Common use of Terms of obligatory insurances Clause in Contracts

Terms of obligatory insurances. The Borrower shall procure that each Guarantor 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) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 per cent. of the aggregate of the Loan and the Termination Amount 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); (d) in relation to protection and indemnity risks in respect of the full 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 Guarantor shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, 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) such amount, an amount which when aggregated with the amount for which any insured value of the other Ship Ships then subject to a Mortgage is insuredMortgage, is equal to 125 130 per cent. of the aggregate of the Loan and the Termination Amount Swap Exposure 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); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship owned by it; (e) on such terms as shall from time to time be approved termsin writing by the Security Trustee (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 Borrower shall procure that each Guarantor relevant Security Party 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 of: (i) such amount, which when aggregated with the amount for which any insured values of the other Ship Ships then subject to a Mortgage is insuredfinanced under this Agreement, is equal to 125 per cent. 120% of the aggregate of the Loan and the Termination Amount and Swap Exposure of each Swap Counterparty; and (ii) the market value Fair Market Value of the Ship owned by it; 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 in respect of the full 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 Guarantor Each Shipowner 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) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 130 per cent. of the aggregate of the Loan and the Termination Amount Swap Exposure 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); (d) in relation to protection and indemnity risks in respect of the full 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 Guarantor 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) such amount, which when aggregated with the amount for which any insured values of the other Ship Ships then subject to a Mortgage is insuredfinanced under this Agreement, is equal to 125 per cent. 120% of the aggregate of the Loan and the Termination Amount and Loan; and (ii) the market value 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 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 in respect of the full tonnage of the Ship owned by it; (e) in relation to loss of hire insurance, for a daily amount equal to at least the daily running costs and/or the daily hire rate under the Time Charter in respect of the Ship owned by it plus the daily debt service amount; (f) 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 associationsassociations that are members of the International Group of P&I Clubs.

Terms of obligatory insurances. The Borrower shall procure that each Each Guarantor 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) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 per cent. insured values of the aggregate other Ships then financed under this Agreement, 110% of the Loan and the Termination Amount and Loan; and (ii) the market value Fair Market Value of the Ship owned by it; 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 risksrisks and protection and indemnity war risks (in excess of the amount for war risk hull), in each case 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 (in the case of oil pollution liability risks, currently $U.S.$ 1,000,000,000); (d) in relation to protection and indemnity risks in respect of the full 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.

Terms of obligatory insurances. The Borrower shall procure that each Guarantor shall Owner will 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 not less than the greater of (i) the Market Value of the Ship owned by that Owner for the time being and (ii) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount 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 in respect of the full value and tonnage of the Ship owned by itthat Owner; (e) 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 (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 Guarantor shall effect such insurances: (a) in Dollarsdollars; (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 not less than the greater of (i) such amountthe Market Value of the Ship owned by it and (ii) an amount which, which when aggregated with the amount for which any the other Ship Ships then subject to a Mortgage is insured, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount 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 International Group of protection and indemnity clubsP&I Clubs) and in the international marine insurance market (currently $1,000,000,000); (d) in relation to protection and indemnity risks in respect of the relevant Ship’s full tonnage of the Ship owned by itvalue and tonnage; (e) 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 (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 which are members of the International Group of Protection and Indemnity Associations.

Terms of obligatory insurances. The Borrower shall procure that each Guarantor 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) such amount, which amount as when aggregated with added to the amount for which any insured value of the other Ship then subject to a Mortgage Ships is insured, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount and (ii) the market value 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 in 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 in respect of the full 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 Guarantor shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, 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) such amount, an amount which when aggregated with the amount for which any insured value of the other Ship then subject to a Mortgage is insuredMortgage, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount Swap Exposure 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); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship owned by it; (e) on such terms as shall from time to time be approved termsin writing by the Security Trustee (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 Borrower shall procure that each Guarantor shall Owner will 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 Facility Agent but in any event in an amount on an agreed value basis at least not less than the greater of (i) the Market Value of the Ship owned by that Owner for the time being and (ii) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 120 per cent. of the aggregate of the Loan Loan; and the Termination Amount and (ii) the market value of the Ship owned by it; andIndex (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 in respect of the full value and tonnage of the Ship owned by itthat Owner; (e) on such terms as shall from time to time be approved termsin writing by the Facility Agent (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 Guarantor shall effect such insurances: (a) in Dollars; (b) in the case of fire and usual marine risks risks, including hull and machinery, and war risks, in an amount on an agreed value basis at least in such amounts as shall from time to time be approved by the Agent but in any event in an amount not less than the greater of (i) such amountthe Market Value of the Ship owned by it and (ii) an amount which, which when aggregated with the amount for which any the other Ship ship then subject to a Mortgage is insured, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount 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 in respect of the relevant Ship’s full tonnage of the Ship owned by itvalue and tonnage; (e) 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 (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 which are members of the International Group of Protection and Indemnity Associations.

