Common use of Modification of insurance requirements Clause in Contracts

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 16 contracts

Samples: Loan Agreement (Paragon Shipping Inc.), Amending and Restating Agreement (Paragon Shipping Inc.), Loan Agreement (Paragon Shipping Inc.)

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Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 8 contracts

Samples: Loan Agreement (Global Ship Lease, Inc.), Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Acquisition CORP)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 8 contracts

Samples: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction of the Majority Lenders Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 7 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders Lenders, acting upon the advice of their insurance consultants, consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 6 contracts

Samples: Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Star Bulk Carriers Corp.), Loan Agreement (Star Bulk Carriers Corp.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders Security Trustee reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the relevant Borrower as an amendment to this Clause 13 and shall bind the that Borrower accordingly.

Appears in 5 contracts

Samples: Amending and Restating Deed, Amending and Restating Deed (Global Ship Lease, Inc.), Second Amending and Restating Deed (Global Ship Lease, Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 5 contracts

Samples: Loan Agreement, Loan Agreement (Capital Product Partners L.P.), Loan Agreement

Modification of insurance requirements. The Security Trustee shall notify the Borrower and the Guarantors of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction of the Majority Lenders Lenders, shall reasonably consider appropriate necessary in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower and the Guarantors as an amendment to this Clause 13 and shall bind the Borrower and the Guarantors accordingly.

Appears in 4 contracts

Samples: Second Lien Loan Agreement (Eagle Bulk Shipping Inc.), Loan Agreement (Eagle Bulk Shipping Inc.), Loan Agreement (Scorpio Tankers Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders Security Trustee may or, on instruction of the Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 4 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders Security Trustee reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 4 contracts

Samples: Loan Agreement (Pyxis Tankers Inc.), Loan Agreement (DryShips Inc.), Loan Agreement (Star Bulk Management Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders Security Trustee reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the relevant Borrower as an amendment to this Clause 13 and shall bind the that Borrower accordingly.

Appears in 4 contracts

Samples: Amending and Restating Agreement (Box Ships Inc.), Loan Agreement (Box Ships Inc.), Amending and Restating Agreement (Box Ships Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 3 contracts

Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Partners L.P.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction of the Majority Lenders Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower Security Parties accordingly.

Appears in 3 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 3 contracts

Samples: Amending and Restating Agreement (Navios Maritime Acquisition CORP), Loan Agreement (Navios Maritime Acquisition CORP), Loan Agreement (Navios Maritime Holdings Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and 3 Business Days from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 3 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.), Loan Agreement (Euroseas Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders (acting reasonably) consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 3 contracts

Samples: Loan Agreement (Euroseas Ltd.), Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers and the Guarantor of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction of the Majority Lenders Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers and the Guarantor as an amendment to this Clause 13 and shall bind the Borrower Borrowers and the Guarantor accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

Modification of insurance requirements. The Security Trustee shall promptly notify the Borrower and the Owners of any proposed modification under Clause 13.18 14.17 to the requirements of this Clause 13 14 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower and the Owners as an amendment to this Clause 13 14 and shall bind the Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)

Modification of insurance requirements. The Security Trustee shall notify the Borrower or the relevant Owner of any proposed modification under Clause 13.18 12.18 to the requirements of this Clause 13 12 which the Majority Lenders Security Trustee reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 12 and shall bind the Borrower or the relevant Owner accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Navios Maritime Holdings Inc.), Loan Agreement (Navios Maritime Acquisition CORP)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders (acting reasonably) consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (Euroseas Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the relevant Borrower as an amendment to this Clause 13 and shall bind the that Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Diana Shipping Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 (Review of insurance requirements) to the requirements of this Clause 13 (Insurance) which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 (Insurance) and shall bind the Borrower Borrowers accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Partners L.P.)

Modification of insurance requirements. The Security Trustee shall notify the each Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Capital Product Partners L.P.), Loan Agreement (Capital Product Partners L.P.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower and the relevant Owner of any proposed modification under Clause 13.18 13.17 (Review of insurance requirements) to the requirements of this Clause 13 which the Majority Lenders reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower and the relevant Owner accordingly.

Appears in 2 contracts

Samples: Facility Agreement (Navios Maritime Partners L.P.), Facility Agreement (Navios Maritime Partners L.P.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders Security Trustee may or, on instruction of the Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Pangaea Logistics Solutions Ltd.), Loan Agreement (Pangaea Logistics Solutions Ltd.)

