Insurance Default definition

Insurance Default means, with respect to the Mortgage Loan, any default arising by reason of the failure of the related Mortgage Loan Borrower to maintain the insurance requirements outlined in the Mortgage Loan Agreement.

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Insurance Default means the Company's failure to pay a premium when due or to do any other act required to maintain the Insurance Policy in full force and effect.

Insurance Default means, with respect to the Mortgage Loan, any default arising by reason of the failure of the related Mortgage Loan Borrower to maintain the insurance requirements outlined in the Mortgage Loan Agreement. “Interest Rate” shall have the meaning assigned to such term in the Mortgage Loan Agreement.

Examples of Insurance Default in a sentence

• Neither the Servicer nor the Special Servicer shall be required to maintain all-risk casualty insurance that does not contain any carve-out for terrorist or similar acts (and any Borrower’s failure to obtain such insurance shall not be declared a default under the Loan Documents), if and only if the Special Servicer has determined that such failure is an Acceptable Insurance Default, evaluated on an annual basis.

• If the Special Servicer determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance Default, the Special Servicer shall notify the Master Servicer and the Master Servicer shall use efforts consistent with the Servicing Standard to cause such insurance to be maintained.

• If the Master Servicer or the Special Servicer determines in accordance with the Servicing Standard that such failure is not an Acceptable Insurance Default, the Special Servicer (with respect to such determination made by the Special Servicer) shall notify the Master Servicer and the Master Servicer shall use efforts consistent with the Servicing Standard to cause such insurance to be maintained.

• If the Controlling Note Holder fails to notify the applicable Servicer of its approval or disapproval of any proposed Major Decision within ten (10) Business Days (or thirty (30) days with respect to an Acceptable Insurance Default) after delivery to the Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision (which notice shall contain a legend, in conspicuous boldface type, substantially similar to the following: “THIS IS A REQUEST FOR ACTION APPROVAL.

More Definitions of Insurance Default

Insurance Default means (i) the failure by Lessee to pay any insurance premiums for the Properties in accordance with, or any other default under Sections 4.4(a) or 4.4(b) of the Loan Agreement, or (ii) the occurrence of any other Event of Default.

Insurance Default means (a) the failure by the Insurer to discharge any of the Insurance Liabilities immediately upon them becoming due for any reason whether within or beyond the control of any Party or (b) the occurrence of an Insolvency Event.

Insurance Default. (as defined in the Insurance Agreement) shall have occurred; or