Vessel Insurance. If the performance of the Work requires the use of a vessel or vessels, Contractor shall carry or require the owner of each vessel to carry:
Vessel Insurance. With respect to each Vessel, (i) insure, and keep insured, or procure that the Borrowers, as owners, will insure and keep the Vessels insured in accordance with the terms of the Mortgages, more specifically each Vessel will be insured with respect to all risks hull and machinery (including excess risks which shall not exceed twenty percent (20%) of the total hull and machinery coverage), provided that the total hull coverage and excess risk coverage is to be at least the higher of (a) the aggregate Fair Market Value of such Vessel at the most recent date at which such Fair Market Value shall have been determined pursuant to this Agreement or (b) one hundred twenty five percent (125%) of the amount outstanding under the relevant Tranche, (ii) notify the Facility Agent in writing, at least twenty-one (21) days prior to all insurance renewals, (iii) deliver to Facility Agent all letters of undertaking, copies of all insurance policies and certificates of entry on terms acceptable to the Facility Agent and its advisors, (iv) ensure that Facility Agent is named as loss payee on all insurances and (v) reimburse Facility Agent for payment of mortgagee’s interest insurance and mortgagee’s additional perils (pollution) insurance to be subscribed by the Facility Agent in an amount equal to one hundred twenty five percent (125%) of the amount outstanding under each Tranche;
Vessel Insurance. The Drillship and the Rig, and any other vessels owned, chartered or operated in performance of any operations of the Borrower, shall be covered with (x) P&I Insurance (on SP23 Form or equivalent) including crew, which may be part of Transocean's policy, in amounts equal to the greater of the coverage afforded under Transocean's policy as in effect from time to time and the amount that would be obtained by reasonably prudent operators of the general expertise of Transocean owning and operating vessels such as the Drillship and Rig and (y) hull insurance (on a current American Institute or equivalent hull form), including wreck removal coverage (legal, contractual and voluntary) and full collision coverage (floating and stationary). The hull policy with respect to the Drillship shall have a minimum limit of not less than the book value of such vessel based upon a 30 year straight line amortization and the hull policy with respect to the Rig shall have a minimum limit of an amount to be agreed by the Agent and the Borrower as of the Effective Date and each anniversary thereafter based upon the remaining Vessel Amortization Payments and "Vessel Amortization Payments" under the Transocean Contracts Loan Agreement for the Rig.
Vessel Insurance. Lessee shall keep in force and effect liability insurance for his vessel(s). Lessor may request and be provided with proof of coverage. This agreement is governed by the Laws of Louisiana and venue in any litigation or arbitration regarding this agreement shall be in the State of Louisiana. Lessee shall pay for any cost incurred by Lessor, in enforcing this agreement. We, the undersigned, agree to all the terms and conditions set forth in this agreement: Signature of Lessee: Date: Print name of Lessee: End of the Line Boat Storage 2021 BOAT SHED RATE SCHEDULE 1. $1900 for 12 month term + $ 200.00 (Security Deposit) Prepaid 2. $ 1,100.00 Semi-Annually + $ 200.00 (Security Deposit)
Vessel Insurance. (i) During Construction, insure, or have the Builders insure, and keep insured to the extent of its interest therein, the Vessel with respect to comprehensive builder’s risks; and
(ii) After completion of Construction, insure, and keep insured, the Vessel in accordance with the provisions of the Mortgage and more specifically the Vessel will be insured with respect to:
(a) all risks hull and machinery (including excess risks);
(b) storm risks;
(c) if the Vessel is to be operated outside of the U.S. Gulf of Mexico, war risks covering, inter alia the perils of confiscation, expropriation, nationalization and seizure;
(d) protection and indemnity risks (including pollution risks, crew, cargo, contractual and removal of wreck insurance);
(e) mortgagee’s interest insurance (which shall include additional perils pollution); and
(f) either Business Interruption Insurance covering a period of one hundred and eighty (180) days, or a cash amount in an amount sufficient to cover at least six (6) months of debt service has been deposited into the Earnings Account.
