Common use of Mortgagee’s interest insurance Clause in Contracts

Mortgagee’s interest insurance. 20.1 In respect of each Vessel, the Security Agent, acting on the instructions of the Facility Agent, shall be entitled from time to time (at the reasonable cost and expense of the Borrower and at no cost or expense to any Finance Party, hereunder in respect of all premiums and other expenses that are incurred in effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew mortgagee’s interest marine insurance providing for the indemnification of the Finance Parties for any losses under or in connection with any Finance Document that directly or indirectly result from loss, of or damage to, a Vessel or a liability of a Vessel, a Guarantor or the Borrower, being a loss or damage that is prima facie covered by a Required 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 any allegation concerning: (a) any act or omission on the part of a Guarantor or the Borrower, of the manager of any Vessel or of any officer, employee or agent of any such person, including any breach of warranty or condition or any non-disclosure relating to such Required Insurance; (b) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Guarantor or the Borrower, of the manager or of any officer, employee or agent of any such person, including the casting away or damaging of any Vessel and/or any Vessel being unseaworthy; or (c) any other matter that is insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing, on market standard terms, in such manner as the Security Agent may from time to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security Agent. 20.2 To the extent reasonably practicable, the Security Agent shall give notice to the Borrower before effecting any policy of insurance in accordance with this Clause 20 and, with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security Agent’s rights nor the Borrower’s obligations under this Clause 20 (including the Borrower’s obligation to bear any costs and expenses associated with effecting, maintaining and renewing any insurances taken out in accordance with this Clause 20) shall be impaired or otherwise affected by any delay or failure by the Security Agent to give notice in accordance with this Clause 20.

Mortgagee’s interest insurance. 20.1 (a) In respect of each Vessel, the Security AgentTrustee, acting on the instructions of the Facility Intercreditor Agent, shall be entitled from time to time with effect from the Delivery Date of such Vessel (at the reasonable cost and expense of the relevant Borrower and at no cost or expense to any Finance Secured Party, hereunder in respect of all premiums and other expenses that are incurred in effectingconnection with or with a view to effect, maintaining maintain or renewing renew any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew any one or more of the following insurances, in such manner as the Security Trustee may from time to time consider appropriate, in the Required Insurance Amount for such insurance through insurers as may be available to the Security Trustee: (i) a mortgagee’s interest marine insurance providing for the indemnification of the Finance Secured Parties for any losses under or in connection with any Finance Document that directly or indirectly result from loss, of or damage to, a Vessel or a liability of a Vessel, a the Guarantor or the a Borrower, being a loss or damage that is prima facie covered by a Required 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 any allegation concerning: (aA) any act or omission on the part of a the Guarantor or the a Borrower, of the manager of any Vessel Manager or of any officer, employee or agent of any such personPerson, including any breach of warranty or condition or any non-disclosure relating to such Required Insurance; (bB) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a the Guarantor or the a Borrower, of the manager Manager or of any officer, employee or agent of any such personPerson, including the casting away or damaging of any Vessel and/or any Vessel being unseaworthy; or (cC) any other matter that is insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing; and (ii) a mortgagee’s interest additional perils policy providing for the indemnification of the Secured Parties against, on market standard termsamongst other things, in such manner as any losses or other consequences of any environmental claim, including the risk of any expropriation, arrest or any form of detention of any Vessel, or the imposition of any Security Agent may from time to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security AgentInterest over any Vessel and/or any other matter insured against under a mortgagee’s interest additional perils (pollution) policy. 20.2 (b) To the extent reasonably practicable, the Security Agent Trustee shall give notice to the relevant Borrower before effecting any policy of insurance in accordance with this Clause 20 25.5 and, with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security AgentTrustee’s rights nor the Borrower’s Borrowers’ obligations under this Clause 20 25.5 (including the Borrower’s Borrowers’ obligation to bear any costs and expenses associated with effecting, maintaining and renewing any insurances taken out in accordance with this Clause 2025.5) shall be impaired or otherwise affected by any delay or failure by the Security Agent Trustee to give notice in accordance with this Clause 2025.5(b).

