MII Policy definition

MII Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils cover) in respect of the Ship to be effected by the Agent on behalf of the Lenders (for the cost of the Lenders) on or before the first Utilisation Date and renewed or replaced annually thereafter and maintained throughout the Security 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 Loan;
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MII Policy means a mortgagee’s 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;
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MII Policy means a mortgagees’ interest policy on terms and conditions provided by an independent insurance broker as approved by the Security Agent and maintained by the Security Agent in accordance with Clause 25 (Insurance).
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Examples of MII Policy in a sentence

  • Procurement with estimated value of less than `200 crore is done through Domestic Tenders except against specific approvals, as per MII Policy PP-MII Order dated 16.09.2020 with subsequent amendments.

  • PROJECT FINANCING Coastal Conservancy$345,000Sonoma County (TBD)$172,500Hanson Aggregates (TBD)$172,500Total Project Costs$690,000 The expected source of Conservancy funds for this project is the fiscal year 2015/16 appropriation to the Conservancy from the Water Quality, Supply, and Infrastructure Improvement Act of 2014 (Proposition 1, Water Code § 79700 et seq.).

  • Pursuant to the terms of the MII Policy, the Insurers agreed to insure the Bank to cover all vessels mortgaged to and declared by it under the policy during the period from 1 July 2014 to 30 June 2015 inclusive.

  • For simplicity we will assume that C has pullbacks.Definition 2.1.9. Let (C, J) be a site where C has pullbacks.

  • Pursuant to Clause 4(i)(a), the indemnity payable under the MII Policy is limited to the amount not paid under the Owners’ Policies by reason of the “ circumstances” specified in Clause 1.

  • The Bank suggests that because the MII Policy is to “ indemnify the Insured for loss of, or damage to, … the vessel … Which occurs by virtue of any alleged deliberate, negligent or accidental act or omission”, Clause 1(ii) looks not at the cause of a lack of cover for a loss which would otherwise be covered under the War Risks Policy, but at the cause of the Vessel’s loss.

  • The MII Policy also requires “ loss of, or damage to, or liability arising in connection with” the Vessel, caused by one of the perils identified in Clause 1 of the MII Wording.

  • It is implicit in Clause 4(i) that if non-payment under the Owners’ Policies (which leads to the claim under the MII Policy) is not made by reason of any of the circumstances specified in Clause 1, then there will not be any claim for an indemnity and there will be no need to carry out the calculation exercise in Clause 4(i).

  • Clause 4(ii) then further provides that, for the purposes of the MII Policy, there shall be deemed to be a non-payment by the Underwriters on the Owners' Policies/Club Entries after a reasonable period not exceeding 365 days has elapsed from the date on which the Owners or the Insured has demanded payment under the Owners’ Policies and/or Club Entries.

  • A release order authorising the release of the Vessel was ultimately issued on 17 October 2016.In the present case, the Claimant sought a claim for an indemnity under the MII Policy.


More Definitions of MII Policy

MII Policy means a mortgagee’s 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 orreplaced 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;
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Related to MII Policy

  • R&W Policy means any buyer-side representations and warranties insurance policy purchased by a Buyer or an Affiliate thereof in connection with this Agreement on or before the Closing Date.

  • LPMI Policy A policy of primary mortgage guaranty insurance issued by a LPMI Insurer pursuant to which the related premium is to be paid from payments of interest made by the Mortgagor.

  • D&O Policy has the meaning set forth in Section 6.18(b).

  • CSR Policy means the present Corporate Social Responsibility Policy of the Company, which covers the activities to be undertaken by the Company as specified in Schedule VII to the Act and the CSR Expenditure thereon.

  • PMI Policy A policy of primary mortgage guaranty insurance issued by a Qualified Insurer, as required by this Agreement with respect to certain Mortgage Loans.

  • Group Policy /”policy” means the breakdown policy as set out in this document;

  • Blanket insurance policy means a group policy covering a defined class of

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • Reimbursement insurance policy means a policy of insurance

  • Policy means Related Party Transaction Policy.

  • Lapsed Policy means a Policy which has not acquired the Surrender Value and where the due Premium has not been received till the expiry of the Grace Period;

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Master Policy means a single worker’s compensation insurance policy issued by an insurer authorized to do business in this state to an employee leasing company in the name of the employee leasing company that covers more than one client of the employee leasing company.

  • Health insurance policy means a policy that provides specified benefits for hospital and/or general treatment and meets all requirements under section 63-10 of the Private Health Insurance Act 2007.

  • Tail Policy has the meaning set forth in Section 6.18(b).

  • Bulk PMI Policy Not applicable.

  • Insurance Program or “program” shall mean a program which has been designated as a major program of PRISM under which participating members are protected against designated losses, either through joint purchase of primary or excess insurance, pooling of self-insured claims or losses, purchased insurance or any other combination as determined by the Board of Directors. The Board of Directors, the Executive Committee, or a program’s governing committee may determine applicable criteria for determining eligibility in any insurance program, as well as establishing program policies and procedures.

  • D&O Tail Policy has the meaning set forth in Section 5.8(c).

  • D&O Policies has the meaning set forth in Section 8.01(e).

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.