Vessel Insurance. The Grantee shall produce evidence of necessary insurance for all vessels bought with the grant money and all vessels used in boating programs funded by grant money.
Vessel Insurance. User shall carry, or require that the tankship Owner carry, on all vessels utilizing the Terminal the following insurance:
(a) Protection and Indemnity ("P&I") insurance for Vessel's account through entry of Vessel in one of the International Group of P&I Clubs and hull insurance for the current market value of Vessel, or if Vessel's hull is self-insured, full collision liability insurance shall be included in Owner's P&I insurance coverage.
(b) As worldwide insurance cover for oil pollution with limits of not less than the maximum on offer through the International Group of P&I Clubs.
Vessel Insurance. Lessee shall keep in force and effect liability insurance for his vessel(s). Lessor may request and be provided with proof of coverage.
Vessel Insurance. The Drillship (once the Borrower takes title thereto) and the Rig, and any other vessels owned, chartered or operated in performance of any operations of the Borrower, shall be covered with (x) P&I Insurance (on SP23 Form or equivalent), including crew, in amounts equivalent to the required amounts under the applicable hull policy therefor and (y) hull insurance (on a current American Institute or equivalent hull form), including wreck removal coverage (legal, contractual and voluntary) and full collision coverage (floating and stationary). The hull policy with respect to the Drillship shall have a minimum limit of not less than the book value of such vessel based upon a thirty (30) year straight line amortization and the hull policy with respect to the Rig shall have a minimum limit of an amount to be agreed by the Agent and the Borrower as of the Conversion Date and each anniversary thereafter based upon the remaining Vessel Amortization Payments for the Rig.
Vessel Insurance with respect to each Relevant Vessel, (i) insure, and keep insured, or procure that each Obligor, as owner of record, will insure and keep the Relevant Vessels insured in accordance with the terms of the Mortgage or the Deed of Covenants and Guarantee, Administration and Source of Payment Trust Agreement, as applicable, and with such insurances as the Lenders may require more specifically: (a) each Relevant Vessel will be insured with respect to all risks hull and machinery (including excess risks) plus freight interest and hull interest, if applicable, and with respect to all war risks (including the London blocking and trapping addendum or similar arrangement) provided that the total hull coverage and war risk coverage is to be at least the higher of (I) the Fair Market Value of the Relevant Vessel at the most recent date at which such Fair Market Value shall have been determined pursuant to this Agreement and (II) one hundred twenty percent (120%) of the total amounts outstanding under the Facility, (b) each Relevant Vessel will be insured with respect to full protection and indemnity cover (including liability for oil pollution) for an amount of not less than One Billion Dollars ($1,000,000,000) and excess war risk protection and indemnity cover for an amount of not less than Five Hundred Million Dollars ($500,000,000), covered by a protection and indemnity association which is a member of the International Group of Protection and Indemnity Associations and, in the case of Relevant Vessels employed in Mexico under the Mexican Navigation and Maritime Commerce Law (Ley de Navegación y Comercio Marítimos), covered by a first class Mexican insurance company acceptable to the Facility Agent, (c) any PSVs of at least 1,800 DWT or AHTSs of at least 70 tons bollard pull will, upon becoming a Relevant Vessel, be insured with respect to mortgage rights insurance and (d) all insurances will be at the expense of the Obligor, shall be on terms acceptable to the Facility Agent and shall be placed with brokers, underwriters or clubs acceptable to the Facility Agent, (ii) notify the Facility Agent in writing, at least fourteen (14) days prior to all insurance renewals, (iii) deliver to the Facility Agent all letters of undertaking, copies of all insurance policies and certificates of entry on terms acceptable to the Facility Agent and its advisors at least once every year within three (3) Banking Days prior to each anniversary of the Original Closing Date, (iv) ensure...
