Common use of Additional Obligations Clause in Contracts

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 3 contracts

Samples: Lease Agreement (Kratos Defense & Security Solutions, Inc.), Lease Agreement (Kratos Defense & Security Solutions, Inc.), Lease Agreement (Kratos Defense & Security Solutions, Inc.)

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Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional replace the insurance reasonably satisfactory to Lessor and any Lender designated by Lessorcoverages required in this Section 6.03; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; and (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and Rental, shall be repaid by Lessee, together with and, if such insurance is available from Lessee’s then-current insurance carrier but Lessee fails to provide the required insurance, the reimbursement due to Lessor shall bear interest thereon at the Default Rate, Rate from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) . Lessee shall maintain all insurance policies required in this Section 6.03 and such policies shall not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, Property and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any such insurance payment.

Appears in 3 contracts

Samples: Lease Agreement (Four Corners Property Trust, Inc.), Revolving Credit and Term Loan Agreement (Four Corners Property Trust, Inc.), Lease Agreement (Four Corners Property Trust, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunderunder this Lease, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Landlord and any Lender designated by LessorLandlord; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor Landlord and any servicer or Lender of Lessor Landlord certificates of insurance or, upon LessorLandlord’s written request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor Landlord to LesseeTenant, (A) Lessor Landlord shall be entitled to procure such insurance; and (B) any reasonable sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental and shall be repaid by LesseeTenant, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee within fifteen (15) days of Tenant immediately upon written demand therefor by LessorLandlord; and (vi) Lessee Tenant shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of LesseeTenant, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee Tenant or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment. Landlord agrees that the insurance requirements of this Lease shall be modified appropriately in the event that any of the required insurance criteria in this Lease are not then generally available from insurance carriers or in XXXXX certificates, provided such modifications shall be subject to Landlord’s prior approval (not to be unreasonably withheld).

Appears in 2 contracts

Samples: Lease Agreement (Nortech Systems Inc), Lease Agreement (Nortech Systems Inc)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance orand, upon Lessor’s request, a redacted copy to any servicer or Lender of Lessor, certificates of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; and (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by LesseeLessee immediately upon written demand therefor by Lessor, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 2 contracts

Samples: Master Lease Agreement, Master Lease Agreement (O Charleys Inc)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental a Monetary Obligation (and not Rental) and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) as long as no Event of Default exists, insurance premiums may be paid monthly via a premium finance arrangement (provided that Lessee shall maintain all insurance policies required in this Section 6.03 not tender to be cancelled, invalidated or suspended on account Lessor and any Lender each month evidence that Lessee has paid the applicable premium finance amount due for the preceding month within at least five (5) days of the conduct date such payment is due. Lessee will be required to deliver to Lessor evidence of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant payment of the Propertyinsurance premiums at least thirty (30) days prior to the date on which the insurance premiums first become payable, and shall comply except when being paid monthly in compliance with all policy conditions and warranties at all times to avoid a forfeiture the terms of all or a part of any insurance paymentthe preceding sentence.

Appears in 2 contracts

Samples: Master Lease Agreement (21st Century Oncology Holdings, Inc.), Master Lease Agreement (21st Century Oncology Holdings, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 5.03, as well as the coverages actually obtained by Lessee and the deductibles owed by Lessee thereunder, shall not limit the liability of Lessee for its acts or omissions as provided in this LeaseLease for its acts, omissions, or otherwise; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.035.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.035.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 5.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant sublessee or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 2 contracts

Samples: Master Lease Agreement (Societal CDMO, Inc.), Master Lease Agreement (Societal CDMO, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of 4839-9503-5138.10 Spirit/Malibu Boats Master Lease Agreement CA and TN File No. 6457/02-5000 8 Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year (except at the beginning and end of the term of this Lease if less than one year) and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; and (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 2 contracts

Samples: Master Lease Agreement (Malibu Boats, Inc.), Master Lease Agreement (Malibu Boats, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of 8 4849-3174-9992.2 STORE/Synalloy A&R Master Lease Agreement 7 Properties in OH, PA, SC, TN and TX File No. 7210/02-475 Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 2 contracts

