Common use of RequirementsRequirements Clause in Contracts

RequirementsRequirements. The Lessor's current requirements as to Insurances are as specified in this Clause and in Part 1 of Schedule 6. The Lessor may from time to time stipulate such other requirements for the Insurances as the Lessor reasonably considers necessary to ensure that the scope and level of cover is maintained in accordance with the then prevailing industry practice in relation to aircraft of the same type as the Aircraft and in relation to operators of similar standing to the Lessee. In the event that the Lessor proposes any such stipulation, it shall notify the Lessee accordingly and the Lessor and/or its brokers will then consult in good faith with the Lessee and the Lessee's brokers with regard to such proposed stipulation. If, following the consultation, the Lessor and the Lessee are satisfied that the stipulation should be made, the Lessee shall then comply with the stipulated requirements. If, however, the Lessor and the Lessee do not agree regarding the proposed stipulation, the Lessor and the Lessee (and their respective brokers) shall agree upon and name a third broker, to determine whether the proposed stipulation is required in order to ensure that the scope and level of cover is maintained in accordance with the then prevailing industry practice in relation to aircraft of the same type and in relation to operators of similar standing to the Lessee. The party whose position is not accepted by the third broker shall pay all costs and expenses of such broker in connection with the making of its determination.