Common use of Terms of obligatory insurances Clause in Contracts

Terms of obligatory insurances. The Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and (ii) the Market Value of the Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Ship; and (h) 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 which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and (2) denominator is the Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or any other, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of of: (i) an amount which is equal to 120 per cent. of the aggregate of of: (A) the Loan and Advance relating to the Ship owned by it: and (B) the aggregate principal amount secured by any equal or Permitted Security Interests over that Ship which have a prior ranking to the Security Interest on Interests created by the Ship and Finance Documents; and (ii) the Market Value of the that Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least approved amounts but not in any event less than the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan Advance relative to the Ship owned by it, and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and (ii) the Market Value of the Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's ’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan and Advance relating to that Borrower’s Ship, (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable discretion, but in any event as followsinsurances: (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 at least the greater of (i) the Market Value of the Ship owned by that Borrower and (ii) an amount, which when aggregated with the amount for which the other Mortgaged Ships at the relevant time are insured pursuant to this Agreement, is equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate Loan (in the case of (A) that Ship, the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and (ii) the Market Value of the Ship“Agreed Insured Value”); (c) in the case of hull and machinery insurance, in an amount on an agreed value basis at least 66.6 per cent. of the Agreed Insured Value of that Ship with the remainder of that Agreed Insured Value being covered by hull interest and freight interest covers; (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 from a member of the International Group of Protection and Indemnity Clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence); (de) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insuranceShip owned by it; (f) on approved terms (and, for the time being (and conditions; (g) until such other risks time as the Agent may advise otherwise), the standard insurance terms arranged by the Approved Manager as at the date of whatever nature and howsoever arising in respect this Agreement for vessels managed by it are considered approved for the purpose of which insurance would be maintained by a prudent owner of a vessel similar to the Shipthis Clause 13); and (hg) 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 which are members associations, in each case if other than the Swedish Club, Provided that any approval required under this Clause 13.3 shall not be unreasonably withheld or delayed and Provided further that any cover on Nordic terms placed with or under the lead of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating Swedish Club shall be deemed approved by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Agent.

Terms of obligatory insurances. The Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and (ii) the Market Value of the Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and (2) denominator is the Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Borrower shall procure that each Owner shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable discretionAgent, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in approved amounts but in any event not less than an amount equal to at least the higher of (i) an amount which when aggregated with the amount for which the other Mortgaged Ship is insured pursuant to this Clause 12.3 (b) is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship Facilities and (ii) an amount which is 120 per cent of the Market Value of the ShipShip owned by it; (c) in the case of oil pollution liability risks, for an 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 protection and Indemnity Clubsindemnity clubs) and the international marine insurance market (currently $1,000,000,000 1,000,000,000) for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the ShipShip owned by it; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) other such other risks of whatever whatsoever nature and howsoever arising in respect of which such insurance would be maintained by a prudent owner of a vessel similar to the Ship; (g) on approved terms and conditions; and (h) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's ’s rating of at least BBB- BBB or a comparable rating by any other rating agency acceptable to the Security Trustee Agent (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or any other, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of of: (i) an amount which is equal to 120 per cent. of the aggregate of of: (A) the Loan Advance relating to the Ship owned by it: and (B) the aggregate principal amount secured by any equal or Permitted Security Interests over that Ship which have a prior ranking to the Security Interest on Interests created by the Ship Finance Documents; and (ii) the Market Value of the that Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which, when aggregated with the amount for which the other Mortgaged Ship is insured pursuant to this Clause 13.3(b) is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Borrower's Ship; (c) in the case of oil pollution liability risks, for an amount equal to the highest level of cover from time to time available under 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Borrower shall procure that the Owner shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of of: (i) an amount which is equal to 120 per cent. of the aggregate of of: (A) the Loan and Loan; and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and Ship; and (ii) the Market Value of the Ship;, (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan Advance relevant to that Borrower's Ship, (B) the Swap Exposure relevant to that Advance and (BC) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Borrower's Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which, when aggregated with the amount for which the other Mortgaged Ship is insured pursuant to this Clause 13.3(b) is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Borrower’s Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's ’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including LSW 1189 or comparable mortgage clauses, if required by the Agent,) as shall from time to time be approved in writing by the Security Trustee in its reasonable discretionAgent, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in approved amounts but not in any event less than an amount equal to at least the higher of (i) an amount which when aggregated with the amount for which