Material variations in Cover Clause Samples
Material variations in Cover. (a) If any variation is proposed to be made to the terms of any Material Insurance the Borrower shall give at least 30 days prior written notice thereof to the Agent.
(b) No variation to any Material Insurance shall be effected or agreed by the Borrower until the Agent notifies the Borrower in writing either that the variation is not prejudicial to the Finance Parties or is otherwise acceptable to the Agent. The Agent will not unreasonably withhold or delay its agreement after obtaining any advice that it deems appropriate in considering the Borrower’s request. For the purpose of this paragraph a variation means:
(a) changes to limits of cover and deductible or self insurance arrangements;
(b) changes to risks insured, to coverage terms, and the inclusion of new exclusions or exceptions;
(c) any reduction in or cancellation, discontinuance, non-renewal or avoidance of any cover provided under any Material Insurance.
Material variations in Cover. Any material variation proposed by the Borrower to be made to the terms of any Insurance shall be approved in writing by the Senior Agent.
Material variations in Cover. If any variation is proposed to be made to the terms of any Insurance the Company shall give at least 45 days prior written notice thereof to the Facility Agent. No variation to any Insurance shall be effected or agreed by the Company until the Facility Agent notifies the Company in writing either that the variation is not material to the Finance Parties or is otherwise agreeable to the Facility Agent. The Facility Agent will not unreasonably withhold or delay its agreement after obtaining any advice that it deems appropriate in considering the Company’s request. For the purpose of this clause 5.2 a variation includes (without limitation):
(a) changes to limits of cover and deductible or excess or self insurance arrangements;
(b) changes to risks insured, to coverage terms, and the inclusion of new exclusions or exceptions;
(c) the purchase of any additional insurance or reinsurance other than as required by this Schedule 7 or as previously approved by the Facility Agent;
(d) any reduction in or cancellation, discontinuance, non-renewal or avoidance of any cover provided under any Insurance; and
(e) any change which might have the effect of causing a breach by the Company of any obligation under this Agreement or of any other agreement to which it is a party.