Samples: Master Lease Agreement (Synalloy Corp), Master Lease Agreement (Synalloy Corp)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Landlord and any Lender designated by LessorLandlord; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and Landlord and, upon Landlord’s request, to any servicer or Lender of Lessor Landlord, certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; and (v) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor Landlord to LesseeTenant, (A) Lessor Landlord shall be entitled to procure such insurance; and (B) any sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental and shall be repaid by LesseeTenant immediately upon written demand therefor by Landlord, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee within fifteen (15) days of written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentTenant.

Appears in 2 contracts

Samples: Master Lease Agreement (Bob Evans Farms Inc), Master Lease Agreement (Bob Evans Farms Inc)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; and (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; . 4817-7336-4078.5 STORE/Fat Patty's Master Lease Agreement 4 Properties in KY and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.WV File No. 7210 /02-629.1

Appears in 1 contract

Samples: Master Lease Agreement (ARC Group, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Lease Agreement (Iec Electronics Corp)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s 's request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Lease Agreement (Salona Global Medical Device Corp)

Additional Obligations. It All payments and benefits to the Executive under this Agreement, other than those referenced in Sections 3(b) through 3(c) and Section 6 (the "Excluded Payments") during this period of his employment with the Company, shall be subject to the following provisions of this Section 5(b). Subject to the provisions of Sections 5(a) and, without limitation, excluding any employment or association with Century, if during the Term, the Executive, without the written consent of the Company, shall knowingly engage in competition with the Company which is expressly understood materially detrimental to the Company and its subsidiaries taken as a whole, the Executive's rights to such payments or benefits (other than the "Excluded Payments") in the future shall terminate, and the Company's obligations to make such payments and provide such benefits shall cease; provided, however, that the Executive shall not be deemed to have knowingly engaged in such competition unless and until the Executive shall have received written notice, on behalf of the Board of Directors of the Company, from an independent consultant selected by those Directors who are not employees of the Company, specifying the conduct alleged to constitute such competition, and the Executive has thereafter continued to engage in such conduct after a reasonable opportunity and a reasonable period, (but in no event less than 60 or more than 120 days) after receipt of such notice to refrain from such conduct. In the event of discontinuance by the Executive, he shall not be or be deemed to be in violation of the provisions of this Section 5(b). Additionally, and without limitation, Executive shall have the right to contest in appropriate forums the determination of the independent consultant. In no event shall the Executive be under any obligation to repay to the Company any amounts theretofore paid to him. Notwithstanding and without limitation of the foregoing, it is agreed that (i) if ownership by Executive and/or his wife of an interest in a publicly traded entity that is competitive to the Company and its subsidiaries, taken as a whole, without the rendition by the Executive of senior management services, shall not be deemed to be engagement in competition. The provisions of this Section shall constitute the sole contractual provisions between the Executive and the Company restricting the activities or conduct of the Executive or governing any insurance required hereunderforfeiture or divesting of entitlements or benefits. Any similar provisions in any Plan, or any part thereofother Company benefit plan, or elsewhere, shall expireterminate and be deemed terminated and be unenforceable to the extent inconsistent with or more burdensome to Executive than this Section, be withdrawn, become void by breach subject to the limitations of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements 7 of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentAgreement. 6.

Appears in 1 contract

Samples: Employment Agreement (Citizens Utilities Co)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Master Lease Agreement (Synalloy Corp)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessorin accordance with this Lease; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor Landlord and any servicer or Lender of Lessor others entitled thereto in accordance with this Lease certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event any insurance policy required to be maintained by Tenant hereunder contains any breach of warranty provisions, Tenant shall not cause any violations of the policy warranties, declarations or conditions in such policy; and (vi) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor Landlord to LesseeTenant, (A) Lessor Landlord shall be entitled to procure such insurance; and (B) any sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental a Monetary Obligation (and not Rent) and shall be repaid by LesseeTenant, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee Tenant within fifteen thirty (1530) days of after written demand therefor by Lessor; and Landlord (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply along with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentreasonable supporting evidence).