Terms of obligatory insurances. The Borrower shall procure that each Guarantor and each Collateral Guarantor 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) such amount, which amount as when aggregated with added to the amount for which any insured value of the other Ship then subject to a Mortgage Ships is insured, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount Collateral Loan and (ii) the market value 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 in 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 in respect of the full 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 Guarantor 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) such amount, which when aggregated with the amount for which any other Market Value of the Ship then subject to a Mortgage is insured, is equal to 125 and (ii) 120 per cent. of the aggregate Loan (the "Agreed Insurance Value"); (c) in the case of hull and machinery insurance, in an amount on an agreed value basis of at least 80 per cent. of the Loan and the Termination Amount and (ii) the market value Agreed Insured Value of the Ship owned with the remainder of that Agreed Insured Value being covered by it; andhull interest and freight interest covers; (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 indemnity clubs) 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 tonnage of the Ship owned by itvalue and tonnage; (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 Guarantor Each of the Borrowers shall effect such insurancesInsurances: (ai) in Dollars; (bii) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis (including increased value) equal at least all times to the greater of (iA) the Fair Market Value of such amountMortgaged Vessel and (B) an amount which, which when aggregated with added to the amount for which any amounts of such insurance on the other Ship then subject to a Mortgage is insuredMortgaged Vessels, is equal to 125 per cent. 110% of the aggregate of outstanding principal amount due and owing by the Loan and the Termination Amount and (ii) the market value of the Ship owned by it; andBorrowers under this Agreement; (ciii) 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)entry; (div) in relation to protection and indemnity risks in respect of the full tonnage of the Ship owned by iteach Mortgaged Vessel; (ev) on terms approved termsby IFC; and (fvi) through approved brokers and with approved insurance companies and/or underwriters approved by IFC acting or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations, at all times with reputable international brokers, companies, underwriters and mutual insurance associations.

Terms of obligatory insurances. The Borrower shall procure that each Guarantor 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) such amountthe Market Value of the Ship owned by that Owner for the time being and (ii) an amount which, which when aggregated with to the amount for which insured value of any other Ship then subject to a Mortgage is insuredMortgage, is at least equal to 125 120 per cent. of the aggregate of the amount of the Loan and the Termination Amount 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 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 in respect of the full value and tonnage of the Ship owned by itthat Owner; (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 Borrower shall procure that each Guarantor shall Owner will 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 Facility Agent but in any event in an amount on an agreed value basis at least not less than the greater of (i) the Market Value of the Ship owned by that Owner for the time being and (ii) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount 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 in respect of the full value and tonnage of the Ship owned by itthat Owner; (e) on such terms as shall from time to time be approved termsin writing by the Facility Agent (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 Borrower shall procure that each Guarantor 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 that Owner for the time being (as determined by the Lender pursuant to Clause 14.4 of this Agreement) and (ii) such amount, which when aggregated with the amount for which any the other Ship then subject to a Mortgage is insured, is equal to 125 130 per cent. of the aggregate of the Loan and the Termination Amount 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 in respect of the full value and tonnage of the Ship owned by itthat Owner; (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 Guarantor 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 not less than the greater of (i) such amountthe Market Value of the Ship owned by it and (ii) an amount which, which when aggregated with the amount for which any the other Ship then subject to a Mortgage is insured, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount 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 in respect of the relevant Ship’s full tonnage of the Ship owned by itvalue and tonnage; (e) 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 (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 which are members of the International Group of Protection and Indemnity Associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Guarantor 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) such amount, which when aggregated with the amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 per cent. 120% of the aggregate outstanding principal amount of the Loan and the Termination Amount and Advance in respect of that Ship; and (ii) the market value Fair Market Value of the Ship owned by it; andprovided that, not less than 80% of the Fair Market Value shall be on a hull and machinery basis, while the remaining part of the insured value may be taken out by way of hull and freight interest insurance cover. (c) in the case of oil pollution liability risksrisks and protection and indemnity war risks (in excess of the amount for war risk hull), in each case 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 (in the case of oil pollution liability risks, currently $U.S.$ 1,000,000,000); (d) in relation to protection and indemnity risks in respect of the full 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.

