Common use of Mortgagee’s interest and additional perils Clause in Contracts

Mortgagee’s interest and additional perils. The Security Trustee shall be entitled from time to time to effect, maintain and renew a mortgagee’s interest additional perils insurance and a mortgagee’s interest marine insurance in such amounts (which, in relation to each Ship, shall be not less than the lower of (a) the Fair Market Value of that Ship and (b) an amount which when aggregated with the equivalent amount in respect of the other Ship shall not be less than 110 per cent. of the aggregate of the Loan and the Junior Loan), on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate and the Borrowers shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.

Mortgagee’s interest and additional perils. The Security Trustee shall be entitled from time to time to effect, maintain and renew a mortgagee’s interest additional perils insurance and a mortgagee’s interest marine insurance in such amounts (which, in relation to each Ship, shall be not less than the lower of (a) the Fair Market Value of that Ship and (b) an amount which when aggregated with the equivalent amount in respect of the other Ship shall not be less than 110 per cent. of the aggregate of the Loan and the Junior Senior Loan), on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate and the Borrowers shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.