Appears in 1 contract

Samples: Master Lease Agreement (MedEquities Realty Trust, Inc.)

Additional Obligations. It is expressly understood and agreed that that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Landlord and any Lender designated by Lessor; Landlord; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 7.03 shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; ; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor Landlord and any servicer or Lender of Lessor Landlord certificates of insurance or, upon LessorLandlord’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; ; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; 7.03; (v) in the event any insurance policy required to be maintained by Tenant hereunder contains any breach of warranty provisions, Tenant shall not cause any violations of the policy warranties, declarations or conditions in such policy; and (vi) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.037.03, within ten (10) Business Days days of the giving of written notice by Lessor Landlord to Lessee, Tenant, (A) Lessor Landlord shall be entitled to procure such insurance; and and (B) any sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental a Monetary Obligation (and not Rental) and shall be repaid by LesseeTenant, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee within fifteen (15) days of Tenant immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentLandlord.

Appears in 1 contract

Samples: Master Lease Agreement (Party City Holdco Inc.)

Additional Obligations. It is expressly understood and agreed Tenant further agrees, at all times during the Term, that (a) Tenant shall not conduct any auction, fire, distress or bankruptcy sales within the Premises; (b) Tenant shall not use or permit the use of any portion of the Premises for any unlawful purpose; (c) Tenant shall not perform any act or carry on any practice that may injure the Premises, cause any offensive odors, constitute a nuisance or a menace, or obstruct or materially interfere with the rights of Landlord, or commit any illegal act to be committed thereon; (d) unless otherwise consented to by Landlord, which consent may be withheld in Landlord’s sole discretion, Tenant shall continuously conduct the Gaming Operations twenty-four (24) hours a day, seven days a week; (e) Tenant shall not, without Landlord’s prior written consent, operate or permit to be operated on the Premises any coin or token-operated vending machines or similar devices for the sale or leasing to the public of any goods, wares, merchandise, food, beverages, and/or service, other than (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason and all vending machines located on the Premises as of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Commencement Date; and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance orGaming Assets, upon Lessor’s requestprovided, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with however, if any of the requirements set forth in Gaming Assets have capabilities similar to automated teller machines or other excluded items, subject to the approval of the Gaming Authorities, if required, use of such Gaming Assets shall not be deemed a violation of this Section 6.036.2 (e); (f) without limiting any other provisions of this Lease, within ten (10) Business Days of Tenant shall, at all times during the giving of written notice by Lessor to LesseeTerm, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy Applicable Laws and shall also comply with the terms and conditions and warranties at all times to avoid a forfeiture of all or a part of any policies of insurance paymentnow or hereafter in effect pertaining to the Premises and Hotel Casino, except that matters relating to fire, building or other code deficiencies shall be abated on a mutually agreed upon basis by Tenant and Landlord at Landlord’s sole expense; and (g) Tenant shall not permit or suffer anything to be done or kept upon the Premises that will obstruct or interfere with the rights of Landlord, any of Landlord’s other tenants, or any of their respective agents, employees, servants, contractors, licensees, customers or business invitees, nor will Tenant commit any nuisance on the Premises or commit any illegal act thereon. Without limiting the foregoing, Tenant shall not, without Landlord’s prior written consent, which consent may be withheld in Landlord’s sole discretion, use the Premises, or allow or suffer any other entity or person to use the Premises, for the generation, storage, manufacture, production, releasing, discharge, or disposal or any flammable or related material and any other substance or material defined or designated as a hazardous or toxic substance, material or waste by any Applicable Laws, including, but not limited to, any “Hazardous Substance” as defined in NRS § 40.

