Common use of Mortgagee’s interest Clause in Contracts

Mortgagee’s interest. and additional peril insurances. The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate: (a) a mortgagee's interest marine insurance in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Security Trustee for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to the Ship or a liability of the Ship or of the 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 First Class Underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of the Owner, of any operator, charterer, manager or sub-manager of the Ship or of any officer, employee or agent of 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 the Owner, any other person referred to in paragraph (i) above, or of any officer, employee or agent of the Owner or of such a person, including the casting away or damaging of the Ship and/or 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 an amount not less than 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 the Ship, the imposition of any Security Interest over 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 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 peril insurances. The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate:perils (a) a mortgagee's ’s interest marine insurance in an relation to each Ship in such amount equal to 120 per cent. of as the LoanSecurity Trustee may consider appropriate, providing for the indemnification of the Security Trustee for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to the any Ship or a liability of the any Ship or of the any 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 First Class Underwriters underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of the an Owner, of any operator, charterer, manager or sub-manager of the Ship owned by it or of any officer, employee or agent of the that Owner or of any such person, including any breach of warranty or condition or any non-non- disclosure relating to such obligatory insurance; (ii) any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of the an Owner, any other person referred to in paragraph (i) above, or of any officer, employee or agent of the that Owner or of such a person, including the casting away or damaging of the Ship owned by it and/or the Ship owned by it 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; (b) a mortgagee's ’s interest additional perils policy insurance in an relation to each Ship in such amount not less than 110 per cent. of as the LoanSecurity Trustee may consider appropriate, 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 the a Ship, the imposition of any Security Interest over the a Ship and/or any other matter capable of being insured against under a mortgagee's ’s interest additional perils policy insurance whether or not similar to the foregoing foregoing, and the 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 peril insurances. The Security Trustee Lender shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amountsinsurances, on such terms, through such insurers and generally in such manner as the Majority Lenders Lender may from time to time consider appropriate: (a) a mortgagee's ’s interest marine insurance in an amount equal to of not less than 120 per cent. cent of the Loan, aggregate of (i) the Loan and (ii) the Swap Exposure providing for the indemnification of the Security Trustee Lender for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to the Ship or a liability of the Ship or of the OwnerBorrower, 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 First Class Underwriters underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of the OwnerBorrower, of any operator, charterer, manager or sub-manager of the Ship or of any officer, employee or agent of the Owner 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 the OwnerBorrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of the Owner Borrower or of such a person, including the casting away or damaging of the Ship and/or the Ship 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; (b) a mortgagee's ’s interest additional perils policy insurance in an amount of not less than 110 120 per cent. of the Loan, aggregate of (i) the Loan and (ii) the Swap Exposure 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 the Ship, the imposition of any Security Interest over the Ship and/or any other matter capable of being insured against under a mortgagee's ’s interest additional perils policy whether or not similar to the foregoing foregoing, and the 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 peril insurances. The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate: (a) a mortgagee's interest marine insurance in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Security Trustee for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to the any Ship or a liability of the any Ship or of the any 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 First Class Underwriters underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of the any Owner, of any operator, charterer, manager or sub-manager of the any Ship or of any officer, employee or agent of the any 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 the any Owner, any other person referred to in paragraph (i) above, or of any officer, employee or agent of the any Owner or of such a person, including the casting away or damaging of the any Ship and/or the any 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 an amount not less than 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 the any Ship, the imposition of any Security Interest over the any 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 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 peril insurances. The Security Trustee Agent shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such insurers and generally in such manner as the Majority Lenders Agent may from time to time reasonably consider appropriate: (a) a mortgagee's ’s interest marine insurance (in an amount equal to 120 per cent. of no less than 110% of the Loan, Loan at any relevant time) providing for the indemnification of the Security Trustee Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to the any Ship or a liability of the any Ship or of the Ownerany Borrower, 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 First Class Underwriters underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of the Ownera Borrower, of any operator, charterer, manager or sub-manager of the Ship owned by it or of any officer, employee or agent of the Owner a 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 the Ownera Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of the Owner that Borrower or of such a person, including the casting away or damaging of the Ship owned by it and/or the Ship owned by it 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) if required, a mortgagee's ’s interest additional perils policy (in an amount not of no less than 110 per cent. 110% of the Loan, Loan at any relevant time) 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 the a Ship, the imposition of any Security Interest over the a Ship and/or any other matter capable of being insured against under a mortgagee's ’s interest additional perils policy whether or not similar to the foregoing foregoing, and the Borrower Borrowers shall upon demand fully indemnify the Security Trustee Agent 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 peril insurances. The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such insurers and generally in such manner as the Majority Lenders may from time to time consider appropriate: (a) a mortgagee's ’s interest marine insurance (in an amount equal to 120 per cent. of no less than 110% of the Loan, aggregate of the Loan and the Swap Exposure (if any) at any relevant time) providing for the indemnification of the Security Trustee for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to the either Ship or a liability of the Ship or of the OwnerBorrower, 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 First Class Underwriters underwriters by reason of, or on the basis of an allegation concerning: (i) any act or omission on the part of the OwnerBorrower, of any operator, charterer, manager or sub-manager of the Ship or of any officer, employee or agent of the Owner 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 the OwnerBorrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of the Owner Borrower or of such a person, including the casting away or damaging of the Ship and/or the Ship 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; (b) a mortgagee's ’s interest additional perils policy in an amount not less than 110 per cent. of the Loan, providing for the indemnification of the Security Trustee Lenders 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 the Ship, the imposition of any Security Interest over the Ship and/or any other matter capable of being insured against under a mortgagee's ’s interest additional perils policy whether or not similar to the foregoing foregoing, and the 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.