Example ContractsClausesFailure to Maintain Insurance
Failure to Maintain Insurance
Failure to Maintain Insurance contract clause examples

Failure to Maintain Insurance. In the event the Collateral Parties fail to take out or maintain the full insurance coverage required by this [Schedule 8.4.1], the Lenders may (but shall not be obligated to), upon thirty (30) days' prior notice (unless the aforementioned insurance would lapse within such period, in which event notice should be given as soon as reasonably possible) to Collateral Parties of any such failure, take out the required policies of insurance and pay the premiums on the same. All amounts so advanced by the Lenders shall become an additional Obligation of Collateral Parties to the Lenders, and the Collateral Parties shall forthwith pay such amounts to the Lenders together with interest thereon at the Default Rate from the date so advanced.

Failure to Maintain Insurance. In the event the Borrower fails to take out or maintain or to cause any Persons that are a party to a Project Document to take out and maintain, the full insurance coverage required by this [Schedule 5.17] or by their respective Project Document, the Lenders may (but shall not be obligated to), upon thirty (30) days’ prior notice (unless the aforementioned insurance would lapse within such period, in which event notice should be given as soon as reasonably possible) to the Borrower of any such failure, take out the required policies of insurance and pay the premiums on the same. All amounts so advanced by the Lenders shall become an additional obligation of the Borrower to the Lenders, and the Borrower shall forthwith pay such amounts to the Lenders together with interest thereon at the Default Rate within thirty (30) days from the date so advanced.

Failure to Maintain Insurance. In the event the Borrower fails to take out or maintain or to cause any Persons that are a party to a Project Document to take out and maintain, the full insurance coverage required by this [Schedule 5.17] or by their respective Project Document, the Administrative Agent may (but shall not be obligated to), upon thirty (30) days’ prior notice (unless the aforementioned insurance would lapse within such period, in which event notice should be given as soon as reasonably possible) to the Borrower of any such failure, take out the required policies of insurance and pay the premiums on the same. All amounts so advanced by the Administrative Agent shall become an additional obligation of the Borrower to the Administrative Agent, and the Borrower shall forthwith pay such amounts to the Administrative Agent together with interest thereon at the Default Rate within thirty (30) days from the date so advanced.

Failure to Maintain Insurance. In the event the Borrower fails to take out or maintain or to cause any Persons that are a party to a Project Document to take out and maintain, the full insurance coverage required by this [Schedule 5.17] or by their respective Project Document, the Lenders may (but shall not be obligated to), upon thirty (30) days’ prior notice (unless the aforementioned insurance would lapse within such period, in which event notice should be given as soon as reasonably possible) to the Borrower of any such failure, take out the required policies of insurance and pay the premiums on the same. All amounts so advanced by the Lenders shall become an additional obligation of the Borrower to the Lenders, and the Borrower shall forthwith pay such amounts to the Lenders together with interest thereon at the Default Rate within thirty (30) days from the date so advanced.

Maintain Insurance. The Debtor shall at all times maintain, and cause each Subsidiary to maintain, with insurance companies reasonably acceptable to the Bank, such insurance coverage as may be required by any law or governmental regulation or court decree or order applicable to it and such other insurance, to such extent and against such hazards and liabilities, including employers', public and professional liability risks, as is customarily maintained by companies similarly situated, and shall have insured amounts no less than, and deductibles no higher than, are reasonably acceptable to the Bank as provided in the Loan Agreement. The Debtor shall furnish to the Bank a certificate setting forth in reasonable detail the nature and extent of all insurance maintained by the Debtor, which shall be reasonably acceptable in all respects to the Bank. The Debtor shall cause each issuer of an insurance policy to provide the Bank with an endorsement # showing the Bank as loss payee and as additional insured with respect to each policy of property or casualty insurance; and # providing that thirty (30) days notice will be given to the Bank prior to any cancellation of, material reduction or change in coverage provided by or other material modification to such policy.

Maintain Insurance. Maintain insurance on all the Property of the Loan Parties with financially sound and reputable insurance companies or associations in amounts and against risks as are customarily insured against by businesses engaging in similar activities or owning similar assets or properties.

Failure to Maintain by Tenant. If Tenant fails to maintain the Premises as required by this Lease and such failure continues for a period of thirty (30) days after Tenant’s receipt of notice from Landlord of the same, Landlord may, at its option, enter the Premises and perform such maintenance on behalf of Tenant upon reasonable notice. Upon receipt of an invoice from Landlord, Tenant shall promptly pay the entire reasonable cost thereof, together with an additional administrative charge of five percent (5%) calculated on the amount paid by Landlord, plus interest accruing at the Default Rate of Interest from the date of submission of the invoice to Tenant, as Additional Rent.

Failure to Maintain Controllable Completion Rate. Contractor’s Controllable Completion Rate is less than ​ during the Term of this Agreement;

Failure to Maintain Controllable Completion Rate. Contractor’s Controllable Completion Rate is less than ​ during the Term of this Agreement;

Failure To Provide Insurance. Grantor acknowledges and agrees that if Grantor fails to provide any required insurance or fails to continue such insurance in force, Lender may do so at Grantor's expense. The cost of any such insurance, at the option of Lender, shall be added to the Obligations. Grantor acknowledges that if Lender so purchases any such insurance, the insurance will provide limited protection against physical damage to the Collateral, up to an amount equal to the unpaid balance of the debt. Grantor's equity in the Collateral may not be insured. In addition, the insurance may not provide any public liability or property damage indemnification and may not meet the requirements of any financial responsibility laws.

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