Appears in 1 contract

Samples: Casino Sublease (Hard Rock Hotel Holdings, LLC)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of promptly upon written demand therefor by LessorLessor (together with reasonable supporting documentation); and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Master Lease Agreement (Live Oak Acquisition Corp)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Landlord and any Lender designated by LessorLandlord; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor Landlord and any servicer or Lender of Lessor Landlord certificates of insurance or, upon LessorLandlord’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor Landlord to LesseeTenant, (A) Lessor Landlord shall be entitled to procure such insurance; and (B) any sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental Rent and shall be repaid by LesseeTenant, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee within fifteen (15) days of Tenant immediately upon written demand therefor by LessorLandlord; and (vi) Lessee Tenant shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of LesseeTenant, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee Tenant or any subtenant or other occupant of the PropertyPremises, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Lease Agreement (Modiv Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental 4830-1362-4631.5 STORE/Synalloy Master Lease Agreement 6 Properties in OH, SC, TN and TX File No. 7210/02-475 and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Master Lease Agreement (Synalloy Corp)

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Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone 4830-8668-1413.9 STORE / RT Logic (Kratos) Lease Agreement (Existing Building Area) File No.: 7210/02-525.1 acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Lease Agreement (Kratos Defense & Security Solutions, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; and (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any reasonable sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Lease Agreement (U.S. Auto Parts Network, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one (1) year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Master Lease Agreement (Ampco Pittsburgh Corp)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance 4851-8930-3408.5 STORE / Ampco Master Lease Agreement 4 Properties in PA and IN File No.: 7210/02-637 policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Master Lease Agreement (Ampco Pittsburgh Corp)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Landlord and any Lender designated by LessorLandlord and in accordance with Section 6.03(b) hereof; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor Landlord and any servicer or Lender of Lessor Landlord certificates of insurance or, upon LessorLandlord’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event any insurance policy required to be maintained by Tenant hereunder contains any breach of warranty provisions, Tenant shall not cause any violations of the policy warranties, declarations or conditions in such policy; and (vi) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.03, within ten three (103) Business Days business days of the giving of written notice by Lessor Landlord to LesseeTenant, (A) Lessor Landlord shall be entitled to procure such insurance; and (B) any sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental a Monetary Obligation (and not Rent) and shall be repaid by LesseeTenant, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee within fifteen (15) days of Tenant immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentLandlord.

Appears in 1 contract

Samples: Facility Lease Agreement (MedEquities Realty Trust, Inc.)

Additional Obligations. It is expressly understood Borrower will not (and agreed that will not permit any Subsidiary of Borrower to) directly or indirectly create, incur, assume or suffer to exist any Indebtedness, except: (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; Obligations; (ii) The Subordinated Notes, as long as such debt is subordinated to the minimum limits of insurance coverage set forth in Note and this Section 6.03 shall not limit Agreement pursuant to the liability of Lessee for its acts or omissions as provided in this Lease; Intercreditor; (iii) Lessee shall procure policies Accounts payable to trade creditors for all insurance goods or services which are not aged more than ninety (90) days from the billing date and current operating liabilities (other than for periods borrowed money) which are not more than ninety (90) days past due, in each case incurred in the ordinary course of not less than one year business, as presently conducted, and shall provide to Lessor paid within the specified time, unless contested in good faith and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; by appropriate proceedings; (iv) Lessee shall pay as they become due all premiums for other indebtedness of Borrower and its Subsidiaries reflected in the insurance required by this Section 6.03; Annual Report, less the amount of any scheduled amortization payments or mandatory prepayments, in each case, when actually paid, or permanent reductions thereon; (v) Indebtedness of a Subsidiary of Borrower to Borrower or to a Subsidiary listed on Schedule 4.1(d) for so long as such Indebtedness is held by Borrower or a Subsidiary listed on Schedule 4.1(d), in each case subject to no Lien held by a Person other than Borrower or a Subsidiary listed on Schedule 4.1(d) and provided such Indebtedness is expressly made subordinate to the event Obligations; provided, however, that Lessee fails to comply with if as of any date any Person other than Borrower or a Subsidiary listed on Schedule 4.1(d) owns or holds any such Indebtedness or holds a Lien in respect of the requirements set forth in this Section 6.03such Indebtedness, within ten (10) Business Days of the giving of written notice by Lessor to Lessee, (A) Lessor such date shall be entitled to procure deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (v) by the issuer of such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of written demand therefor by Lessor; and Indebtedness. (vi) Lessee Indebtedness of Borrower to a Subsidiary listed on Schedule 4.1(d) for so long as such Indebtedness is held by a Subsidiary listed on Schedule 4.1(d), in each case subject to no Lien other than a Lien permitted under this Agreement and provided such Indebtedness is expressly made subordinate to the Obligations; provided, however, that if as of any date any Person other than a Subsidiary listed on Schedule 4.1(d) owns or holds any such Indebtedness or any Person holds a Lien in respect to such Indebtedness, such date shall maintain all be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (vi) by Borrower; (vii) Indebtedness of Borrower or any of its Subsidiaries in respect of performance bonds, bankers’ acceptances, workers’ compensation claims, surety or appeal bonds, payment obligations in connection with self-insurance policies required or similar obligations, and bank overdrafts (and letters of credit in this Section 6.03 respect thereof) in the ordinary course of business; (viii) Indebtedness represented by Capitalized Leased Obligations and purchase money indebtedness of Borrower and its Subsidiaries incurred in the ordinary course of business not to be cancelled, invalidated exceed in the aggregate $5,000,000.00 at any one time outstanding; and (ix) Any other Indebtedness expressly approved by Bank in writing or suspended on account in favor of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentBank.

