Common use of Right to Pay Premiums Clause in Contracts

Right to Pay Premiums. Each Additional Insured shall have the rights but not the obligations of an additional named insured. No Additional Insured shall have any obligation to pay any premium, commission, assessment, or call due on any such insurance (including reinsurance). Notwithstanding the foregoing, in the event of cancellation of any required insurance due to the nonpayment of premium, each of Lessor, Owner Participant, and Mortgagee shall have the option, in its sole discretion, to pay any such premium and to maintain such coverage, as Lessor, Owner Participant, or Mortgagee may require, until the scheduled expiry date of such insurance and, in such event, Lessee shall, upon demand, reimburse Lessor, Owner Participant, and Mortgagee for amounts that they so pay.

Right to Pay Premiums. Each Additional Insured shall have the rights but not the obligations of an additional named insured. No Additional Insured shall have any obligation to pay any premium, commission, assessment, or call due on any such insurance (including reinsurance). Notwithstanding the foregoing, in the event of cancellation of any required insurance due to the nonpayment of premium, each of Lessor, Lessor and Owner Participant, and Mortgagee Participant shall have the option, in its sole discretion, to pay any such premium and to maintain such coverage, as Lessor, Lessor or Owner Participant, or Mortgagee Participant may require, until the scheduled expiry date of such insurance and, in such event, Lessee shall, upon demand, reimburse Lessor, Lessor or Owner Participant, and Mortgagee Participant for amounts that they so pay.

Right to Pay Premiums. Each None of the Mortgagee and the other Additional Insured shall have the rights but not the obligations of an additional named insured. No Additional Insured Insureds shall have any obligation to pay any premium, commission, assessment, assessment or call due on any such insurance (including reinsurance). Notwithstanding the foregoing, in the event of cancellation of any required insurance due to the nonpayment of premiumpremiums, each of Lessor, Owner Participant, and the Mortgagee shall have the option, in its sole discretion, to pay any such premium in respect of the Pledged Spare Parts that is due in respect of the coverage pursuant to the Spare Parts Security Agreement and to maintain such coverage, as Lessor, Owner Participant, or the the Mortgagee may require, until the scheduled expiry date of such insurance and, in such event, Lessee the Owner shall, upon demand, reimburse Lessor, Owner Participant, and the Mortgagee for amounts that they so paypaid by it.