Placing of cover. The insurance coverage required by clause 24.2 (Coverage required) shall be:
(a) in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required by it) (unless such other person, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires);
(b) if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls);
(c) in dollars or another approved currency;
(d) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and
(e) on approved terms and with approved insurers or approved associations.
Placing of cover. The insurance coverage required by clause 23.2 (Coverage required) shall be:
(a) in the name of the Borrower and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required by it) (unless such other person is approved and, if so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires);
(b) if the Agent (if so instructed by the Majority Lenders) so requests, in the joint names of the Borrower and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls);
(c) in dollars or another approved currency;
(d) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and
(e) on approved terms and with approved insurers or associations.
Placing of cover. The insurance coverage required by Clause 23.2 (Coverage required) shall be:
(a) in the name of the relevant Upstream Guarantor and (in the case of the Ship’s hull cover) no other person (unless such other person is approved and, if so required by the Administrative Agent or the Security Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Administrative Agent or the Security Agent reasonably require);
(b) in dollars or another currency approved by the Administrative Agent (with the instructions of the Required Lenders);
(c) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and
(d) on such terms and with such brokers/insurers/clubs as the Administrative Agent (with the instructions of the Required Lenders) from time to time may approve, such approval not to be unreasonably withheld or delayed.
Placing of cover. The insurance coverage required by Clause 48.2 (Coverage required) shall be:
(a) in the name of the Owner;
(b) if the Security Agent so requests, in the joint names of the Owner and the Security Agent (and any other Secured Party required by the Security Agent) (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent or such Secured Party for premiums or calls);
(c) in Dollars or another approved currency;
(d) arranged through approved brokers or direct with approved insurers or associations;
(e) in full force and effect; and
(f) on industry standard terms and with approved insurers or associations.