Modification of insurance requirements. The Security Trustee shall promptly notify the Borrower and the Owners of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (DryShips Inc.), Loan Agreement (DryShips Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 (Review of insurance requirements) to the requirements of this Clause 13 which the Majority Lenders reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 1 contract

Samples: Term Loan Facility Agreement (Navios Maritime Partners L.P.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower and each of the Guarantors of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders Security Trustee may or, on instruction of the Required Lenders, shall reasonably consider necessary and appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower and each of the Guarantors accordingly.

Appears in 1 contract

Samples: Credit Agreement (Scorpio Bulkers Inc.)

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Modification of insurance requirements. The Security Trustee shall notify the Borrower and the Owner Guarantors of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction of the Majority Lenders Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower and the Owner Guarantors as an amendment to this Clause 13 and shall bind the Borrower and the Owner Guarantors accordingly.

Appears in 1 contract

Samples: Loan Agreement (Dorian LPG Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower Borrowers accordingly.

Appears in 1 contract

Samples: Supplemental Agreement (Navios Maritime Containers Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction of the Majority Lenders Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Containers Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Corporate Guarantor of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Corporate Guarantor as an amendment to this Clause 13 and shall bind the Borrower Corporate Guarantor accordingly.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 (Review of insurance requirements) to the requirements of this Clause 13 (Insurance) which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 (Insurance) and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Partners L.P.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 13.17 (Review of insurance requirements) to the requirements of this Clause 13 (nsurance) which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 (Insurance) and shall bind the Borrower Borrowers accordingly.

Appears in 1 contract

Samples: Loan Agreement (Castor Maritime Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower and the Owners of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower and the Owners as an amendment to this Clause 13 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Tsakos Energy Navigation LTD)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 and shall bind the Borrower accordinglyBorrowers accordingly from the date the Borrowers acknowledge in writing that they have been notified respectively.

Appears in 1 contract

Samples: Loan Agreement (Paragon Shipping Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers and the Guarantor of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders Security Trustee may reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers and the Guarantor as an amendment to this Clause 13 and shall bind the Borrower Borrowers and the Guarantor accordingly.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordingly.Clause

Appears in 1 contract

Samples: Loan Agreement

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 (Review of insurance requirements ) to the requirements of this Clause 13 (Insurance) which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 (Insurance) and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Acquisition Corp)

Modification of insurance requirements. The Security Trustee shall notify the Borrower and each of the Guarantors of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders Security Trustee may or, on instruction of the Required Lenders, shall reasonably consider necessary and appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower and each of the Guarantors accordingly.

Appears in 1 contract

Samples: Credit Agreement (Scorpio Bulkers Inc.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower Borrowers of any proposed modification under Clause 13.18 (Review of insurance requirements) to the requirements of this Clause 13 (Insurances) which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower Borrowers as an amendment to this Clause 13 (Insurance) and shall bind the Borrower Borrowers accordingly.

Appears in 1 contract

Samples: Loan Agreement (Navios Maritime Partners L.P.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower and the Owner Guarantors of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Security Trustee may or, on instruction 82 ‌ SK 26945 0003 10902825 v6 of the Majority Lenders Lenders, shall reasonably consider appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified in writing to the Borrower and the Owner Guarantors as an amendment to this Clause 13 and shall bind the Borrower and the Owner Guarantors accordingly.

Appears in 1 contract

Samples: Loan Agreement (Dorian LPG Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower and the Owners of any proposed modification under Clause 13.18 14.17 to the requirements of this Clause 13 14 which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower and the Owners as an amendment to this Clause 13 14 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Tsakos Energy Navigation LTD)

Modification of insurance requirements. The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 13.17 (Review of insurance requirements) to the requirements of this Clause 13 (Insurance) which the Majority Lenders consider Security Trustee reasonably considers appropriate in the circumstances, circumstances and such modification shall take effect on and from the date it is notified parties to consider the same in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower accordinglygood faith.

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

Modification of insurance requirements. The Security Trustee shall notify the Borrower and the relevant Owner of any proposed modification under Clause 13.18 13.17 to the requirements of this Clause 13 which the Majority Lenders reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 13 and shall bind the Borrower and the relevant Owner accordingly.

Appears in 1 contract

Samples: Facility Agreement (Navios Maritime Containers Inc.)

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