Terms of obligatory insurances. The Each Borrower shall, and shall procure that each Guarantor shall the Collateral 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) such an amount, which when aggregated with the amount for which insured value of any other Ship then at the relevant time subject to a Mortgage is insuredMortgage, is equal to 125 120 per cent. of the aggregate of (A) the Loan and (B) the Termination Amount Swap Exposure and (ii) the market value Market Value of the Ship owned by itsuch 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 relevant Ship’s full 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 Guarantor 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) such amount, which when aggregated with the 120% of outstanding principal amount for which any other Ship then subject to a Mortgage is insured, is equal to 125 per cent. of the aggregate of the Loan and the Termination Amount and in relation to that Ship; and (ii) the market value Fair Market Value of the Ship owned by it; andprovided that, not less than 80% of the Fair Market Value shall be on a hull and machinery basis, while the remaining part of the insured value may be taken out by way of hull and freight interest insurance cover; (c) in the case of oil pollution liability risksrisks and protection and indemnity war risks (in excess of the amount for war risk hull), in each case 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 (in the case of oil pollution liability risks, currently $U.S.$ 1,000,000,000); (d) in relation to protection and indemnity risks in respect of the full 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 each as approved by the Agent and KEXIM.

Terms of obligatory insurances. The Each Borrower shall procure that each Guarantor 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) such the Market Value of the Ship owned by it and (ii) an amount, which when aggregated with the amount for which any the other Mortgaged Ship then subject is insured pursuant to a Mortgage is insuredthis Agreement, is equal to 125 120 per cent. of the greater of (i) the aggregate of (A) the Loan and (B) the Termination Amount Swap Exposure and (ii) the market value 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 in the international marine insurance market (currently at $1,000,000,000); (d) in relation to protection and indemnity risks and freight, demurrage and defence risks in respect of the full 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 Guarantor 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 risksrisks (including hull interest and freight interest), in an amount on an agreed value basis at least the greater of (i) such amount, an amount which when aggregated with the amount for which any agreed value of the obligatory insurances on the other Ship then when subject to a Mortgage is insured, is equal to 125 not less than 120 per cent. of the aggregate of the Loan and the Termination Amount and (ii) the market value Fair Market Value of the Ship owned by it; and; (c) in the case of hull and machinery insurances (excluding hull interest and freight interest), in an amount on an agreed value basis of at least 80 per cent. of the Fair Market Value of the Ship owned by it provided that the Borrowers always comply with the obligation in Clause 13.3(b); (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 (with the international group of protection and indemnity clubs) 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 full tonnage of the Ship owned by it; (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 Each Guarantor shall effect such insurancesinsurances in relation to each Ship owned by it: (a) in Dollars; (b) in the case of fire and usual marine risks (including hull interest and freight interest) and war risks, in an amount on an agreed value basis at least the greater of (i) such amount, which when aggregated together with the amount for which any other Ship then subject to a Mortgage is insuredShips, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount and (ii) the market value of the Ship owned by it; andthat Ship; (c) in the case of fire and usual marine risks (excluding hull interest and freight interest), in an amount on an agreed value basis at least the greater of (i) together with the other Ships, 100 per cent. of the Loan and (ii) 80 per cent. of the market value of that Ship; (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 (with the international group of protection and indemnity clubs) 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 that Ship’s full tonnage of the Ship owned by ittonnage; (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 Guarantor 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) such an amount, which when aggregated with the amount for which any insured value of the other Ship then Ships at the relevant time subject to a Mortgage is insuredMortgage, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount Swap Exposure 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); (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 Guarantor 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 (determined at the time of taking out such insurances or upon the latest renewal) at least the greater of (i) such amount, which when aggregated together with the amount for which any Ship owned by the other Ship then