Common use of Obligatory Insurances Clause in Contracts

Obligatory Insurances. (i) Certified copies of the Obligatory Insurances in respect of each Relevant Vessel; and (ii) Fax or email confirmation from each broker and club concerned with the Obligatory Insurances of each Relevant Vessel that: (A) the relevant cover is in effect; (B) they will accept notice of assignment of the Obligatory Insurances in favor of the Security Trustee and execute an acknowledgement of the notice in the form reasonably acceptable to the Security Trustee; (C) they will restrict their lien for unpaid premiums under any fleet policy to unpaid premiums in respect of such Relevant Vessel only; (D) they will issue a letter of undertaking in the form provided for in the Insurances Assignment; (E) they will accept endorsement of a loss payable clause on the policies in the form provided for in the Insurances Assignment (in the case of brokers and insurers other than clubs) or will note the interest of the Administrative Agent in the entry for the Relevant Vessel by way of a loss payable clause in their current standard form (in the case of clubs); and (F) they are not aware of any mortgage, charge, assignment or other encumbrance affecting the Obligatory Insurances with which they are concerned (other than any previously disclosed by the Borrower or the Vessel Owner to the Administrative Agent in writing), or in form and substance satisfactory to the Administrative Agent’s insurance adviser. (iii) Receipt by the Administrative Agent of a final insurance report prepared by BankServe Insurance Services Limited verifying Borrower’s compliance with the insurance requirements set forth in Section 5.26 and 5.27.

Obligatory Insurances. (i1) Certified copies of the Obligatory Insurances in respect of each Relevant Vessel; and (ii2) Fax or email confirmation from each broker and club concerned with the Obligatory Insurances of each Relevant Vessel that: (Aa) the relevant cover is in effect; (Bb) they will accept notice of assignment of the Obligatory Insurances in favor of the Security Trustee and execute an acknowledgement of the notice in the form reasonably acceptable to the Security Trustee; (Cc) they will restrict their lien for unpaid premiums under any fleet policy to unpaid premiums in respect of such Relevant Vessel only; (Dd) they will issue a letter of undertaking in the form provided for in the Insurances Assignment; (Ee) they will accept endorsement of a loss payable clause on the policies in the form provided for in the Insurances Assignment (in the case of brokers and insurers other than clubs) or will note the interest of the Administrative Agent in the entry for the Relevant Vessel by way of a loss payable clause in their current standard form (in the case of clubs); and (Ff) they are not aware of any mortgage, charge, assignment or other encumbrance affecting the Obligatory Insurances with which they are concerned (other than any previously disclosed by the Borrower or the Vessel Owner to the Administrative Agent in writing), or in form and substance satisfactory to the Administrative Agent’s 's insurance adviser. (iii3) Receipt by the Administrative Agent of a final insurance report prepared by BankServe Insurance Services Limited verifying Borrower’s compliance with the insurance requirements set forth in Section 5.26 and 5.27.

Obligatory Insurances. (i) Certified copies of the Obligatory Insurances in respect of each Relevant Vessel; and (ii) Fax or email confirmation from each broker and club concerned with the Obligatory Insurances of each Relevant Vessel that: (A) the relevant cover is in effect;; 55 #4858-9314-8498 (B) they will accept notice of assignment of the Obligatory Insurances in favor of the Security Trustee and execute an acknowledgement of the notice in the form reasonably acceptable to the Security Trustee; (C) they will restrict their lien for unpaid premiums under any fleet policy to unpaid premiums in respect of such Relevant Vessel only; (D) they will issue a letter of undertaking in the form provided for in the Insurances Assignment; (E) they will accept endorsement of a loss payable clause on the policies in the form provided for in the Insurances Assignment (in the case of brokers and insurers other than clubs) or will note the interest of the Administrative Agent in the entry for the Relevant Vessel by way of a loss payable clause in their current standard form (in the case of clubs); and (F) they are not aware of any mortgage, charge, assignment or other encumbrance affecting the Obligatory Insurances with which they are concerned (other than any previously disclosed by the Borrower or the Vessel Owner to the Administrative Agent in writing), or in form and substance satisfactory to the Administrative Agent’s 's insurance adviser. (iii) Receipt by the Administrative Agent of a final insurance report prepared by BankServe Insurance Services Limited verifying Borrower’s compliance with the insurance requirements set forth in Section 5.26 and 5.27.