MII & MAP Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Security Trustee on or before the first Drawdown Date to cover the Mortgaged Vessels as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Security Trustee in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Loan in respect of mortgagee’s interest insurance and one hundred and twenty per cent (120%) of the Loan in respect of additional perils cover;
MII & MAP Policy means a mortgagee’s interest and (if required by the Bank) pollution risks insurance policy (including additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Bank to cover the Mortgaged Vessels as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Bank in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Loan;
MII & MAP Policy means a mortgagee’s interest and (if required by the Bank) pollution risks insurance policy (including additional perils (pollution) cover) in respect of the Vessel to be effected by the Bank to cover the Vessel as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Bank in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Loan;
More Definitions of MII & MAP Policy
MII & MAP Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Security Trustee on or before the Drawdown Date to cover the Mortgaged Vessels as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Security Trustee in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Loan in respect of mortgagee’s interest insurance and one hundred and twenty per cent (120%) of the Loan in respect of additional perils cover;
MII & MAP Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils (pollution) cover) in respect of the Vessel to be effected by the Security Trustee on or before the first Drawdown Date to cover the Vessel as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Security Trustee in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Loan in respect of mortgagee’s interest insurance and one hundred and twenty per cent (120%) of the Loan in respect of additional perils cover;
MII & MAP Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils (pollution) cover) in respect of the Ships to be effected by the Agent on behalf of the Banks on or before the first Drawdown Date and renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Agent in its sole discretion, insuring a sum of at least 110% of the aggregate of the Loan and the Swap Exposure in respect of the mortgagee’s interest insurance and 110% of the aggregate of the Loan and the Swap Exposure in respect of additional peril cover;
MII & MAP Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils (pollution) cover) in respect of the Ships to be effected by the Agent on behalf of the Banks on or before the first Drawdown Date and renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Agent in its sole discretion, insuring a sum of at least 110% of the aggregate of the Loan in respect of the mortgagee’s interest insurance and 110% of the aggregate of the Loan in respect of additional peril cover;
MII & MAP Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Agent on or before the first Drawdown Date to cover the Mortgaged Vessels as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Agent in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Aggregate Loan Amount in respect of Mortgagee’s Interest Insurance and one hundred and ten per cent (110%) of the Aggregate Loan Amount in respect of Additional Perils Cover;
MII & MAP Policy means a mortgagee’s interest and (if required by the Lender) pollution risks insurance policy (including, but not limited to, additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Lender on or before the relevant Drawdown Date to cover the Mortgaged Vessel as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Lender in its sole discretion, insuring an aggregate sum of at least one hundred and ten per cent (110%) of the aggregate of the Loan and the Swap Exposure in respect of mortgagee’s interest insurance and one hundred and ten per cent (110%) of the aggregate of the Loan and the Swap Exposure in respect of additional perils (pollution) cover, each determined as at the date such insurances are effected or, as the case may be, renewed;
MII & MAP Policy means a mortgagee’s interest insurance and a mortgagee’s interest insurance additional perils (pollution) in respect of each Mortgaged Vessel to be effected by the Lender on or before the Drawdown Date in respect of the Advance financing that Vessel to cover that Vessel as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Lender in its sole discretion, insuring with respect to mortgagee’s interest insurance a sum of at least one hundred and ten per cent (110%) of the Loan;