subject to a Mortgage is insuredBorrower, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount Swap Exposure of each Swap Counterparty 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 in respect of the full tonnage of the Ship owned by it; (e) in the case of risk of loss of Earnings insurance, in an amount of at least equal to the daily rate under the Charter of the Ship owned by it for the best market cover available and a minimum waiting period; (f) 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 Company shall procure that each Guarantor shall Vessel Owner shall, in respect of the Collateral Vessel owned by it, 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 of: (i) such amount, an amount which when aggregated with the amount amounts for which any the other Ship then subject to a Mortgage Collateral Vessels is insured, insured for such risks is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount and Relevant Tranche Amount; and (ii) the market value Market Value of the Ship owned by it; andthat Collateral Vessel; (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)entry; (d) in relation to the case of protection and indemnity risks risks, in respect of the full tonnage of the Ship owned by itits Collateral Vessel; (e) on approved termsterms customary in major marine insurance markets; and (f) through approved brokers 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 Each Guarantor shall effect such insurancesinsurances in relation to each Ship owned by it: (a) in Dollars; (b) in the case of fire and usual marine risks (including hull interest and freight interest) and war risks, in an amount on an agreed value basis at least the greater of (i) such amount, which when aggregated together with the amount for which any other Ship then subject to a Mortgage is insuredShips, is equal to 125 120 per cent. of the aggregate of the Loan and the Termination Amount and (ii) the market value of the Ship owned by it; andthat Ship; (c) in the case of fire and usual marine risks (excluding hull interest and freight interest), in an amount on an agreed value basis at least the greater of (i) together with the other Ships, 100 per cent. of the Loan and (ii) 80 per cent. of the market value of that Ship; (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 (with the international group of protection and indemnity clubs) 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 that Ship's full tonnage of the Ship owned by ittonnage; (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 Each Borrower shall procure that each Guarantor shall effect such insurances: (a) not later than 15 Business Days prior to the Drawdown Date; (b) in Dollars; (bc) 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) such an amount, which when aggregated with the amount for which insured value of any other Ship then at the relevant time subject to a Mortgage is insuredMortgage, is equal to 125 120 per cent. of the aggregate amount of the Loan and the Termination Amount and (ii) the market value Market Value of the Ship owned by itsuch Ship; and (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 indemnity clubs) and in the international marine insurance market (currently $1,000,000,000)market; (de) in relation to protection and indemnity risks and freight demurrage and defence risks, in respect of the relevant Ship’s full tonnage of the Ship owned by ittonnage; (ef) in relation to loss of hire, in such amounts and for such periods as shall be acceptable to the Lender in its sole discretion; (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 associations.

Terms of obligatory insurances. The Each Borrower shall procure that each Guarantor shall effect such insurances: (a) in Dollarsdollars; (b) in the case of fire and usual marine risks and war risksrisks (the “Agreed Insured Value”), in an amount on an agreed value basis at least the greater of of: (i) such amount, the Market Value of that Ship and; (ii) 120 per cent. of the amount which when aggregated with the amount for which any insured value of the other Ship then subject to a Mortgage is insured, Ships is equal to 125 at least the Loan; (c) in the case of hull and machinery insurance, in an amount on an agreed value basis of at least 80 per cent. of the aggregate Agreed Insured Value of that Ship with the Loan remainder of that Agreed Insured Value being covered by hull interest and the Termination Amount and (ii) the market value of the Ship owned by it; andfreight interest covers; (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 indemnity clubs) 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 full tonnage of the Ship owned by itits Ship; (ef) on approved terms; and (fg) through approved brokers 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, and shall procure that each Guarantor shall the Collateral 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) such an amount, which when aggregated with the amount for which insured value of any the other Ship then at the relevant time subject to a Mortgage is insuredMortgage, is equal to 125 120 per cent. of the aggregate of (A) the Loan and (B) the Termination Amount Swap Exposure and (ii) the market value Market Value of the Ship owned by itsuch 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 relevant Ship’s full 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.