Common use of Renewal of obligatory insurances Clause in Contracts

Renewal of obligatory insurances. Each Shipowner shall: (a) at least 7 days before the expiry of any obligatory insurance effected by it: (i) notify the Lender of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Xxxxxxxx proposes to renew that obligatory insurance and of the proposed terms of renewal; and (ii) obtain the Lender's approval to the matters referred to in paragraph (i); (b) at least 7 days before the expiry of any obligatory insurance effected by it, renew that obligatory insurance in accordance with the Lender's approval pursuant to paragraph (a); and (c) procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Lender in writing of the terms and conditions of the renewal.

Renewal of obligatory insurances. Each Shipowner The Borrower shall procure that the Owner shall: (a) at least 7 14 days before the expiry of any obligatory insurance effected by it: (i) notify the Lender Agent of the brokers (or other the insurers) and any protection and indemnity or war risks association through or with whom that Xxxxxxxx the Owner proposes to renew that obligatory insurance and of the proposed terms of renewal; and (ii) obtain seek the Lender's Lenders’ approval to the matters referred to in paragraph (i)) which shall be given within 5 Business Days of the Owner’s notice; (b) at least 7 days before the expiry of any obligatory insurance effected by it, renew that obligatory the insurance in accordance with the Lender's Lenders’ approval pursuant to paragraph (a); and (c) procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Lender Agent in writing of the terms and conditions of the renewal.

Renewal of obligatory insurances. Each Shipowner The Borrower shall: (a) at least 7 days before the expiry of any obligatory insurance effected by it: (i) notify the Lender of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Xxxxxxxx the Borrower proposes to renew that obligatory insurance and of the proposed terms of renewal; and (ii) obtain the Lender's approval to the matters referred to in paragraph (i); (b) at least 7 days before the expiry of any obligatory insurance effected by it, renew that obligatory insurance in accordance with the Lender's approval pursuant to paragraph (a); and (c) procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Lender in writing of the terms and conditions of the renewal.

Renewal of obligatory insurances. Each Shipowner Borrower shall: (a) at least 7 days before the expiry of any obligatory insurance effected by it: (i) notify the Lender of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Xxxxxxxx Borrower proposes to renew that obligatory insurance and of the proposed terms of renewal; and (ii) obtain the Lender's approval to the matters referred to in paragraph (i); (b) at least 7 days before the expiry of any obligatory insurance effected by it, renew that obligatory insurance in accordance with the Lender's approval pursuant to paragraph (a); and (c) procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Lender in writing of the terms and conditions of the renewal.

Renewal of obligatory insurances. Each Shipowner shall: (a) at least 7 days before the expiry of any obligatory insurance effected by it: (i) notify the Lender of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Xxxxxxxx Borrower proposes to renew that obligatory insurance and of the proposed terms of renewal; and (ii) obtain the Lender's approval to the matters referred to in paragraph (i); (b) at least 7 days before the expiry of any obligatory insurance effected by it, renew that obligatory insurance in accordance with the Lender's approval pursuant to paragraph (a); and (c) procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Lender in writing of the terms and conditions of the renewal.