Common use of Modification of insurance requirements Clause in Contracts

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender 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 12 and shall bind the Borrower accordingly.

Appears in 9 contracts

Samples: Loan Agreement, Loan Agreement (Box Ships Inc.), Loan Agreement (Paragon Shipping Inc.)

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Modification of insurance requirements. The Lender shall notify the Borrower Borrowers of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender reasonably consider 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 12 and shall bind the Borrower Borrowers accordingly.

Appears in 7 contracts

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

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender reasonably consider 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 12 and shall bind the Borrower accordingly.

Appears in 4 contracts

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

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender 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 12 and shall bind the Borrower accordingly.

Appears in 4 contracts

Samples: Loan Agreement (Pyxis Tankers Inc.), Loan Agreement (NewLead Holdings Ltd.), Loan Agreement (NewLead Holdings Ltd.)

Modification of insurance requirements. The Lender shall promptly notify the Borrower and the Owners of any proposed modification under Clause 12.18 12.17 to the requirements of this Clause 12 which the Lender 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 12 and shall bind the Borrower accordingly.

Appears in 3 contracts

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

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 13.17 (Review of insurance requirements) to the requirements of this Clause 12 13 (nsurance) which the Lender reasonably consider 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 12 13 (Insurance) and shall bind the Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Toro Corp.), Loan Agreement (Castor Maritime Inc.)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender reasonably consider Lender, acting up the advice of their insurance consultants 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 12 and shall bind the Borrower accordingly.

Appears in 2 contracts

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

Modification of insurance requirements. The Lender shall notify the Borrower and the Owner of any proposed modification under Clause 12.18 12.17 to the requirements of this Clause 12 which the Lender reasonably consider 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 Owner as an amendment to this Clause 12 and shall bind the Borrower accordingly.

Appears in 2 contracts

Samples: Loan Agreement (Tsakos Energy Navigation LTD), Loan Agreement (Tsakos Energy Navigation LTD)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender or its consultant shall reasonably consider appropriate appropriate, in the circumstancescircumstances and, after consultation and taking full account of the Borrower’s opinion, such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 12 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (TBS International LTD)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender reasonably consider Lender, acting upon the advice of its insurance consultants, 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 12 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Star Bulk Carriers Corp.)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 13 which the Lender reasonably consider 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 12 13 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (DryShips Inc.)

Modification of insurance requirements. The Lender shall notify the Borrower Borrowers of any proposed modification under Clause 12.18 12.17 to the requirements of this Clause 12 which the Lender or its Consultant shall reasonably consider appropriate appropriate, in the circumstancescircumstances and, after consultation and taking full account of the Borrowers’ opinions, 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 12 and shall bind the Borrower Borrowers accordingly.

Appears in 1 contract

Samples: Loan Agreement (TBS International LTD)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender reasonably Lender, may consider appropriate in the circumstancescircumstances and, and after consultation with the Borrower, such modification shall take effect on and from the date it is notified in writing to the Borrower as an amendment to this Clause 12 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Diana Shipping Inc.)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 11.18 to the requirements of this Clause 12 11 which the Lender reasonably consider 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 12 11 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Fourth Amending and Restating Agreement (DryShips Inc.)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 11,18 to the requirements of this Clause 12 II which the Lender reasonably consider 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 12 11 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (DryShips Inc.)

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Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 0 to the requirements of this Clause 12 which the Lender considers reasonably consider appropriate necessary 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 12 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Product Shipping Ltd.)

Modification of insurance requirements. The Lender shall notify the a Borrower of any proposed modification under Clause 12.18 12.17 to the requirements of this Clause 12 which the Lender reasonably Lender, acting upon the advice of its 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 relevant Borrower as an amendment to this Clause 12 and shall bind the that Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Quintana Shipping Ltd.)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 1118 to the requirements of this Clause 12 which the Lender reasonably consider Lender, acting up the advice of their insurance consultants 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 12 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Amending and Restating Agreement (Star Bulk Carriers Corp.)

Modification of insurance requirements. The Lender shall notify the Borrower Borrowers of any proposed modification under Clause 12.18 to the requirements of this Clause 12 which the Lender reasonably Lender, may consider appropriate in the circumstancescircumstances and, and after consultation with the Borrowers, 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 12 and shall bind the each Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Diana Shipping Inc.)

Modification of insurance requirements. The Lender shall shall, following consultation with the Borrower, notify the Borrower of any proposed modification under Clause 12.18 13.17 to the requirements of this Clause 12 13 which the Lender reasonably consider 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 Owner as an amendment to this Clause 12 13 and shall bind the Borrower and the Owner accordingly.

Appears in 1 contract

Samples: Loan Agreement (Tsakos Energy Navigation LTD)

Modification of insurance requirements. The Lender shall notify the Borrower Borrowers of any proposed modification under Clause 12.18 12.11 to the requirements of this Clause 12 which the Lender reasonably (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 Borrowers as an amendment to this Clause 12 and shall bind the Borrower Borrowers accordingly.

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

Modification of insurance requirements. The Lender shall notify the Borrower Borrowers of any modification proposed modification by the insurance consultants under Clause 12.18 12.17 to the requirements of this Clause 12 which the Lender reasonably consider 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 12 and shall bind the Borrower Borrowers accordingly. The Borrowers shall be allowed 5 Business Days to implement any modifications to any Ship’s insurance policies required under this Clause 12.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

Modification of insurance requirements. The Lender shall notify the Borrower of any proposed modification under Clause 12.18 12.17 to the requirements of this Clause 12 which the Lender reasonably Lender, acting upon the advice of its 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 12 and shall bind the Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Quintana Shipping Ltd.)

Modification of insurance requirements. The Lender shall notify the a Borrower of any proposed modification under Clause 12.18 13.18 to the requirements of this Clause 12 13 which the Lender 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 12 13 and shall bind the that Borrower accordingly.

Appears in 1 contract

Samples: Loan Agreement (Pyxis Tankers Inc.)

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