Insurance Lapse Sample Clauses

Insurance Lapse. Should any required insurance lapse during the term of this Agreement, requests for payments originating after such lapse shall not be processed until the City receives satisfactory evidence of reinstated coverage as required by this Agreement, effective as of the lapse date. If insurance is not reinstated, the City may, at its sole option, terminate this Agreement effective on the date of such lapse of insurance.
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Insurance Lapse if any insurance on the properties or assets of the Borrower lapses and such coverage shall not be reinstated within seven (7) Business Days of such lapse;
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Insurance Lapse. Services Provider may terminate this Agreement if there is a termination or lapse in Company's insurance coverage as described in this Agreement and Company has not reinstated the required insurance within fifteen (15) days after receiving notice of such termination or lapse. Company agrees to promptly notify Services Provider of any lapse in its insurance coverages required under this Agreement.
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Insurance Lapse. Any insurance required of Owner under this Charter is not obtained or lapses (provided, however, that, in the case of any insurance renewal, if Owner demonstrates to Charterer’s reasonable satisfaction prior to any such renewal that insurance coverages in any specified amount or for any specified risk listed in Article 29 is not available in the marketplace or from Owner’s P&I Club at the time of any renewal and Charterer and Owner agree in writing to alternative amounts or coverages prior to any such renewal, then Owner shall not be in breach under this Clause 17.3(iv), as long as no agreed insurance lapses or ceases to be in effect at any time);
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Insurance Lapse. If any insurance on the properties or assets of a Loan Party having an aggregate fair market value exceeding $500,000 lapses and such coverage shall not be reinstated within 2 Business Days of such lapse;
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Insurance Lapse. Should LICENSEE fail to maintain sufficient insurance coverage pursuant to Paragraph 8.2, MSU shall have the right to terminate this Agreement by providing LICENSEE with notice at least thirty (30) days prior to termination. Upon the expiration of the thirty-day period, if LICENSEE shall not have submitted proof of sufficient insurance coverage, the LICENSEE’s and all sublicensees’ rights, privileges, and license granted hereunder shall automatically, and without any requirement for further action or notice from or by MSU, terminate.
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Insurance Lapse. Should LICENSEE fail to maintain sufficient insurance coverage pursuant to Paragraph 8.2, RTC shall have the right to terminate this Agreement by providing LICENSEE with notice at least thirty (30) days prior to termination. Upon the expiration of the thirty-day period, if LICENSEE shall not have submitted proof of sufficient insurance coverage, the LICENSEE’s and all sublicensees’ rights, privileges, and license granted hereunder shall automatically, and without any requirement for further action or notice from or by RTC, terminate.
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Insurance Lapse. In the event successful firm fails to maintain insurance as required by this contract, successful firm shall immediately cure such lapse in insurance coverage at successful firm’s sole expense and pay County in full for all costs and expenses incurred by County under this contract as a result of such failure to maintain insurance by successful firm, including costs and reasonable attorney’s fees relating to County’s attempt to cure such lapse in insurance coverage. Such costs and attorney’s fees, not to exceed fifteen hundred and 00/100 dollars ($1,500.00), shall be automatically deducted from monies or payments owed to successful firm by County. Moreover, the County shall retain five percent (5%) of the value of the Contract that shall be placed into an account from monies or payments owed to Contractor by County to cover County’s potential exposure to liability during the period of such lapse. The five percent (5%) retainage shall be held by County until six (6) months after the date lapse in coverage is cured or Term of the Contract has ended or has otherwise been terminated, canceled or expired and shall be released if no claims are received or lawsuits filed against County for any matter that should have been covered by the required insurance. The County shall retain the funds if a claim is received or lawsuit and use the funds to defend, pay costs of defense or settle the claim.
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Related to Insurance Lapse

  • Hazard Insurance All buildings or other customarily insured improvements upon the Mortgaged Property are insured by an insurer acceptable under the Fxxxxx Mae Guides, against loss by fire, hazards of extended coverage and such other hazards as are provided for in the Fxxxxx Mxx Guides or by the Fxxxxxx Mac Guides, in an amount representing coverage not less than the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loans and (ii) the greater of (a) the outstanding principal balance of the Mortgage Loan and (b) an amount such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer. If the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project. If required by the FDPA, the Mortgage Loan is covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration and conforming to Fxxxxx Mxx and Fxxxxxx Mac requirements, in an amount not less than the amount required by the FDPA. Such policy was issued by an insurer acceptable under the Fxxxxx Mae Guides or the Fxxxxxx Mac Guides. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost and expense, and upon the Mortgagor's failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor's cost and expense and to seek reimbursement therefor from the Mortgagor. All such standard hazard and flood policies are in full force and effect and on the date of origination contained a standard mortgagee clause naming the Seller and its successors in interest and assigns as loss payee; such clause is still in effect and all premiums due on any such policies have been paid in full. No originator, seller, prior owner of the Mortgage Loan, borrower or any other Person, has engaged in any act or omission that would impair the coverage of any such insurance policy, the benefits of the endorsement provided for therein, or the validity and binding effect of either, including, without limitation, the provision or receipt of any unlawful fee, commission, kickback, or other compensation or value of any kind. No action, inaction, or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any such insurance policies, regardless of the cause of such failure of coverage.

  • Insurance Licenses Any one or more Insurance Licenses of the Company or any of its Subsidiaries shall be suspended, limited or terminated or shall not be renewed, or any other action shall be taken by any Governmental Authority, and such suspension, limitation, termination, non-renewal or action, either individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect; or

  • Standard Hazard Insurance and Flood Insurance Policies (a) For each Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers under the related Servicing Agreements to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of the related Servicing Agreements. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

  • Flood Hazard Insurance None of the improvements on any related Mortgaged Property are located in a flood hazard area as defined by the Federal Insurance Administration or, if any portion of the improvements on the related Mortgaged Property are in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards falling within zones A or V in the national flood insurance program, the Mortgagor has obtained and is required to maintain flood insurance.

  • Insurance Coverages The Contractor shall procure and maintain, at its sole cost and expense, in a form and content satisfactory to City, during the entire term of this Agreement including any extension thereof, the following policies of insurance which shall cover all elected and appointed officers, employees and agents of City:

  • Insurance Required The Engineer shall secure the insurance specified below. The insurance shall be issued by insurance company(s) acceptable to the City and may be in a policy or policies of insurance, primary or excess. Certificates of all required insurance including any policy endorsements shall be provided to the City prior to or upon the execution of this Agreement.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Insurance Policy The Employer agrees to remit to the Union an amount to be applied toward the payment of a premium by the Union for an insurance policy which provides a defense attorney to represent all members of the bargaining unit when they are charged with a criminal act that results from events occurring while the bargaining unit member was acting in an official capacity. The maximum amount payable during the term of the Agreement shall be seven dollars ($7.00) per member per month.

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