerning: (i) any act or omission on the part of that Borrowerthe Owner, or the Bareboat Charterer of any operator, charterer, manager operator or sub-manager of that Ship the Vessel or of any officer, employee or agent of that Borrower the Owner or of any such person, including any breach of warranty or condition or any non-disclosure non­disclosure relating to such obligatory insuranceObligatory Insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, the Owner or the Bareboat Charterer or any other person referred to in paragraph subparagraph (i) above, or of any officer, employee or agent of that Borrower an Owner or the Bareboat Charterer or of such a person, including the casting away or damaging of that Ship the Vessel and/or that Ship the Vessel being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s 's interest marine insurance policy whether or not similar to the foregoing;; and (b) a mortgagee’s 's interest additional perils policy in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Security Trustee Finance Parties against, among amongst other things, any possible losses Losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Shipthe Vessel, or the imposition of any Security Interest over that Ship the Vessel and/or any other matter capable of being insured against under a mortgagee’s 's interest additional perils (pollution) policy whether or not similar to the foregoing, and the Borrowers 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 120 100 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that Borrower, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing; (b) a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 120 100 per cent. of the Loan, providing for the indemnification of the Security Trustee against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and the Borrowers 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional. perils insurances (a) a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document (in an amount of up to 120 per cent. of the Loan) which directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of that Borrower, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of that Ship and/or that the Ship being unseaworthy; and/or (iii) any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing;; and (b) a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 120 per cent. of the Loan, insurance providing for the indemnification of the Security Trustee Creditor Parties against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, and in an amount of up to 110 per cent. of the Loan, and the Borrowers 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 such insurance or dealing with, or considering, any matter arising out of any such insurance.