Appears in 1 contract

Samples: Loan and Line of Credit Agreement (Morris Publishing Group LLC)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Landlord and any Lender designated by LessorLandlord; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor Landlord and any servicer or Lender of Lessor Landlord certificates of insurance or, upon LessorLandlord’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event any insurance policy required to be maintained by Tenant hereunder contains any breach of warranty provisions, Tenant shall not cause any violations of the policy warranties, declarations or conditions in such policy; and (vi) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor Landlord to LesseeTenant, (A) Lessor Landlord shall be entitled to procure such insurance; and (B) any sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental a Monetary Obligation (and not Rent) and shall be repaid by LesseeTenant, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee within fifteen (15) days of Tenant immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentLandlord.

Appears in 1 contract

Samples: Master Lease Agreement (MedEquities Realty Trust, Inc.)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s 's request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest lnterest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain malntaln all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the PropertyProperties, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Master Lease Agreement (LIVE VENTURES Inc)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event any insurance policy required to be maintained by Lessee hereunder contains any breach of warranty provisions, Lessee shall not cause any violations of the policy warranties, declarations or conditions in such policy; and (vi) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental a Monetary Obligation (and not Rental) and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Master Lease Agreement (21st Century Oncology Holdings, Inc.)

Additional Obligations. It is expressly understood and agreed that that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by LesseeTenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee Tenant shall immediately obtain new or additional insurance reasonably satisfactory to Lessor Landlord and any Lender Landlord’s lender designated by Lessor; Landlord; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 Schedule A shall not limit the liability of Lessee Tenant for its acts or omissions as provided in this Lease; ; (iii) Lessee Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor Landlord and any servicer or Lender Landlord’s lender of Lessor Landlord certificates of insurance or, upon LessorLandlord’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; ; (iv) Lessee Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; Exhibit. (v) in the event any insurance policy required to be maintained by Tenant hereunder contains any breach of warranty provisions, Tenant shall not cause any violations of the policy warranties, declarations or conditions in such policy; and (vi) in the event that Lessee Tenant fails to comply with any of the requirements set forth in this Section 6.03Schedule A, within ten (10) Business Days days of the giving of written notice by Lessor Landlord to Lessee, Tenant, (A) Lessor Landlord shall be entitled to procure such insurance; and and (B) any sums expended by Lessor Landlord in procuring such insurance shall be Additional Rental a Monetary Obligation (and not Rental) and shall be repaid by LesseeTenant, together with interest thereon at the Default Rate, from the time of payment by Lessor Landlord until fully paid by Lessee within fifteen (15) days of Tenant immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance paymentLandlord.