Mortgagee’s interest insurance. 20.1 In respect of each Vessel, the Security Agent, acting on the instructions of the Facility Agent, The Lender shall be entitled from time to time (at the reasonable cost and expense of the Borrower and at no cost or expense to any Finance Party, hereunder in respect of all premiums and other expenses that are incurred in effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew on such terms, through such insurers and generally in such manner as the Lender may from time to time consider appropriate a mortgagee’s interest marine insurance in relation to the Ship in an amount equal to at least 110 per cent. of the Loan providing for the indemnification of the Finance Parties Lender for any losses under or in connection with any Finance Document that which directly or indirectly result from loss, loss of or damage to, a Vessel to either Ship or a liability of a Vessel, a Guarantor either Ship or the Borrowerof either Owner, being a loss or damage that which is prima facie covered by a Required Insurance 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 any an allegation concerning: (a) any act or omission on the part of a Guarantor or the Borrower, of the any operator, charterer, manager or sub-manager of any Vessel the Ship or of any officer, employee or agent Lender of the Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such Required Insuranceobligatory insurance; (b) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Guarantor or the Borrower, of the manager any other person referred to in paragraph (i) above, or of any officer, employee or agent of any the Borrower or of such a person, including the casting away or damaging of any Vessel the Ship and/or any Vessel the Ship being unseaworthy; orand/or (c) any other matter that is capable of being insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing, on market standard terms, in such manner as the Security Agent may from time to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security Agent. 20.2 To the extent reasonably practicable, the Security Agent shall give notice to and the Borrower before effecting any policy shall upon demand fully indemnify the Lender in respect of insurance all premiums and other expenses which are incurred in accordance connection with this Clause 20 and, or with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security Agent’s rights nor the Borrower’s obligations under this Clause 20 (including the Borrower’s obligation a view to bear any costs and expenses associated with effecting, maintaining and or renewing any insurances taken such insurance or dealing with, or considering, any matter arising out in accordance with this Clause 20) shall be impaired or otherwise affected by of any delay or failure by the Security Agent to give notice in accordance with this Clause 20such insurance.

Mortgagee’s interest insurance. 20.1 In respect of each Vesselthe Mortgaged Vessels, the Security AgentBorrowers shall subscribe and thereafter maintain and renew, acting on the instructions at its sole expense, in an amount not less than 110 percent of the Facility AgentLoan, shall be entitled on such terms, through such insurers and generally in such manner as IFC and/or the Security Trustee may from time to time (at the reasonable cost and expense of the Borrower and at no cost or expense to any Finance Partyconsider appropriate, hereunder in respect of all premiums and other expenses that are incurred in effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew a mortgagee’s 's interest marine insurance with a 360 day waiting period clause covering the Mortgaged Vessels and providing for the indemnification of the Finance Parties IFC for any losses under or in connection with any Finance Security Document that which directly or indirectly result from loss, loss of or damage to, a to any Mortgaged Vessel covered by such insurance or a liability of a Vessel, a Guarantor any such Mortgaged Vessel or of the Borrowers or the Borroweroperator thereof, being a loss or damage that which is prima facie covered by a Required Insurance an obligatory insurance under paragraph (a) above but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of any an allegation concerning, among other things: (ai) any act or omission on the part of a Guarantor or the BorrowerBorrowers, of the any operator, charterer, manager or sub-manager of any such Mortgaged Vessel or of any officer, employee or agent of the Borrowers or of any such person, including any breach of warranty or condition or any non-disclosure relating to such Required Insurance;obligatory insurance; and/or (bii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Guarantor or the BorrowerBorrowers, of the manager any other person referred to in paragraph (A) above, or of any officer, employee or agent of any the Borrowers or of such a person, including the casting away or damaging of any such Mortgaged Vessel and/or any such Mortgaged Vessel being unseaworthy; or (c) any other matter that is insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing, on market standard terms, in such manner as . The Borrowers shall upon demand fully indemnify IFC and/or the Security Agent may from time Trustee in respect of all premiums and other reasonable expenses which are incurred in connection with or with a view to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security Agent. 20.2 To the extent reasonably practicable, the Security Agent shall give notice to the Borrower before effecting any policy of insurance in accordance with this Clause 20 and, with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security Agent’s rights nor the Borrower’s obligations under this Clause 20 (including the Borrower’s obligation to bear any costs and expenses associated with effecting, maintaining and or renewing any insurances taken such insurance or dealing with, or considering, any matter arising out in accordance with this Clause 20) shall be impaired or otherwise affected by of any delay or failure by the Security Agent to give notice in accordance with this Clause 20.such insurance. ANTI-CORRUPTION GUIDELINES FOR IFC TRANSACTIONS

