Forced Placement Sample Clauses

A Forced Placement clause allows a lender or other party to obtain insurance coverage on behalf of another party, typically when the latter fails to maintain required insurance. In practice, if a borrower does not provide proof of adequate insurance for collateral such as property or vehicles, the lender may purchase insurance at the borrower's expense, often at higher premiums and with less favorable terms. This clause ensures that the lender's interest remains protected even if the borrower neglects their insurance obligations, thereby mitigating the lender's risk of loss.
Forced Placement. In the event that at any time the insurance required by this Section shall be reduced or cease to be maintained below the level required, then (without limiting the rights of MLC hereunder in respect of the Default which arises as a result of such failure) MLC may at its option after failure of Customer to do so, maintain the insurance required hereby in such event. Customer shall reimburse MLC upon demand for the cost thereof with interest thereon at a rate per annum equal to the Default Rate, but in no event shall the rate of interest exceed the maximum rate permitted by law.
View SourceView Similar (5)
Forced Placement. In the event that at any time the insurance required by this Section shall be reduced or cease to be maintained, then (without limiting the rights of Administrative Agent hereunder in respect of the Default which arises as a result of such failure) Administrative Agent may at its option, maintain the insurance required hereby in such event. Borrower shall reimburse Administrative Agent upon demand for the cost thereof with interest thereon at a rate per annum equal to the Default Rate, but in no event shall the rate of interest exceed the maximum rate permitted by law.
View SourceView Similar (2)
Forced Placement. In the event that at any time Tenant fails to provide to Landlord evidence of the foregoing insurance, Landlord may, but shall not be obligated to, obtain such insurance and Tenant shall, upon demand, reimburse Landlord for the cost of such coverage.
View Source
Forced Placement. If Mortgagor fails to comply with the requirements of this Section, the Mortgagee may, at its discretion, procure any required insurance. Any premiums paid for such insurance, or the allocable portion of any premium paid by Mortgagee under a blanket policy for such insurance, shall be a demand obligation under this Mortgage, and any unearned premiums under such insurance shall comprise Insurance Proceeds and therefore a portion of the Property.
View Source
Forced Placement. If Grantor fails to comply with the requirements of this Section, the Beneficiary may, at its discretion, procure any required insurance. Any premiums paid for such insurance, or the allocable portion of any premium paid by Beneficiary under a blanket policy for such insurance, shall be a demand obligation under this Deed of Trust, and any unearned premiums under such insurance shall comprise Insurance Proceeds and therefore a portion of the Property.
View Source
Forced Placement. If ▇▇▇▇▇▇▇▇▇ fails to comply with the requirements of this Section, the Mortgagee may, at its discretion, procure any required insurance. If time permits, Mortgagee shall give Mortgagor fifteen (15) days' prior notice before procuring such required insurance, but if Mortgagee in its reasonable discretion determines that there is a deficiency in insurance coverage and it is not prudent to wait, Mortgagee may proceed to procure such insurance without prior notice to Mortgagor. Any premiums paid for such insurance, or the allocable portion of any premium paid by Mortgagee under a blanket policy for such insurance, shall be a demand obligation under this Mortgage, and any unearned premiums under such insurance shall comprise Insurance Proceeds and therefore a portion of the Property. INSURANCE AND CONDEMNATION PROCEEDS
View Source
Forced Placement. In the event that at any time the insurance required by this Section shall be reduced or cease to be maintained below the level required, then (without limiting the rights of MLC hereunder in respect of the Default which arises as a result of such failure) MLC may at its option after failure of Customer to do so, maintain the insurance required hereby in such event. Customer shall reimburse MLC upon demand for the cost thereof with interest thereon at a rate per annum equal to the Default Rate, but in no event shall the rate of interest exceed the maximum rate permitted by law. Use. Customer agrees that the tangible Collateral will be used by Customer solely in the conduct of its business and in a manner complying in all material respects with all applicable laws and any applicable insurance policies. All tangible Collateral shall at all times remain personal property of Customer regardless of the degree of its annexation to any real property and shall not by reason of any installation in, or affixation to, real or personal property become a part thereof. Unless otherwise waived by MLC, Customer shall obtain and deliver to MLC (to be recorded at Customer's expense) from any Person having an interest in the property where the tangible Collateral is to be located, waivers of any lien, encumbrance or interest which such Person might have or hereafter obtain or claim with respect to the tangible Collateral.
View Source

Related to Forced Placement

  • Step Placement When a reclassification action occurs, the justification for the action taken shall be provided in writing to the affected employee or employees. When an employee is reclassified to a position having a higher maximum regular base hourly rate, the employee’s pay shall be increased to the pay step amount which is at least, and closest to, 3 percent higher than the pay they received prior to the reclassification. When an employee is reclassified to a position having the same maximum regular base hourly rate, the employee’s pay step amount shall remain the same. When an employee is reclassified to a position having a lower maximum regular base hourly rate, the employee’s pay shall be decreased to the pay step amount closest to their present regular base hourly rate. However, when the employee’s regular base hourly rate of pay, prior to the reclassification, is greater than step 9 of the newly assigned pay grade, the employee’s regular base hourly rate of pay shall be frozen as of the date of the reclassification. The employee’s regular base hourly rate shall remain frozen until such time as step 9 of the pay grade assigned to the employee’s classification is equal to or greater than the employee’s frozen rate of pay. When that occurs, the employee shall be placed into step 9 of the new pay grade assigned to the employee’s classification. When a reclassification occurs in a multi-incumbent classification and incumbents compete for the classification, the salary placement shall be administered in the same manner as a promotion in Article 13, Section 3.

  • Order Placement To place orders for the Trustee to create or redeem one or more Baskets, Authorized Participants must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the procedures described in Attachment A hereto (the “Procedures”), as each may be amended, modified or supplemented from time to time.

  • Salary Placement Entry-level placement on the salary schedule shall be at the lowest step of the schedule for the classification or at the hourly rate established for the classification, unless the District authorizes hiring at a higher rate.

  • Terms of Placement Warrants Each Placement Warrant shall have the terms set forth in the Warrant Agreement.

  • Sale of Placement Shares On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, upon the Agent’s acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance that the Agent will be successful in selling Placement Shares, (ii) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares as required under this Agreement and (iii) the Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Agent and the Company.