Common use of Review of insurance requirements Clause in Contracts

Review of insurance requirements. The Agent shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the reasonable opinion of the Agent, significant and likely to affect an Owner or a Ship and its or their insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Owners (or any of them) may be subject), and may appoint insurance consultants in relation to this review at the cost of the Owners Provided that if no Event of Default shall have occurred and be continuing, the Borrowers shall only be obliged to indemnify the Agent in respect of all fees and other expenses incurred by the Agent in relation to the review of the insurances by such insurance consultants once in each calendar year.

Review of insurance requirements. The Agent shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this the Amending and Restating Agreement which are, in the reasonable opinion of the Agent, significant and likely to affect an Owner the Borrower or a the Ship and its or their insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Owners (or any of them) Borrower may be subject), and may appoint insurance consultants in relation to this review at the cost of the Owners Borrower Provided that if no Event of Default shall have occurred and be continuing, the Borrowers Borrower shall only be obliged to indemnify the Agent in respect of all fees and other expenses incurred by the Agent in relation to the review of the insurances by such insurance consultants once in each calendar year.