Waiver of Insurance Escrow Sample Clauses

Waiver of Insurance Escrow. Borrower shall be relieved of its obligation to make deposits of Insurance Funds under Section 6.3.1 above to the extent Mortgage Borrower or Mezzanine A Borrower is required to and does make all required deposits to an insurance escrow account under the Mortgage Loan or the Mezzanine A Loan, as applicable. Within a reasonable period of time after Lender’s written request therefor, Borrower shall provide Lender with reasonable evidence such deposit have been made and that all Insurance Premiums have been paid.
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Waiver of Insurance Escrow. Borrower shall be relieved of its obligation to make deposits to the Insurance Funds under this Section 3.2, provided, that (a) no Event of Default has occurred and is continuing; (b) (x) the Borrower named herein continues to own the Property, or (y) if the Borrower named herein does not own the Property, the Manager is escrowing a sufficient amount for Insurance Premiums pursuant to the terms and conditions of the Management Agreement; (c) (x) no Transfer has occurred in violation of Article VIII of this Agreement or Article VI of the Security Instrument or (y) if a Transfer has occurred, the Manager is escrowing a sufficient amount for Insurance Premiums pursuant to the terms and conditions of the Management Agreement; and (d) Lender receives evidence acceptable to it of the payment of all such Insurance Premiums at least thirty (30) days prior to the date the same are due and the other terms and conditions of this Agreement with respect to the Policies are satisfied.
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Waiver of Insurance Escrow. Borrower shall be relieved of its obligation to make deposits of Insurance Funds under Section 6.3.1 above to the extent Mortgage Borrower is required to and does make all required deposits to an insurance escrow account under the Mortgage Loan. Within a reasonable period of time after Lender’s written request therefor, Borrower shall provide Lender with reasonable evidence such deposit have been made and that all Insurance Premiums have been paid.
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Waiver of Insurance Escrow. Borrower shall be relieved of its obligation to make deposits to the Insurance Reserve under this Section 6.2 to the extent that a Hotel Manager which is not an Affiliate of any Borrower requires and is maintaining an escrow or reserve for the payment of Insurance Premiums under and pursuant to the Hotel Management Agreement, and Borrower makes deposits as and when required thereunder. The parties acknowledge that as of the Closing Date, a Hotel Manager is not maintaining an escrow or reserve for Insurance Premiums. In addition, Borrower shall be relieved of its obligation to make any deposits to the Insurance Reserve under this Section 6.2 unless and until (a) an Event of Default has occurred (whether or not such Event of Default is continuing or subsequently cured), (b) the original Borrower named herein ceases to owns the Property, (c) a Transfer has occurred in violation of Article VIII hereof, or (d) Borrower fails to furnish Lender evidence acceptable to Lender of the payment of all Insurance Premiums at least fifteen (15) days prior to the date the same are due and the other terms and conditions of this Agreement with respect to the Policies are satisfied.
Sample 1
Waiver of Insurance Escrow. Borrower shall be relieved of its obligation to make deposits to the Insurance Funds under this Section 3.2, provided, that (a) no Event of Default has occurred and is continuing (b) the Borrower named herein continues to own the Property; and (c) Borrower does not fail to furnish Lender, not later than least ten (10) days before the dates on which any insurance premiums would become delinquent, receipts of for the payment of such insurance premiums or appropriate proof of issuance of a new policy which continues in force the insurance coverage of the expiring policy; provided, however, following notice from Lender of Borrower’s failure to provide such receipts, Borrower shall have two (2) Business Days to cure such failure.
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Related to Waiver of Insurance Escrow

  • Maintenance of Insurance Policies The Servicer shall, in accordance with its customary practices, policies and procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the execution of the related Receivable. The Servicer shall, in accordance with its customary practices, policies and procedures, track such physical damage insurance with respect to each Receivable.

  • Maintenance of Insurance Coverage Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

  • Insurance; Waiver of Subrogation 23.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than the amount of such insurance Landlord’s Lender, if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building.

  • Review of insurance requirements The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Security Trustee, significant and capable of affecting the Borrowers, the Ships and their Insurances (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which each Borrower may be subject), and may appoint insurance consultants in relation to this review at the cost of the relevant Borrower.

  • Losses Net of Insurance, Etc The amount of any Tax or Loss for which indemnification is provided under Section 6.5(d), Section 7.1 or Section 7.2 shall be net of (i) any amounts recovered by the applicable Indemnified Party pursuant to any indemnification by or indemnification agreement with any third party, and (ii) any insurance proceeds or other cash receipts or sources of reimbursement received with respect to such Tax or Loss, and (iii) in the case of Purchaser Parent as the Indemnifying Party, any amounts recovered by the Purchaser pursuant to the Contribution Agreement, dated as of April 22, 2014, by and among Purchaser Parent, Purchaser and Novartis AG, as amended (the source of any such amounts referred to in clause (i) or (ii), a “Collateral Source”), in each case net of any Taxes imposed or reasonable out-of-pocket costs incurred in connection with the collection of such insurance proceeds, cash receipts or sources of reimbursement. The applicable Indemnified Party shall use its commercially reasonable efforts to seek recovery for such Taxes or Losses from all Collateral Sources. The Indemnifying Party may require an Indemnified Party to assign to the Indemnifying Party the rights to seek recovery from any Collateral Sources (to the extent such rights are capable of assignment); provided that the Indemnifying Party will then be responsible for pursuing such claim at its own expense; provided, further, that the Indemnified Party shall cooperate (at the Indemnifying Party’s expense) with the Indemnifying Party to seek such recovery. If the amount to be netted hereunder from any payment required under Section 6.5(d) or this Article VII is determined after payment by the Indemnifying Party of any amount otherwise required to be paid to an Indemnified Party pursuant to Section 6.5(d) or this Article VII, the Indemnified Party shall repay to the Indemnifying Party, promptly after such determination, any amount that the Indemnifying Party would not have had to pay pursuant to Section 6.5(d) or this Article VII had such determination been made at the time of such payment.

  • Evidence of Insurance Receipt by the Administrative Agent of copies of insurance policies or certificates of insurance of the Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or loss payee (in the case of hazard insurance) on behalf of the Lenders.

  • Certificate of Insurance Evidence of the insurance coverage required by Section 6.8 of this Agreement.

  • Modification of insurance requirements The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

  • Assignment of Insurance As additional security for the payment and performance of the Obligations, the Borrower hereby assigns to the Lender any and all monies (including, without limitation, proceeds of insurance and refunds of unearned premiums) due or to become due under, and all other rights of the Borrower with respect to, any and all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business records or valuable papers pertaining thereto, and the Borrower hereby directs the issuer of any such policy to pay all such monies directly to the Lender. At any time, whether or not a Default Period then exists, the Lender may (but need not), in the Lender's name or in the Borrower's name, execute and deliver proof of claim, receive all such monies, endorse checks and other instruments representing payment of such monies, and adjust, litigate, compromise or release any claim against the issuer of any such policy.

  • Maintenance of Insurance The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company’s directors and officers.

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