Mortgagee’s interest insurance. 20.1 In respect of each Vesselthe Mortgaged Vessels, the Security AgentBorrowers shall subscribe and thereafter maintain and renew, acting on the instructions at its sole expense, in an amount not less than 110 percent of the Facility AgentLoan, shall be entitled on such terms, through such insurers and generally in such manner as OFID and/or the Security Trustee may from time to time (at the reasonable cost and expense of the Borrower and at no cost or expense to any Finance Partyconsider appropriate, hereunder in respect of all premiums and other expenses that are incurred in effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew a mortgagee’s 's interest marine insurance with a 360 day waiting period clause covering the Mortgaged Vessels and providing for the indemnification of the Finance Parties OFID for any losses under or in connection with any Finance Security Document that which directly or indirectly result from loss, loss of or damage to, a to any Mortgaged Vessel covered by such insurance or a liability of a Vessel, a Guarantor any such Mortgaged Vessel or of the Borrowers or the Borroweroperator thereof, being a loss or damage that which is prima facie covered by a Required Insurance an obligatory insurance under paragraph (a) above but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of any an allegation concerning, among other things: (ai) any act or omission on the part of a Guarantor or the BorrowerBorrowers, of the any operator, charterer, manager or sub-manager of any such Mortgaged Vessel or of any officer, employee or agent of the Borrowers or of any such person, including any breach of warranty or condition or any non-disclosure relating to such Required Insurance;obligatory insurance; and/or (bii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Guarantor or the BorrowerBorrowers, of the manager any other person referred to in paragraph (A) above, or of any officer, employee or agent of any the Borrowers or of such a person, including the casting away or damaging of any such Mortgaged Vessel and/or any such Mortgaged Vessel being unseaworthy; or (c) any other matter that is insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing, on market standard terms, in such manner as . The Borrowers shall upon demand fully indemnify OFID and/or the Security Agent may from time Trustee in respect of all premiums and other reasonable expenses which are incurred in connection with or with a view to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security Agent. 20.2 To the extent reasonably practicable, the Security Agent shall give notice to the Borrower before effecting any policy of insurance in accordance with this Clause 20 and, with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security Agent’s rights nor the Borrower’s obligations under this Clause 20 (including the Borrower’s obligation to bear any costs and expenses associated with effecting, maintaining and or renewing any insurances taken such insurance or dealing with, or considering, any matter arising out in accordance with this Clause 20) shall be impaired or otherwise affected by of any delay or failure by the Security Agent to give notice in accordance with this Clause 20such insurance.

Mortgagee’s interest insurance. 20.1 In respect of each Vesselthe Mortgaged Vessels, the Security AgentBorrower shall subscribe and thereafter maintain and renew, acting on the instructions at its sole expense, in an amount not less than 110 percent of the Facility Agentaggregate of the Loan, shall be entitled the UABLPN loan and the Parallel Loan), on such terms, through such insurers and generally in such manner as IFC and/or the Security Trustee may from time to time (at the reasonable cost and expense of the Borrower and at no cost or expense to any Finance Partyconsider appropriate, hereunder in respect of all premiums and other expenses that are incurred in effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew a mortgagee’s 's interest marine insurance covering the Mortgaged Vessels and providing for the indemnification of IFC, OFID and the Finance Parties Security Trustee for any losses under or in connection with any Finance Security Document that which directly or indirectly result from loss, loss of or damage to, a to any Mortgaged Vessel covered by such insurance or a liability of a Vessel, a Guarantor any such Mortgaged Vessel or of the Borrower or the Borroweroperator thereof, being a loss or damage that which is prima facie covered by a Required Insurance an obligatory insurance under paragraph (a) above but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of any an allegation concerning, among other things: (ai) any act or omission on the part of a Guarantor or the Borrower, of the any operator, charterer, manager or sub-manager of any such Mortgaged Vessel or of any officer, employee or agent of the Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such Required Insurance;obligatory insurance; and/or (bii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Guarantor or the Borrower, of the manager any other person referred to in paragraph (A) above, or of any officer, employee or agent of any the Borrower or of such a person, including the casting away or damaging of any such Mortgaged Vessel and/or any such Mortgaged Vessel being unseaworthy; or (c) any other matter that is insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing, on market standard terms, in such manner as . The Borrower shall upon demand fully indemnify IFC and/or the Security Agent may from time Trustee in respect of all premiums and other reasonable expenses which are incurred in connection with or with a view to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security Agent. 20.2 To the extent reasonably practicable, the Security Agent shall give notice to the Borrower before effecting any policy of insurance in accordance with this Clause 20 and, with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security Agent’s rights nor the Borrower’s obligations under this Clause 20 (including the Borrower’s obligation to bear any costs and expenses associated with effecting, maintaining and or renewing any insurances taken such insurance or dealing with, or considering, any matter arising out in accordance with this Clause 20) shall be impaired or otherwise affected by of any delay or failure by the Security Agent to give notice in accordance with this Clause 20such insurance.

