MARKET AVAILABILITY Sample Clauses
MARKET AVAILABILITY. Notwithstanding the foregoing provisions of this Schedule 7, the Company shall not be in breach of its obligations under this Schedule 7 if any Operation Period Insurances (other than insurances which the Company is required to maintain under applicable Legal Requirements) required to be entered into or maintained by the Company in the terms required under this Schedule 7 are not available to the Company or, as the case may be, the Prime Contractor in the international insurance market place on reasonable commercial terms. Without prejudice to any other terms that may be commercially reasonable, for the purposes of this paragraph 4, such commercial terms shall be reasonable if the premium payable in respect of the sum required to be insured under such Operation Period Insurance pursuant to Appendix 2 to this Schedule 7 (or, where no such sum is referred to, the limit of indemnity or limit of liability specified therein) is not more than 125% of the amount derived by multiplying the rate set out opposite such Insurance in Appendix 7 (Operation Period Insurance Costs) by such sum or in respect of all Operation Period Insurances (including such Operation Period Insurance) is not more than 125% of the total of such amounts derived for each Operation Period Insurance.
MARKET AVAILABILITY. (a) Notwithstanding anything to the contrary in this Clause 25, no Borrower shall be required to maintain:
(i) the insurance required in accordance with Clause 25.1(a)(iii) in an amount equal to the Maximum P&I Limit if such insurance (including the limits or deductibles or any other terms thereof) in an amount equal to the Maximum P&I Limit is not available on reasonable commercial terms (including cost), in which case the relevant Borrower may effect and maintain such insurance in an amount that represents the maximum amount available at that time on reasonable commercial terms, provided that such amount is not less than 50% of the Fair Market Value of its Vessel and provided that such Borrower (at its own cost and expense and at no cost or expense to any Secured Party) also shall have procured and have in full force and effect the Minimum Primary Insurance; and
(ii) any insurance otherwise required to be maintained under this Clause 25 or obtain any policy endorsements on any such insurance, in each case, if such insurance (including the limits or deductibles or any other terms thereunder) or policy endorsements is not available in the commercial insurance market.
(b) If at any time a Borrower is not required to maintain any insurance prescribed by this Clause 25 or in the amount prescribed in Clause 25.1, the relevant Borrower and the Intercreditor Agent shall confer at the end of every quarter from the date upon which the relevant Borrower’s obligations are so limited and in any event prior to renewal of the relevant policies to assess whether cover has become available on reasonable commercial terms or in the commercial insurance market, as the case may be, and such Borrower shall keep the Intercreditor Agent informed of the availability of such cover.
(c) If the Intercreditor Agent disagrees with any Borrower as to whether
(i) the insurance required in accordance with Clause 25.1(a)(iii) is available in an amount equal to the Maximum P&I Limit on reasonable commercial terms or, if it is not so available, whether the amount proposed to be put in place by the relevant Borrower represents the maximum amount of such insurance that is available at that time on reasonable commercial terms; or
(ii) any relevant insurance and/or policy endorsements are available in the commercial insurance market, and the Intercreditor Agent and such Borrower fail to reach agreement on such matter within 30 days of the commencement of negotiations on such matter, they joint...
MARKET AVAILABILITY. Notwithstanding the foregoing, no Borrower nor any Obligor shall be in breach of its obligations hereunder to the extent that:
(a) insurances required to be taken out or maintained hereunder are not available owing to lack of capacity in the insurance or reinsurance market; or
(b) the premiums in respect of any such insurances are unreasonable in the opinion of the Facility Agent having regard to the risks and liabilities being covered and the Lenders' interests under the Finance Documents.
