Insured Amounts Clause Samples
Insured Amounts. The Indenture Trustee shall hold all such money and property received by it, as part of the Trust Estate and shall apply it as provided in the Indenture.
Insured Amounts. Not applicable.
Insured Amounts. All insurances shall be denominated in USD. Hull and machinery and war risks insurance shall be effected for the higher of the full Vessel Value of each relevant vessel or 120% (one hundred and twenty per cent) of the aggregate principal amount outstanding under the Existing Tranche and the New Tranche in respect of the relevant Continuing Vessel or replacement vessel, as the case may be. For Existing Tranches and New Tranches for which the rate of interest has been fixed, the insured amounts for hull and machinery and war risks insurance shall be determined taking into account the market value of the portion of the relevant Tranche for which the rate of interest has been fixed.
Insured Amounts disbursed by the Trustee from proceeds of the Policy shall not be considered payment by the Trust nor shall such payments discharge the obligation of the Trust with respect to the related Class of Class A Certificates, and the related Class Certificate Balance shall be deemed not reduced for such purposes and the Insurer shall become the owner of such unpaid amounts due from the Trust in respect of such Class of Class A Certificates. The Trustee hereby agrees on behalf of each Holder of a Class A Certificate for the benefit of the Insurer that it recognizes that to the extent the Insurer pays Insured Amounts, either directly or indirectly (as by paying through the Trustee), to the Class A Certificateholders, the Insurer will be subrogated to the rights of such Class A Certificateholders, as applicable, with respect to such Insured Amount, shall be deemed to the extent of the payments so made to be a registered Class A Certificateholder for purposes of payment and shall receive all future related Remittance Amounts until all such Insured Amounts paid by the Insurer have been fully reimbursed, subject to the following paragraph. To evidence such subrogation, the Trustee shall note the Insurer's rights as subrogee on the registration books maintained by the Trustee and on any related Class A Certificates surrendered for payment upon receipt from the Insurer of proof of payment of any Insured Amount. Except as otherwise described herein, the Insurer shall not acquire any voting rights hereunder as a result of such subrogation.