The Shipowner Clause Samples

The Shipowner. (a) forthwith upon the effecting of any Obligatory Insurances, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; (b) will cause the brokers and the managers of any protection and indemnity or war risks association in which the Vessel may be entered: (A) to hold to the order of the Mortgagee the original of all policies, contracts, binders, insurance slips, cover notes and certificates of entry relating to the Vessel, and to deliver certified copies thereof to the Mortgagee on its request; and (B) to agree to advise the Mortgagee promptly in writing: (1) if any underwriter, insurance company or protection and indemnity or war risks association cancels any Obligatory Insurance; (2) of any alteration to any Obligatory Insurance or any default in the payment of any premium, call or contribution or any failure to renew any of the Insurances at least twenty one (21) days before its expiry; and (3) of any other act, omission or event of which they have knowledge which would or might render invalid or unenforceable any of the Obligatory Insurances in whole or in part; (c) represents and warrants that it has not heretofore assigned, charged or pledged the Insurances in whole or in part, and will not hereafter assign, charge or pledge the Insurances in whole or in part to anyone other than the Mortgagee; (d) will not settle, compromise or abandon any claim under any of the Obligatory Insurances other than a claim of less than US Dollars Three Million ($3,000,000) and not being a claim arising out of the Total Loss of the Vessel; (e) if and whenever any of the Obligatory Insurances comes into effect, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; and (f) will, without expense to the Mortgagee, make all proofs of loss and take any and all other steps necessary to effect collection from brokers, underwriters or protection and indemnity or war risk associations of any loss under any Insurance and shall do all things necessary and provide all documents, evidence and information to enable the Mortgagee to collect or recover any moneys which shall at any time become due in respect of the Insurances.
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The Shipowner forthwith upon the effecting of any Obligatory Insurances, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof;
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The Shipowner. (a) forthwith upon the effecting of any Obligatory Insurances, will give written notice thereof to the Mortgagee stating the full particulars (including the dates and amounts) thereof; (b) will cause the brokers and the managers of any protection and indemnity or war risks association in which the Vessel may be entered:
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The Shipowner. SIGNED by ) as Attorney in fact for and on behalf of ) [ • ] ) SIGNED by [ • ] ) as Attorneys-in-fact for ) and on behalf of ) ▇▇▇▇▇ FARGO BANK, National Association, as Collateral Trustee )
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Related to The Shipowner

  • Mortgagor The obligor on a Mortgage Note. ---------

  • Lessee The related Lessee is a Person other than MBFS USA, any Affiliate thereof or a Governmental Authority and, at the time of origination of the 201[__]-[__] Lease, based on information provided by the Lessee, the Lessee is located in and has a billing address within a State.

  • Lessor It is important that the full name of the Entity leasing the commercial space is reported as the Lessor.

  • Mortgagee Upon WTC giving any notice in accordance with Section 11.1, Mortgagee shall (if and so long as such citizenship is necessary under the Act as in effect at such time or, if it is not necessary, if and so long as Mortgagee's citizenship could have any adverse effect on Owner, or any Note Holder), subject to Section 9.02 of the Trust Indenture, resign as Mortgagee promptly upon its ceasing to be such a citizen.

  • THE OWNER The Owner is named on page 3. All contract rights may be exercised by the Owner, the Owner's successor, or the Owner's transferee without the consent of any beneficiary. If the contract has more than one Owner, contract rights may be exercised only by authorization of all Owners. Upon the death of an Owner, ownership rights of all Owners terminate if the deceased Owner was the Annuitant.