MARKET AVAILABILITY. 8.1 Notwithstanding the foregoing but save as provided in Clause 8.2 below, the Borrower shall not be in breach of its obligations hereunder to the extent that:
(a) insurances or the level of cover otherwise required to be taken out or maintained hereunder are not available owing to lack of capacity in the insurance market; or
(b) the premiums in respect of any such insurances are unreasonable in the opinion of the Insurance Adviser (after consulting with the Agent and the Borrower's insurance adviser having regard to the risk being covered and the interests of the Banks under the Finance Documents); or
(c) the Agent, after consultation with the Insurance Adviser and the Majority Banks, agrees to waive the benefit of such obligations.
8.2 If in relation to any particular policy the provisions referred to in paragraph (6) of Part B or paragraph (6)(v) of Part 3 paragraph 1 of this Schedule 8 are not available in the worldwide insurance market or where the extra premiums required in respect of the inclusion of such provisions are in the reasonable opinion of the Agent excessive for cover of that type in the worldwide insurance market, the Borrower and the Agent shall negotiate in good faith for a period not exceeding 20 days to determine whether an alternative mutually acceptable solution exists and if agreement on such a solution is reached it shall be implemented instead of the inclusion in such policy of the provisions set out in the said paragraph (6) or (6)(v) (as the case may be).
MARKET AVAILABILITY. If, at the time any of the Insurances referred to in this Schedule 8 are due to commence or fall due for renewal, insurance on those terms is not available at commercially reasonable rates in the international insurance or reinsurance market, the Company or, as the case may be, other Relevant Obligor may effect Insurance on alternative terms previously agreed in writing with the Agent (after consultation with the Insurance Adviser) provided that the Company or Relevant Obligor shall, at the request of the Agent, approach the insurance market at reasonable intervals (but not less frequently than every six months) to determine whether any of the insurances or terms required by this Agreement have become available at commercially reasonable rates and shall, promptly thereafter, deliver to the Agent and the Insurance Adviser the results of its investigation and the information from which it made its determination.
MARKET AVAILABILITY. If, at the time any of the Insurances referred to in this Schedule 8 are due to commence or fall due for renewal, insurance on the same or substantially the same terms required under this Schedule 8 is not available at commercially reasonable rates in the international insurance or reinsurance market, the Borrower or, as the case may be, other Obligor may effect such Insurance on alternative terms agreed in writing with the Agent (after consultation with the Insurance Adviser) provided that the Borrower or relevant Obligor shall, at the request of the Agent, approach the insurance market at reasonable intervals (but not less frequently than every twelve months) to determine whether any of the insurances or terms required by this Agreement have become available at commercially reasonable rates and shall, promptly thereafter, deliver to the Agent and the Insurance Adviser the results of its investigation and the information from which it made its determination.
MARKET AVAILABILITY. The China Connect Service may be closed to trading or otherwise unavailable whilst China Connect Market(s) are open for trading. Similarly, certain China Connect Securities may be suspended from trading or otherwise unavailable for trading through the China Connect Service whilst those China Connect Securities may continue to trade on China Connect Market(s) or whilst securities, such as H shares corresponding to those China Connect Securities continue to trade on the SEHK. The Investor may suffer a loss as result of being unable to sell securities through the China Connect Service where those securities continue to trade on the China Connect Market(s) or the SEHK and the prices of those securities are declining.
MARKET AVAILABILITY. Services in some areas are managed and provided under contract with Sprint by independent affiliates with access to the Sprint Nationwide PCS Network. Some Services may not be available or may operate differently in certain affiliate markets. Contact your PCS Account Representative for more information on the affected markets, pricing, features, options, promotions and functionality.
MARKET AVAILABILITY. 8.1 The Insurance Obligors’ Obligations
(a) insurances required to be taken out or maintained hereunder are not available owing to lack of capacity in the insurance market; or
(b) the premiums in respect of any such insurances are unreasonable in the opinion of the Facility Agent, taking into account a report of the Insurance Adviser having regard to the risk being covered and the Finance Parties' interests under the Senior Finance Documents; or
(c) the Facility Agent agrees to waive the benefit of such obligations.