Persons entitled
- Piraeus Bank S.A.
Brief description
By way of security for the repayment of the aggregate of the loan, interest accrued and accruing thereon and all other sums of money from time to time owing by the borrowers to the lender, whether actually or contingently, under the loan agreement and the other security documents or any of them to which the owner is or is to be a party (the “outstanding indebtedness”), we, with full title guarantee hereby absolutely, irrevocably and unconditionally assign and agree to assign to the lender all of our rights, title and interest in and to all the benefit of the insurances in respect of the managed vessel.. We hereby undertake to procure that a duly completed notice in the form set out in appendix 2 to this letter is given to all insurers of the managed vessel and to procure that such notice is promptly endorsed on all policies and entries in respect of such insurances and agree promptly to authorise and/or instruct any broker, insurer or association with or through whom insurances may be effected to endorse on any policy or entry or otherwise to give effect to such loss payable clause as may be stipulated by the lender.. The lender shall, at our cost and request, re-assign to us all our right, title and interest in the insurances upon the outstanding indebtedness being paid and discharged in full to the satisfaction of the lender.. Any moneys in respect of the insurances in respect of the managed vessel which would (but for the assignment contained in clause 5.1 above) be payable to us shall be applied in accordance with clause 2.3 of the general assignment relating to the managed vessel.