all other Mortgaged Ships are insured pursuant to this Clause 13.3(b) is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship Swap Exposure and (ii) the Market Value of the ShipShip owned by it; (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 protection and Indemnity Clubsindemnity clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence1,000,000,000); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the ShipShip owned by it; (e) in relation to war risks insurance, extended to cover piracy and terrorism where piracy is excluded under the fire and usual marine risks insuranceinsurance and excess war protection and indemnity risks, including terrorism, also to be covered up to the maximum limit available from time to time under club rules, currently being $500,000,000, in excess of the primary limit for war protection and indemnity; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Shipterms; and (hg) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's rating of at least BBB- BBB or a comparable rating by any other rating agency acceptable to the Security Trustee Agent (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including LSW 1189 or comparable mortgage clauses, if required by the Agent) as shall from time to time be approved in writing by the Security Trustee in its reasonable discretionAgent, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in approved amounts but not in any event less than an amount equal to at least the higher of (i) an amount which when aggregated with the amount for which the other Ship subject to a Mortgage is insured pursuant to this Clause 13.3(b) is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship Swap Exposure and (ii) the Market Value Values of the ShipShips; (c) in the case of oil pollution liability risks, for an 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 protection and Indemnity Clubsindemnity clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence1,000,000,000); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the ShipShip owned by it; (e) in relation to war risks insurance, extended to cover piracy and terrorism where piracy and terrorism are excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Ship; and (hg) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's ’s rating of at least BBB- BBB - or a comparable rating by any other rating agency acceptable to the Security Trustee Agent (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Borrower shall procure that the Owner shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of of: (i) an amount which is equal to 120 per cent. of the aggregate of of: (A) the Loan and Loan; and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and Ship; and (ii) the Market Value of the Ship;, (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) 52 EUROPE/71630549v6 or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan and Advance relating to that Borrower’s Ship, (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and ((ii) the Market Value of the that Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)Clubs.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions (including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its reasonable sole discretion, but in any event as follows: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of (i) an amount which, when aggregated with the amount for which the other Mortgaged Ship is insured pursuant to this Clause 13.3(b) is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the that Ship and (ii) the Market Value of the that Borrower's Ship; (c) in the case of oil pollution liability risks, for an 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 for any one accident or occurrence); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the that Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the that Ship; and (h) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable discretion, but in any event as followsinsurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risksrisks (including, blocking and trapping), on an agreed value basis in an amount equal to approved amounts but not in any event and at least any time less than (i) the higher of (i) an the amount which when aggregated with the insured amounts for the other Ships which are then subject to a Mortgage is equal to 120 per cent. of the aggregate of (A) the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and (ii) the Market Value of the ShipShip owned by that Borrower Provided that the hull and machinery cover to be effected in relation to each Ship shall be equal to at least 80 per cent. of the Market Value of each Ship with the balance of the cover to be effected by way of hull interest and freight interest insurance cover; (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 protection and Indemnity Clubsindemnity clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence1,000,000,000); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the ShipShip owned by that Borrower; (e) in relation to war risks insurance, extended to cover piracy and terrorism where piracy or, as the case may be, terrorism, are excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Shipterms; and (hg) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's ’s rating of at least BBB- BBB or a comparable rating by any other rating agency reasonably acceptable to the Security Trustee Facility Agent (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable discretion, but in any event as followsinsurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risksrisks (including, blocking and trapping), on an agreed value basis in an amount equal to approved amounts but not in any event and at least any time less than (i) the higher of (i) an the amount which when aggregated with the insured amounts for the other Ship which is then subject to a Mortgage is equal to 120 per cent. of the aggregate of (Aa) the Loan and (Bb) the principal amount secured by any equal or prior ranking Security Interest Swap Exposure as determined on the Ship date on which such insurances are effected or renewed, as the case may be and (ii) the Market Value of the ShipShip owned by that Borrower; (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 protection and Indemnity Clubsindemnity clubs) and the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence1,000,000,000); (d) in relation to protection and indemnity risks in respect of the full value and tonnage of the ShipShip owned by that Borrower; (e) in relation to war risks insurance, extended to cover piracy and terrorism where piracy or, as the case may be, terrorism, are excluded under the fire and usual marine risks insurance; (f) on approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Shipterms; and (hg) 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 which are members of the International Group of Protection and Indemnity Associations Associations, and have a Standard & Poor's ’s rating of at least BBB- BBB or a comparable rating by any other rating agency reasonably acceptable to the Security Trustee Facility Agent (acting on with the instructions authorisation of the Majority Lenders).