Appears in 1 contract

Samples: Lease Agreement (Diversified Restaurant Holdings, Inc.)

Additional Obligations. It is expressly understood and agreed that (ia) if any insurance required hereunderAs promptly as practicable, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or but in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee events within fifteen (15) days after the execution of this Agreement, the Seller will return to the Company all documents, files or copies related to the Mondial Assistance International Network (the "Network"), it being understood that with the Purchaser's express prior written demand therefor consent, the Seller may retain documents reasonably necessary for the future provision of services by Lessor; the Seller to the Company. Except as expressly provided in this Agreement or in any Services Agreement that the parties may hereafter execute or deliver, the Seller hereby agrees not to use or participate in such Network from and after the date hereof without the express prior written consent of the Purchaser. (b) As promptly as practicable after the execution of this Agreement, each of the Purchaser and the Seller shall, in cooperation with the other, file any reports or notifications that may be required to be filed or supplied by them pursuant to applicable law in connection with the transactions contemplated hereby. (c) From and after the date hereof, each party shall execute and deliver such documents and take such actions as may reasonably be requested by the other party in order to consummate or effect the transactions contemplated hereby. (d) From and after the date hereof through and including July 30, 1999, the Seller shall provide to the Company, upon the Purchaser's request, such case-management -6- services as the Company may require at fees equal to those fees currently charged by the Seller to the Company for such services (as detailed in Exhibit A), it being understood that neither the Purchaser nor the Company is or shall be under any obligation whatsoever to request such services, and that the Company shall not be prohibited from obtaining similar services from a service provider other than the Seller. However, should the Purchaser request such casemanagement services from the Seller, Purchaser will allow Seller to continue to use and have access to the Mondial Assistance International Network, Section 7(a) of this Agreement notwithstanding. In addition, should such case-management services be requested by Purchaser, Purchaser (or the Company) will provide a sufficient advance of funds to Seller to cover all external fees and payment guarantees (so-called XXXX expenses) incurred by Seller in providing the requested case-management services. On or before the Closing Date, Purchaser agrees to pay (or cause to be paid) all outstanding invoices issued by Seller to Company, and to pay (or cause to be paid) all subsequent invoices within 30 days of issuance by Seller. Seller has no obligation under this Agreement to provide case-management services above current levels of support to the Company, or beyond the capacity of Seller's current personnel. (e) The Seller agrees that, from and after the date hereof through and including July 30, 1999, the Company may continue to use the four existing offices it currently occupies and shall continue to have reasonable access to the conference room, computer network cables and common areas of the Seller's building in which it currently operates. In addition, through and including July 31, 1999, the Company may continue to use the dedicated telephones lines listed on Exhibit A hereto, and related services. It is understood and agreed by the parties that such lines, while registered in the name of the Seller with relevant telephone companies, are to be transferred to the Company in connection with the sale of stock that is the subject of this Agreement, and the Seller hereby agrees to promptly take any and all actions reasonably necessary to effect such transfer of lines to the Company as soon as practicable. Any internal transfers of telephone lines shall be by mutual agreement of the Seller, the Purchaser and the Company and shall be made by the Seller at no cost to either the Purchaser or the Company. Transfers of telephone lines by the Company to a new office location shall be at the Company's expense. After July 30, 1999, the Company may, but need not, request the Seller to negotiate in good faith a new service agreement respecting the matter set forth in this Section 7 (d), but the Seller shall have no obligation to provide any services absent a mutually satisfactory agreement. (f) As promptly as practicable, but in no event later than July 30, 1999, the Seller shall return to the Company all Company files in the Seller's possession, including without limitation correspondence, e-mail, accounting books and records, legal records, invoices, insurance policies and electronic databases, and the Purchaser shall cause the Company to return to the Seller all files of the Seller in the Company's possession, it being understood that no party shall be required to return to any other party any medical records that must as a matter of law and in accordance with an opinion of legal counsel (which opinion shall be delivered in writing to any party hereto upon any other party's reasonable request) be retained by such party. Except as provided in the foregoing sentence, no party shall retain any copies of any such records without the express written consent of the other. (g) The Seller agrees that the Company may hire any member of the operational staff of the Seller who is currently devoted to the "Maison de la France" contract, as well as Xxx Xxxxx, Xxxxx Xxxxxxx and Xxxx Xxxxxxxx, it being understood that the Company shall not be entitled hereby to offer employment to any other employee of the Seller. (h) In accordance with Paragraph 9 of the Letter Agreement, and in lieu of any obligation under Section 12.2 of the Joint Venture Agreement which the parties agree shall be amended hereby and of no further force and effect, Seller and Purchaser hereby agree that the phrase "not interfere with the business of the other for a period not less than 2 years after the date of this letter" shall mean and shall be interpreted as follows: (i) During the Restricted Period (as hereinafter defined), Seller shall not engage in any business wherein Seller (A) actively markets for Seller's own account and as Seller's business enterprise (and not as the operator of an internet or telephone call center) travel medical assistance insurance policies in the United States of America ("USA"), and (B) provides roadside travel and emergency services through insurance policies or otherwise in the USA. (ii) During the Restricted Period, Purchaser shall not engage in any business activity in the USA wherein Purchaser (A) provides medical assistance services and other assistance services to the maritime industry, and (B) provides 900-number telephone medical information or internet real-time medical chat services. (iii) For purposes of this Agreement, the Restricted Period shall commence on March 8, 1999 and shall end on March 8, 2001. (i) Each of the Purchaser and the Seller hereby agrees to indemnify the other and to hold the other harmless against any and all demands, claims, losses, liabilities, damages, costs end expenses (including without limitation attorneys' fees) which it may incur, directly or indirectly, relating to, resulting from or arising out of a breach of any obligation of the other under this Agreement, or because any representation or warranty by the other contained herein is false in any material respect as of the Closing Date. (j) The Seller and the Purchaser hereby acknowledge and agree that the parties have fully performed, on or about the date of the Letter Agreement, all actions, requirements, duties and obligations with respect to the transactions described in (ii), (iii), (iv), (v), (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account and (vii) of the conduct Recitals of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant this Agreement and all such transactions have been fully completed and consummated. The Seller and the Purchaser further acknowledge that the provisions of this Agreement are intended solely by them to fully and properly effectuate the transactions described in (i) of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part Recitals above. In the event of any insurance paymentinconsistency or conflict between this Agreement and the Letter Agreement, the provisions of this Agreement shall control and govern.

