Common use of Terms of obligatory insurances Clause in Contracts

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amountthe Market Value of the Ship owned by it and (ii) such amount which, which when aggregated with the insured value of the amount for which any other Ships at the relevant time Ship then subject to a MortgageMortgage is insured, is equal to 120 per cent. of the Loan and (ii) the Market Value aggregate of the Ship owned by it; andTotal Commitments and the Swap Exposure (if any) under the Master Agreements; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved reasonable terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis in an amount at least the greater of (i) an amountamount which, which when aggregated with the insured value of amount for which the other Ships at the relevant time subject to a MortgageMortgaged Ship is insured, is equal to equals 120 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 125 per cent. , of the Loan and (ii) the Market Value of the Ship owned by it; and; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, amount which when aggregated with the insured value of the other Ships at the relevant time then subject to a Mortgage, is equal to 120 per cent. cent of the aggregate of the Loan and the Swap Exposure (if any) and (ii) the Market Value of the Ship owned by it; and; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by itShip; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect affect such insurancesinsurances in respect of the Ship owned by it: (a) in Dollars; (b) in the case of fire the insurances described in (a), (b), (e) and usual marine risks and war risks, in an amount on an agreed value basis (f) of Clause 13.2 shall each be for at least the greater of of: (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgagethen financed under this Agreement, is equal to 120 per cent. 120% of the Loan and Loan; and (ii) the Fair Market Value of the Ship owned by it; andShip; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the greater of $1,000,000,000 and the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by itShip; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associationsassociations that are members of the International Group of P&I Clubs.

Terms of obligatory insurances. The Borrower Each Guarantor shall procure that each Owner shall effect affect such insurancesinsurances in respect of the Ship owned by it: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of of: (i) an amount, which when aggregated with the insured value values of the other Ships at the relevant time subject to a Mortgagethen financed under this Agreement, is equal to 120 per cent. 120% of the Loan and aggregate of the Loan; and (ii) the Fair Market Value of the Ship owned by it; and; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associationsassociations that are members of the International Group of P&I Clubs, such approval not to be unreasonably withheld or delayed.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amountthe Market Value of the Ship owned by it and (ii) such amount which, which when aggregated with the insured value of the amount for which any other Ships at the relevant time Ship then subject to a MortgageMortgage is insured, is equal to 120 per cent. of the Loan and (ii) the Market Value aggregate of the Ship owned by it; andTotal Commitments and the Swap Exposure (if any) under the Master Agreements; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis being at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and (ii) the Market Value of the Ship owned by itit and (ii) together with any other Ship then subject to a Mortgage 115 per cent. of: (i) the Loan; andless (ii) the aggregate of all Pre-Delivery Advances; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner Each Guarantor shall effect such insurances: (a) in Dollarsdollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of of: (i) an amount, which when aggregated together with the insured value of the other Ships at the relevant time then subject to a Mortgage, is equal to 120 per cent. 120% of the Loan and the Discount Premium Amount (and the Senior Loan and the Senior Discount Premium Amount); and (ii) the Market Value market value of the Ship owned by it; and; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to the case of protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect affect such insurancesinsurances in respect of the Ship owned by it: (a) in Dollars; (b) in the case of fire the insurances described in (a), (b), (e) and usual marine risks and war risks, in an amount on an agreed value basis (f) of Clause 13.2 shall each be for at least the greater of of: (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a MortgageShip then financed under this Agreement, is equal to 120 per cent. 120% of the Loan and Loan; and (ii) the Fair Market Value of the Ship owned by it; andShip; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the greater of $1,000,000,000 and the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by itShip; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associationsassociations that are members of the International Group of P&I Clubs.

Terms of obligatory insurances. The Borrower shall procure that each the Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in such amounts as shall from time to time be approved by the Lender but in any event in an amount on an agreed value basis at least not less than the greater of (i) an amount, which when aggregated with the insured value Market Value of the other Ships Ship for the time being and (ii) an amount which is at the relevant time subject to a Mortgage, is least equal to 120 per cent. of the Loan and (ii) the Market Value aggregate of the Ship owned by it; andamount of the Loan; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by itShip; (e) on such terms as shall from time to time be approved termsin writing by the Lender (including, without limitation, a blocking and trapping clause); and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) the market value of the Ship owned by it and (ii) an amountamount which, which when aggregated with the insured value of the other Ships Ship at the relevant time subject to a Mortgage, is equal to 120 per cent. or greater than 120% of the amount of the Loan and (ii) the Market Value of the Ship owned by it; andHedging Exposure; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 130 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured market value of the Ship owned by it (determined on the basis set out in Clause 15.4) and (ii) together with the other Ships at the relevant time subject to a MortgageShips, is equal to 120 per cent. of the aggregate of the Loan and (ii) the Market Value of the Ship owned by it; andSwap Exposure; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available (and which a prudent shipowner may reasonably be expected to take out) under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amountamount in respect of the Ship owned by it which, which when aggregated with the insured value amount of the other Ships at which are the relevant time subject to of a Mortgage, Mortgage is equal to 120 per cent. of the Loan and (ii) the Fair Market Value of the Ship owned by it; andthat Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000)entry; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. percent, of the Loan and (ii) the Market Value of the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 110 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall (and to the extent applicable shall procure in all cases that each Owner shall Security Party other entity if named as co-assured in the insurance policies will) effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value 120% of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. amount of the Loan and the Hedging Exposure (ii) the Market Value of the Ship owned by it; andShip; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by itShip; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of and/or war risks and protection and indemnity risksassociations, in approved war risks and protection and indemnity risks associationsshall be placed with a member of the International Group of P&I Clubs.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurancesinsurances in respect of its Ship: (a) in DollarsDollars and/or such currencies as agreed with the Security Trustee; (b) in the case as specified in Clause 13.2 (Maintenance of fire and usual marine risks and war risksobligatory insurances), in an amount cover is to be on an agreed value basis in an amount at least the greater of (i) an amount, which such amount as when aggregated with added to the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and (ii) the Fair Market Value of the Ship owned by it; andthat Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic a standard protection and indemnity entry with an international group protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,0001,000,000,000 in relation to any one event); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by iteach Ship’s gross tonnage; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis being at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and (ii) the Market Value of the Ship owned by itit and (ii) together with any other Ship then subject to a Mortgage 120 per cent. of: (i) the Loan; andless (ii) the aggregate of all Pre-Delivery Advances; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) the market value of the Ship (determined in accordance with Clause 15.5) owned by it and (ii) an amount, amount which when aggregated with the insured value of the other Ships Ship at the relevant time subject to a Mortgage, is equal to or greater than 120 per cent. , of the Loan and (ii) the Market Value of the Ship owned by itLoan; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. percent of the aggregate of the Loan and the Senior Loan and (ii) the Market Value of the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurancesinsurances in respect of the Ship owned by it: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, amount (which when aggregated with the insured value of equivalent amount for the other Ships at the relevant time Ship (if subject to a Mortgage, ) is equal to not less than 120 per cent. of the aggregate of the Loan and the Senior Loan and (ii) the Market Value market value of the Ship owned by itthat Ship; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the Ship’s full value and tonnage of the Ship owned by ittonnage; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurancesinsurances in respect of its Ship: (a) in DollarsDollars and/or such currencies as agreed with the Security Trustee; (b) in the case of fire and usual marine risks and war risksas specified in Clause 13.2, in an amount cover is to be on an agreed value basis in an amount at least the greater of (i) an amount, which such amount as when aggregated with added to the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the amount of the Loan and (ii) the Fair Market Value of the Ship owned by it; andthat Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic a standard protection and indemnity entry with an international group protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,0001,000,000,000 in relation to any one event); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by iteach Ship’s gross tonnage; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis of at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; andit and (ii) an amount which, when aggregated with the amount for which the other Ships subject to a Mortgage is insured, is equal to at least 120 per. cent of the Loan; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurancesinsurances in respect of the Ship: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of of: (i) an amount, which when aggregated with the insured value 120% of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and Loan; and (ii) the Fair Market Value of the Ship owned by itShip; andprovided that not less than 80% of the insured value established pursuant to (i) or (ii) above shall be on a hull and machinery basis. (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by itShip; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associationsassociations that are members of the International Group of P&I Clubs.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurancesinsurances in respect of the Ship owned by it: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, amount (which when aggregated with the insured value of equivalent amount for the other Ships at the relevant time Ship (if subject to a Mortgage, ) is equal to not less than 120 per cent. of the aggregate of the Loan and the Junior Loan and (ii) the Market Value market value of the Ship owned by itthat Ship; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (d) in relation to protection and indemnity risks, risks in respect of the Ship’s full value and tonnage of the Ship owned by ittonnage; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 130 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; and; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Owner shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) an amount, which when aggregated with the insured value of the other Ships at the relevant time subject to a Mortgage, is equal to 120 per cent. of the Loan and (ii) the Market Value of the Ship owned by it; andit and (ii) an amount which, when aggregated with the amount for which the other Ships then subject to a Mortgage are insured pursuant to this Clause, is equal to 125 per cent. of the Loan; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and in the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks, risks in respect of the full value and tonnage of the Ship owned by it; (e) on approved terms; and (f) through first class approved brokers and with first class approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.