Common use of Protection and Indemnity Risks Clause in Contracts

Protection and Indemnity Risks. Payment of any recovery in respect of protection and indemnity risks which (the “Owner”) is entitled to make out of the funds of the Insurers in respect of any liability, costs or expenses incurred by the Owner, shall be made to the Owner or to its order unless and until the Insurer receives notice to the contrary from EFG EUROBANK ERGASIAS S.A (the Mortgagees) in which event all recoveries shall thereafter be paid to the Mortgagees or to its order; provided that no liability whatsoever shall attach to the Insurers or its agents for failure to comply with the latter obligation until the expiry of two clear business days from the receipt of such notice.

Protection and Indemnity Risks. Payment of any recovery in respect of protection and indemnity risks which _____________ (the “Owner”) is entitled to make out of the funds of the Insurers in respect of any liability, costs or expenses incurred by the Owner, shall be made to the Owner or to its order unless and until the Insurer receives notice to the contrary from EFG EUROBANK ERGASIAS S.A (the Mortgagees) in which event all recoveries shall thereafter be paid to the Mortgagees or to its order; provided that no liability whatsoever shall attach to the Insurers or its agents for failure to comply with the latter obligation until the expiry of two clear business days from the receipt of such notice.

Protection and Indemnity Risks. Payment of any recovery in respect of protection and indemnity risks which .................. (the “Owner”) is entitled to make out of the funds of the Insurers in respect of any liability, costs or expenses incurred by the Owner, shall be made to the Owner or to its order unless and until the Insurer receives notice to the contrary from EFG EUROBANK ERGASIAS S.A EGNATIA BANK S.A. (the Mortgagees“Mortgagee”) in which event all recoveries shall thereafter be paid to the Mortgagees Mortgagee or to its order; provided that no liability whatsoever shall attach to the Insurers or its agents for failure to comply with the latter obligation until the expiry of two clear business days from the receipt of such notice.

Protection and Indemnity Risks. Payment of any recovery in respect of protection and indemnity risks which ............... (the “"Owner”") is entitled to make out of the funds of the Insurers in respect of any liability, costs or expenses incurred by the Owner, shall be made to the Owner or to its order unless and until the Insurer receives notice to the contrary from EFG EUROBANK ERGASIAS S.A (the Mortgagees) in which event all recoveries shall thereafter be paid to the Mortgagees or to its order; provided that no liability whatsoever shall attach to the Insurers or its agents for failure to comply with the latter obligation until the expiry of two clear business days from the receipt of such notice.