IN EFFECT Clause Samples

IN EFFECT. The fire and casualty insurance policy covering the mortgaged property (1) affords and will afford sufficient insurance against fire and such other risks as are usually insured against in the broad form of extended coverage insurance from time to time available, as well as insurance against flood hazards if the mortgaged property is in an area identified by the Federal Emergency Management Agency as having special flood hazards; (2) is a standard policy of insurance for the locale where the mortgaged property is located, is in full force and effect, and the amount of insurance is in the amount of the full insurable value of the mortgaged property on a replacement cost basis; (3) names (and will name) the present owner of the mortgaged property as the insured; and (4) contains a standard mortgagee loss payable clause in favor of Seller and its successors and assigns.

IN EFFECT. If an employee receives a "Satisfactory" report under Article C.27.3 but a "Less Than Satisfactory" report under Article C.25, the second report shall be understood as a first "Less Than Satisfactory" report under the provisions of Article C.29 and Article C.29 will apply.

IN EFFECT. All insurance policies maintained by each Windrace Group Company as of the date hereof are in full force and effect, and all material terms and conditions of the said policies have been performed and observed in full. No relevant policy of insurance is or could be void or voidable or vitiated, and nothing has been done or omitted to be done which is likely to result in an increase in premium. All premiums due have been duly paid in full.

IN EFFECT. This Section shall not be construed to impose an obligation upon the Issuing Bank to issue any Letter of Credit that is inconsistent with the terms and conditions of this Agreement.