Common use of Mortgagee’s interest insurance Clause in Contracts

Mortgagee’s interest insurance. Mortgagee’s Interest Insurance in relation to each Vessel, providing for the indemnification of the Mortgagee and the United States for any losses under or in connection with this Mortgage which directly or indirectly result from loss of or damage to any Vessel or a liability of any Vessel or of the Mortgagor, where the loss or damage is required to be covered by an obligatory insurance policy but of which there is a non-payment (or reduced payment) by the underwriters because of:

Mortgagee’s interest insurance. Mortgagee’s Interest Insurance in relation to each Vessel, providing for the indemnification of the Mortgagee Administrator and the United States for any losses under or in connection with this Mortgage Agreement which directly or indirectly result from loss of or damage to any Vessel or a liability of any Vessel or of the MortgagorShipowner, where the loss or damage is required to be covered by an obligatory insurance policy but of which there is a non-payment (or reduced payment) by the underwriters because of: