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) all amounts which when aggregated with the insured value of any other Ship subject to a Mortgage is at least 120 per cent. of the Loan and (ii) the Market Value of that Ship. Provided however that each Ship must be insured by way of a hull and machinery policy at an agreed insured value (excluding freight interest) of not less than the greater of (i) 80% of the Market Value of such Ship or (ii) an amount which when aggregated with the agreed insured values under all the other hull and machinery policies for the other Ships subject to a Mortgage is not less than the principal amount of the Loan, with the remaining cover able to be insured by way of Hull Interest and/or Freight Interest; 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 and in the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks in respect of the Ship's full value and tonnage of the Ship owned by that Owner; (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 In respect of each Owner Ship, the Borrowers 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) all amounts which when aggregated with the insured value of any other Ship subject to a Mortgage is at least 120 per cent. of the aggregate of (A) the Loan and (B) all other amounts outstanding under the Finance Documents from time to time; and (ii) the Market Value market value of that Ship. Provided however that each Ship must be insured by way of a hull and machinery policy at an agreed insured value (excluding freight interest) of not less than the greater of (i) 80% of the Market Value of such Ship or (ii) an amount which when aggregated with the agreed insured values under all the other hull and machinery policies for the other Ships subject to a Mortgage is not less than the principal amount of the Loan, with the remaining cover able to be insured by way of Hull Interest and/or Freight Interest; and; (c) in the case of fire and usual marine risks and war risks, the deductible under such Insurances does not exceed the Major Casualty amount; (d) 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 and in the international marine insurance market (currently $1,000,000,000)market; (de) in relation to the case of protection and indemnity risks risks, in respect of the Ship's full value and tonnage of the Ship owned by that OwnerShip; (ef) in the case of risk of loss of Earnings insurance, with the minimum obtainable waiting period and a minimum cover of 90 days and with an insured daily amount that is, in the opinion of the Facility Agent, equal to or more than the aggregate of (i) the daily operational costs and/or the daily hire rate under any Charter of that Ship, whichever amount is the higher and (ii) the amount accruing calculated on a daily basis in respect of payments and repayments under this Agreement in respect of the Sub-Loan relating to that Ship. (g) on approved terms; and (fh) 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 associationsApproved Brokers.

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 such amounts as shall from time to time be approved by the Agent but in any event in an amount on an agreed value basis at least the greater of (i) all amounts which when aggregated with the insured value of any other Ship subject to a Mortgage is at least 120 per cent. of the Loan and (ii) the Market Value of that Ship. Provided however that each Ship must be insured by way of a hull and machinery policy at an agreed insured value (excluding freight interest) of not less than the greater of (i) 80% of the Market Value of such the Ship or owned by it and (ii) an amount which, when aggregated with the amount for which the other Ship then subject to a Mortgage is insured, is equal to 120 per cent. of the Loan; and (c) in the case of hull and machinery risks, in an amount on an agreed value basis for its Ship which is not less than the greater of (i) an amount which, when aggregated with the agreed insured values under all value of the other insurances in respect of hull and machinery policies for risks on the other Ships then subject to a Mortgage is not less than the principal amount of the Loan, with ; and (ii) 80 per cent. of the Market Value of that Ship (and the remaining cover able to 20 per cent of the Market Value of that Ship may be insured taken out by way of Hull Interest and/or Freight Interest; andhull and freight interest insurances); (cd) 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 in indemnity clubs) and the international marine insurance market (currently $1,000,000,000); (de) in relation to protection and indemnity risks in respect of the relevant Ship's ’s full value and tonnage of the Ship owned by that Ownertonnage; (ef) on such terms as shall from time to time be approved termsin writing by the Agent (including, without limitation, a blocking and trapping clause); and (fg) 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 which are members of the International Group of Protection and Indemnity 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, (including hull interest and freight interest) in such amount as shall from time to time be approved by the Security Trustee but in any event in an amount on an agreed value basis at least not less than the greater of (i) all amounts an amount which when aggregated with the insured value of any the other Ship Ships then subject to a Mortgage is at least Mortgage, 120 per cent. cent of the aggregate of the Loan and (ii) the Market Value of that Ship. Provided however that each the Ship must be insured owned by way it; (c) in the case of a hull and machinery policy at an agreed insured value (excluding hull interest and freight interest) in an amount of not less than the greater of (i) 80% of the Market Value of such Ship or (ii) an amount which when aggregated with the agreed insured values under all the other hull and machinery policies for the other Ships then subject to a Mortgage is not less than the principal amount of the Loan, Loan Provided that the Borrowers are in compliance with the remaining cover able to be insured by way of Hull Interest and/or Freight Interest; andtheir obligations under paragraph (b) above at all times; (cd) 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 and in the international marine insurance market (currently $1,000,000,000)market; (de) in relation to protection and indemnity risks in respect of the Ship's full value and tonnage of the Ship owned by that OwnerShip; (ef) on approved terms; andand 492 EUROPE/66436786v5 (fg) 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, (including hull interest and freight interest) in such amount as shall from time to time be approved by the Security Trustee but in any event in an amount on an agreed value basis at least not less than the greater of (i) all amounts an amount which when aggregated with the insured value of any the other Ship Ships then subject to a Mortgage is at least Mortgage, 120 per cent. cent of the aggregate of the Loan and (ii) the Market Value of that Ship. Provided however that each the Ship must be insured owned by way it; (c) in the case of a hull and machinery policy at an agreed insured value (excluding hull interest and freight interest) in an amount of not less than the greater of (i) 80% of the Market Value of such Ship or (ii) an amount which when aggregated with the agreed insured values under all the other hull and machinery policies for the other Ships then subject to a Mortgage is not less than the principal amount of the Loan, Loan Provided that the Borrowers are in compliance with the remaining cover able to be insured by way of Hull Interest and/or Freight Interest; andtheir obligations under paragraph (b) above at all times; (cd) 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 and in the international marine insurance market (currently $1,000,000,000)market; (de) in relation to protection and indemnity risks in respect of the Ship's full value and tonnage of the Ship owned by that OwnerShip; (ef) on approved terms; and (fg) 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 the 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) all amounts which when aggregated with the insured market value of any other the Ship subject to a Mortgage is at least (determined on the basis set out in Clause 15.4) and (ii) 120 per cent. of the Loan and (ii) the Market Value of that Ship. Provided however that each Ship must be insured by way of a hull and machinery policy at an agreed insured value (excluding freight interest) of not less than the greater of (i) 80% of the Market Value of such Ship or (ii) an amount which when aggregated with the agreed insured values under all the other hull and machinery policies for the other Ships subject to a Mortgage is not less than the principal amount of the Loan, with the remaining cover able to be insured by way of Hull Interest and/or Freight Interest; 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 and in the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks in respect of the Ship's full value and tonnage of the Ship owned by that OwnerShip; (e) on approved terms, including: (i) in the case of war risks, according to London Institute War Clauses and including the War Protection Clause and terms effecting crew war liabilities; (ii) in the case of hull and machinery, on an all risks cover basis according to English and American Institute Hull Clauses with a reasonable deductible; and (iii) in the case of protection and machinery, without any risk exclusion nor any material alteration to the deductibles without the prior written consent of the Mortgagees or Agent; and (f) in the case of war risks, entered with Hellenic Mutual War Risks Association or insured with Lloyds but in any event all insurances shall be effected 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.,