Appears in 1 contract

Samples: Stock Purchase Agreement (Medical Advisory Systems Inc)

Additional Obligations. It is expressly understood and agreed that (i) if any insurance required hereunder, or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Lessee, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Lessee shall immediately obtain new or additional insurance reasonably satisfactory to Lessor and any Lender designated by Lessor; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Lessee for its acts or omissions as provided in this Lease; (iii) Lessee shall procure policies for all insurance for periods of not less than one year and shall provide to Lessor and any servicer or Lender of Lessor certificates of insurance or, upon Lessor’s request, a redacted copy duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Lessee shall pay as they become due all premiums for the insurance required by this Section 6.03; and (v) in the event that Lessee fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) Business Days days of the giving of written notice by Lessor to Lessee, (A) Lessor shall be entitled to procure such insurance; and (B) any sums expended by Lessor in procuring such insurance shall be Additional Rental and shall be repaid by Lessee, together with interest thereon at the Default Rate, from the time of payment by Lessor until fully paid by Lessee within fifteen (15) days of immediately upon written demand therefor by Lessor; and (vi) Lessee shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Lessee, its officers, directors, managers, members, employees or agents, or anyone acting for Lessee or any subtenant or other occupant of the Property, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

Appears in 1 contract

Samples: Lease Agreement (API Technologies Corp.)

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