Material Insurances definition

Material Insurances. All insurances required to be taken out by the Borrower pursuant to the Minimum Insurance Schedule as set out in Schedule 12 (Minimum Insurance Schedule) and Schedule 12a (Minimum Insurance Operation Period Schedule) apart from any employer’s liability or motor vehicle liability insurance.

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Material Insurances means all insurance policies of the Group relating to property damage and business interruption.

Material Insurances means the each of those insurances specified as being material in the list provided pursuant to paragraph 17 of Schedule 6 and such other insurances as are designated material insurances by the Facility Agent (acting reasonably) for the purposes of this Agreement from time to time.

Examples of Material Insurances in a sentence

Subject to any agreement between the Agent and the Borrower in relation to the work scope and fees of the Insurance Adviser, and any limits agreed between the Borrower and the Agent, the Borrower shall, within three Business Days of demand, pay to the Agent the amount of all fees and expenses reasonably incurred by the Insurance Adviser in advising the Lenders in relation to the placement or renewal of the Material Insurances and the interests of the Lenders therein.
The Borrower shall assign by way of first ranking security all its present and future (i) rights under and in respect of the Material Insurances, and (ii) rights, title and interest in the Insurance Proceeds to the Security Trustee on behalf of the Finance Parties under the Debentures.
The choice of insurers shall be approved in writing (as regards participation, relevant underwriting expertise and size of commitment) prior to inception and at each subsequent renewal by the Agent if cover is not renewed on an expiring basis or insurers no longer meet the criteria (acting reasonably and having regard to premium cost and the availability of cover for the Material Insurances in the worldwide insurance market).
Each Chargor as continuing security for the payment, discharge and performance of the Secured Liabilities at any time owed or due to the Beneficiaries (or any of them), assigns and agrees to assign to the Collateral Agent (as agent and trustee for the Beneficiaries) absolutely all its right, title, interest and benefit (if any) in and to the Material Insurances.
The Company shall procure that notices of assignment shall be given promptly by the Company to every insurer from time to time of the Material Insurances and shall undertake all reasonable efforts to ensure that such notices are acknowledged by those insurers as specified therein and by way of endorsement of the notices on the appropriate policies of Material Insurance.

More Definitions of Material Insurances

Material Insurances means all contracts and policies of insurance (including, for the avoidance of doubt, all cover notes) of whatever nature which are from time to time taken out by or on behalf of the Mortgagor or (to the extent of such interest) in which the Mortgagor has an interest, other than contracts and policies of insurance relating to employer's liability, public and products liability, motor fleet, motor uninsured loss, group personal accident and travel, professional indemnity and such other contracts and policies of insurance as the Collateral Agent, acting reasonably, may agree.

Material Insurances means all insurance policies of the Group relating to property damage and business interruption. Minority Investment means any company or other entity in which any member of the Group has an interest from time to time and which company or entity is not a direct or indirect Subsidiary of the Parent. Month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

Material Insurances has the meaning given in Clause 22.18 (Insurance).

Material Insurances means all Insurance other than Insurances of motor vehicles and employers’ liability risks and professional indemnity insurance.

Material Insurances means the following insurance policies of the Group:

Material Insurances has the meaning given to it in Section 17 of Annex 22.1.

Material Insurances means in respect of the Borrower, collectively, operational property damage and business interruption insurance, bullion in transit insurance, construction all risks and delay in start up insurance, construction marine cargo and delay in start up insurance and all third party liability insurances Material Project Documents means: (a) each Mining Licence; (b) the EPCM Contract; (c) the BOO Contract; and (d) any other agreement entered into by the Borrower for the purpose of the Project (i) which has a term longer than one year; (ii) in respect of which there is, in the reasonable opinion of the Facility Agent, no readily available substitute service provider or supplier, as the case may be, to replace the counterparty; and (iii) which if terminated prior to its scheduled maturity, would be reasonably expected to have a Material Adverse Effect.