Terms of obligatory insurances. The Borrower Each of the Borrowers shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable discretion, but in any event as followsInsurances: (ai) in Dollars; (bii) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis in an amount (including increased value) equal at all times to at least the higher of (i) an amount which is equal to 120 per cent. of the aggregate greater of (A) the Loan Fair Market Value of such Mortgaged Vessel and (B) an amount which, when added to the amounts of such insurance on the other Mortgaged Vessels, is 110% of the aggregate outstanding principal amount secured due and owing by any equal or prior ranking Security Interest on the Ship and (ii) the Market Value of the ShipBorrowers 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 the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence)entry; (div) in relation to protection and indemnity risks in respect of the full value and tonnage of the Shipeach Mortgaged Vessel; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (fv) on terms approved terms and conditions; (g) such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the ShipOFID; and (hvi) through approved brokers and with approved insurance companies and/or underwriters approved by OFID acting or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations which are members associations, at all times with reputable international brokers, companies, underwriters and mutual insurance associations. (c) Further Protections for OFID. In addition to the terms set out in paragraph (b) above, the Borrowers shall procure that the obligatory insurances shall: (i) if so required by OFID and in so far as obtainable on reasonable commercial terms (except in relation to risks referred to in paragraphs (b)(iii) and (iv)) name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance; (ii) in relation to risks referred to in paragraphs (b)(iii) and (iv), name (or be amended to name) the Security Trustee and OFID as co-assureds under a Misdirected Arrows clause; (iii) name the Security Trustee as loss payee in accordance with the loss payable clauses attached as exhibits to the Insurance Assignment in respect of such Mortgaged Vessel; (iv) provide that all payments by or on behalf of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable insurers under the obligatory insurances to the Security Trustee in respect of such Mortgaged Vessel shall be made without set-off, counterclaim or deductions or condition whatsoever except as permitted by Section 5.05(c)(ii)(E) (acting on Insurance Covenants); (v) provide that the instructions insurers shall waive, to the fullest extent permitted by law, their entitlement (if any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies of the Majority LendersSecurity Trustee in respect of any rights or interests (secured or not) held by or available to the Security Trustee under the Security Documents, until the Loan shall have been fully repaid and discharged, except that the insurers shall not be restricted by the terms of this paragraph (iv) from making personal claims against persons (other than the Borrowers, OFID or the Security Trustee) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances; (vi) provide that such obligatory insurances shall be primary without right of contribution from other insurances which may be carried by OFID or the Security Trustee in respect of the Mortgaged Vessels (but in no case shall OFID have double insurance for the same risks).;

Terms of obligatory insurances. The Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions as shall from time to time be approved in writing by the Security Trustee in its reasonable discretion, but in any event as followsinsurances: (a) in Dollarsdollars; (b) in the case of fire hull and usual marine risks machinery and war risks, in an amount on an agreed value basis in an amount equal to at least the higher of greater of: (i) an amount which is equal to 120 per cent. , of the aggregate of (A) the outstanding balance of the Loan and (B) the principal amount secured by any equal or prior ranking Security Interest on the Ship and Senior Loan; and (ii) the Market Value of the ShipShip owned by it; (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 (with such amount currently being $1,000,000,000); (d) hull and machinery plus freight interest and hull interest and/or increased value and any other usual marine risks (including excess risks); (e) war risks (including the London Blocking and Trapping addendum or its equivalent, Terrorism and War Protection and Indemnity); (f) protection and indemnity risks (including liability for oil pollution for an amount of no less than $1,000,000,000 and excess war risk P&l cover) on standard Club Rules, covered by a Protection and Indemnity association which is a member of the International Group of Protection and Indemnity Clubs) and Associations (or, if the international marine insurance market (currently $1,000,000,000 for International Group ceases to exist, any one accident or occurrence); (d) in relation to other leading protection and indemnity risks in respect association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the full value and tonnage of the Ship; (e) in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance; (f) on approved terms and conditionshull cover); (g) such other risks of whatever nature freight, demurrage and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to the Shipdefence; (h) on approved terms; and (hi) 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 which are members of the International Group of Protection and Indemnity Associations and have a Standard & Poor's rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders)associations.