Mortgagee’s interest insurance. 20.1 In respect of each Vesselthe Mortgaged Vessels, the Security AgentBorrower shall subscribe and thereafter maintain and renew, acting on the instructions at its sole expense, in an amount not less than 110 percent of the Facility Agentaggregate of the UABLPY Loan, shall be entitled the UABLPN Loan and the Loan, on such terms, through such insurers and generally in such manner as OFID and/or the Security Trustee may from time to time (at the reasonable cost and expense of the Borrower and at no cost or expense to any Finance Partyconsider appropriate, hereunder in respect of all premiums and other expenses that are incurred in effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew a mortgagee’s 's interest marine insurance covering the Mortgaged Vessels and providing for the indemnification of IFC, OFID and the Finance Parties Security Trustee for any losses under or in connection with any Finance Security Document that which directly or indirectly result from loss, loss of or damage to, a to any Mortgaged Vessel covered by such insurance or a liability of a Vessel, a Guarantor any such Mortgaged Vessel or of the Borrower or the Borroweroperator thereof, being a loss or damage that which is prima facie covered by a Required Insurance an obligatory insurance under paragraph (a) above but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of any an allegation concerning, among other things: (ai) any act or omission on the part of a Guarantor or the Borrower, of the any operator, charterer, manager or sub-manager of any such Mortgaged Vessel or of any officer, employee or agent of the Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such Required Insurance;obligatory insurance; and/or (bii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Guarantor or the Borrower, of the manager any other person referred to in paragraph (A) above, or of any officer, employee or agent of any the Borrower or of such a person, including the casting away or damaging of any such Mortgaged Vessel and/or any such Mortgaged Vessel being unseaworthy; or (c) any other matter that is insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing, on market standard terms, in such manner as . The Borrower shall upon demand fully indemnify OFID and/or the Security Agent may from time Trustee in respect of all premiums and other reasonable expenses which are incurred in connection with or with a view to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security Agent. 20.2 To the extent reasonably practicable, the Security Agent shall give notice to the Borrower before effecting any policy of insurance in accordance with this Clause 20 and, with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security Agent’s rights nor the Borrower’s obligations under this Clause 20 (including the Borrower’s obligation to bear any costs and expenses associated with effecting, maintaining and or renewing any insurances taken such insurance or dealing with, or considering, any matter arising out in accordance with this Clause 20) shall be impaired or otherwise affected by of any delay or failure by the Security Agent to give notice in accordance with this Clause 20.such insurance. The OPEC Fund for International Development Xxxxxxxx 0 X-0000 Xxxxxx Xxxxxxx Attention: Assistant Director-General, Private Sector Ladies and Gentlemen:

Mortgagee’s interest insurance. 20.1 In respect of each Vesselthe Mortgaged Vessels, the Security AgentBorrowers shall subscribe and thereafter maintain and renew, acting on the instructions at their sole expense, in an amount not less than 110 percent of the Facility Agentaggregate of the Loan, shall be entitled the UABLPY loan and the Parallel Loan), on such terms, through such insurers and generally in such manner as IFC and/or the Security Trustee may from time to time (at the reasonable cost and expense of the Borrower and at no cost or expense to any Finance Partyconsider appropriate, hereunder in respect of all premiums and other expenses that are incurred in effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance) to effect, maintain and renew a mortgagee’s 's interest marine insurance covering the Mortgaged Vessels and providing for the indemnification of IFC, OFID and the Finance Parties Security Trustee for any losses under or in connection with any Finance Security Document that which directly or indirectly result from loss, loss of or damage to, a to any Mortgaged Vessel covered by such insurance or a liability of a Vessel, a Guarantor any such Mortgaged Vessel or of the Borrower that owns such Mortgaged Vessel or the Borroweroperator thereof, being a loss or damage that which is prima facie covered by a Required Insurance an obligatory insurance under paragraph (a) above but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis of any an allegation concerning, among other things: (ai) any act or omission on the part of a Guarantor or the relevant Borrower, of the any operator, charterer, manager or sub-manager of any such Mortgaged Vessel or of any officer, employee or agent of the relevant Borrower or of any such person, including any breach of warranty or condition or any non-disclosure relating to such Required Insurance;obligatory insurance; and/or (bii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of a Guarantor or the relevant Borrower, of the manager any other person referred to in paragraph (A) above, or of any officer, employee or agent of any the relevant Borrower or of such a person, including the casting away or damaging of any such Mortgaged Vessel and/or any such Mortgaged Vessel being unseaworthy; or (c) any other matter that is insured against under a mortgagee’s interest marine insurance policy from time to time generally available, whether or not similar to the foregoing, on market standard terms, in such manner as . The Borrowers shall upon demand fully indemnify IFC and/or the Security Agent may from time Trustee in respect of all premiums and other reasonable expenses which are incurred in connection with or with a view to time consider appropriate, in the Required Insurance Amount for such insurance through such insurers as may be available to the Security Agent. 20.2 To the extent reasonably practicable, the Security Agent shall give notice to the Borrower before effecting any policy of insurance in accordance with this Clause 20 and, with any such notice, shall give details of the costs and expenses associated with such policy. Neither the Security Agent’s rights nor the Borrower’s obligations under this Clause 20 (including the Borrower’s obligation to bear any costs and expenses associated with effecting, maintaining and or renewing any insurances taken such insurance or dealing with, or considering, any matter arising out in accordance with this Clause 20) shall be impaired or otherwise affected by of any delay or failure by the Security Agent to give notice in accordance with this Clause 20such insurance.