Common use of Restriction on amendments to cover Clause in Contracts

Restriction on amendments to cover. No Shipowner shall without the prior consent of the Security Agent (such consent not to be unreasonably withheld or delayed), make any alteration to the terms of any of the Insurances of a Mortgaged Ship or Mortgaged Linkspan which would or could reasonably be expected to have a material adverse effect on the rights or interests of the Security Agent nor shall any Shipowner take any action or omit to take any action or suffer any act or omission which would or would be likely to render any of the Insurances invalid, void, voidable, suspended, defeated or unenforceable or render any sum payable thereunder repayable in whole or in part (save and to the extent that replacement cover has been effected in accordance with this Clause 15).

Restriction on amendments to cover. No Shipowner shall without the prior consent of the Security Agent (such consent not to be unreasonably withheld or delayed), make any alteration to the terms of any of the Insurances of a Mortgaged Ship or Mortgaged Linkspan which would or could reasonably be expected to have a material adverse effect on the rights or interests of the Security Agent nor shall any Shipowner take any action or omit to take any action or suffer any act or omission which would or would be likely to render any of the Insurances invalid, void, voidable, suspended, defeated or unenforceable or render any sum payable thereunder repayable in whole or in part (save and to the extent that replacement cover has been effected in accordance with this Clause 1511).