Common use of Terms of obligatory insurances Clause in Contracts

Terms of obligatory insurances. The Borrower shall effect such insurances in respect of the Ship: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interest), in an amount on an agreed value basis at least the greater of (i) 120 per cent. of the Loan and (ii) the Fair Market Value of the Ship; (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 provided that the Borrower always complies 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 and in the international marine insurance market; (e) in relation to protection and indemnity risks in respect of the full tonnage of the Ship; (f) on approved terms; and (g) 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 effect such insurances in respect of the Shipinsurances: (a) in Dollarsdollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interestthe “Agreed Insured Value”), in an amount on an agreed value basis at least the greater of of: (i) 120 per cent. of the Loan and Tranche relating to that Ship; and (ii) the Fair Market Value of the that Ship; (c) in the case of hull and machinery insurances (excluding hull interest and freight interest)insurance, in an amount on an agreed value basis of at least 80 per cent. of the Fair Market Agreed Insured Value of the that Ship provided that the Borrower always complies with the obligation in Clause 13.3(b)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 and in the international marine insurance market; (e) in relation to the case of protection and indemnity risks risks, in respect of the full tonnage of the its Ship; (f) on approved terms; and (g) 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 effect such insurances in respect of the Shipinsurances: (a) in Dollarsdollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interest)risks, in an aggregate amount on an agreed value basis at least the greater of of: (i) 120 per cent. of the Loan and Loan; and (ii) the Fair aggregate Market Value Values of the ShipShips; (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 provided that the Borrower always complies 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 and in the international marine insurance marketmarket (such amount currently being $1,000,000,000); (ed) in relation to the case of protection and indemnity risks risks, in respect of the full tonnage of the its Ship; (fe) on approved terms; and (gf) 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 Owner shall effect such insurances in respect of the Shipinsurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interest)risks, in an amount on an agreed value basis at least the greater of (i) 120 per cent. the market value of the Loan Ship owned by it and (ii) together with the Fair Market Value other Ships then subject to a Mortgage, 120% of the Ship;Commitment; 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 provided that the Borrower always complies 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 and in the international marine insurance market; (ed) in relation to protection and indemnity risks in respect of the full tonnage of the ShipShip owned by it. (e) on approved terms; (f) on approved terms; and (g) 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; and (g) if so required by the Lender (but without, as between the Owner and the Lender, liability on the part of the Lender for premiums or calls) with the Lender named as co-assured.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in respect of the Shipinsurances: (a) in Dollarsdollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interestthe “Agreed Insured Value”), in an amount on an agreed value basis at least the greater of of: (i) 120 per cent. of the Loan and Tranche relating to that Ship; and (ii) the Fair Market Value of the that Ship; (c) in the case of hull and machinery insurances (excluding hull interest and freight interest)insurance placed under the Nordic Plan, in an amount on an agreed value basis of at least 80 per cent. of the Fair Market Agreed Insured Value of the that Ship provided that the Borrower always complies with the obligation in Clause 13.3(b)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 and in the international marine insurance market; (e) in relation to the case of protection and indemnity risks risks, in respect of the full tonnage of the its Ship; (f) on approved terms; and (g) 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 effect such Such insurances in respect of relation to a Ship shall be effected by the ShipBorrowers: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interest)risks, in an amount on an agreed value basis at least the greater of (i) 120 per cent. cent of the Loan Advance in respect of such Ship and (ii) the Fair Market Value market value of the such Ship;; 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 provided that the Borrower always complies 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 and in the international marine insurance market; (ed) in relation to protection and indemnity risks in respect of the full tonnage of the such Ship; (fe) on approved terms; and (gf) 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 and, without prejudice to the Borrowers’ obligation to obtain the prior approval of the Lender such approval not to be unreasonably withheld, at all times with reputable international brokers, companies, underwriters and mutual insurance associations.

Terms of obligatory insurances. The 12.3.1 Subject to Clause 12.3.2, each Ship Owning Borrower shall effect such insurances in respect of the Shipinsurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interest), in an amount on an agreed value basis at least the greater of (i) 120 per cent. of the Loan and (ii) the Fair Market Value of the Ship; (c) in the case of hull and machinery insurances (excluding hull interest and freight interest)risks, in an amount on an agreed value basis of at least 80 per cent. of the Fair Market Value market value of the Ship provided that the Borrower always complies with the obligation in Clause 13.3(b)owned by it; (dc) 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; (ed) in relation to protection and indemnity risks in respect of the full tonnage of the ShipShip owned by it; (fe) on approved terms; and (gf) 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. 12.3.2 The Ship Owning Borrowers shall ensure that in the case of fire and usual marine risks and war risks insurance relating to all Ships, the aggregate insured value is at all times at least 120% of the aggregate of the Advances and any Swap Exposure.

Terms of obligatory insurances. The Each Borrower shall effect such insurances in respect of the Shipinsurances: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks (including hull interest and freight interest)risks, in an amount on an agreed value basis at least the greater of (i) 120 when aggregated with such insurances of the other FSO 125 per cent. of the Loan and (ii) the Fair Market Value market value of the ShipFSO owned by it; (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 provided that the Borrower always complies 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 and in the international marine insurance market; (ed) in relation to protection and indemnity risks in respect of the full tonnage of the ShipFSO owned by it; (e) on approved terms; (f) on approved terms; and (g) 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; and (g) so as to comply with the requirements of the Service Contract for the FSO.

Terms of obligatory insurances. The Borrower shall effect such insurances in respect of the each Ship: (a) in Dollars; (b) in the case of fire and usual marine risks and war risks (including hull interest coverage for war protection and freight interestindemnity with a separate limit for the same amounts insured under war hull), in an amount on an agreed value basis at least the greater of (i) 120 when aggregated with such insurances on the other Ships which are subject to a Mortgage, 125 per cent. of the aggregate of the Term Loan and the Newbuilding Loan and (ii) the Fair Market Value of the that Ship; (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 provided that the Borrower always complies 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 a protection and in indemnity association belonging to the international marine insurance marketInternational Group of Protection and Indemnity Associations; (ed) in relation to protection and indemnity risks in respect of the Ship’s full tonnage of the Shiptonnage; (fe) on approved terms; and (gf) 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.