Right to Procure Insurance. In the event the Charterers fail to procure or maintain, or the insurance coverage required by this Clause 49, the Owners, upon 30 days' prior notice (unless such insurance coverage would lapse within such period, in which event notice shall be give as soon as reasonably possible) to the Owners of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced for such purpose by the Owners and shall become an additional obligation of the Charterers to the Owners, and the Charterers shall forthwith pay such amounts to the Owners together with interest accrued thereon in accordance with Clause 38.7 from the date so advanced.
Right to Procure Insurance. Notwithstanding anything to the contrary contained herein, if at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender shall have the right (but not the obligation), without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Property, including, without limitation, obtaining such insurance coverage as Lender in its sole discretion deems appropriate. All premiums and expenses incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Security Instrument and shall accrue Default Interest.
Right to Procure Insurance. In the event the Company fails, or fails to cause Motorola, to procure or maintain the full insurance coverage required by this Section, the Administrative Agent and the Required Lenders, upon 10 days' prior notice (unless such insurance coverage would lapse within such period, in which event notice should be given as soon as reasonably possible) to the Company of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced therefor by the Administrative Agent and the Lenders shall become an additional obligation of the Company to the Administrative Agent and the Lenders, and the Company shall forthwith pay such amounts to the Administrative Agent, together with interest thereon at the Post-Default Rate from the date so advanced.
Right to Procure Insurance. In the event the Borrower fails to (i) procure or maintain, or (ii) cause the Construction Contractors to procure and maintain, the insurance coverage required by this Section 8.05, the Administrative Agent, upon thirty (30) days’ prior notice (unless such insurance coverage would lapse within such period, in which event notice shall be given as soon as reasonably possible) to the Borrower of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced for such purpose by the Administrative Agent and the Lenders shall become an additional obligation of the Borrower to the Administrative Agent and the Lenders, and the Borrower shall forthwith pay such amounts to the Administrative Agent, together with interest on such amounts at the Post-Default Rate from the date so advanced.
Right to Procure Insurance. Notwithstanding anything to the contrary contained herein, if at any time Administrative Agent is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Administrative Agent shall have the right (but not the obligation), without notice to Borrower, to take such action as Administrative Agent deems necessary to protect its interest in the Property, including, without limitation, obtaining such insurance coverage as Administrative Agent in its sole discretion deems appropriate. All premiums and expenses incurred by Administrative Agent in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Administrative Agent upon demand and, until paid, shall be secured by the Security Instrument and shall accrue Default Interest.
Right to Procure Insurance. If the Project Company fails to procure or maintain the insurance coverage required by it under this Section 7.9, the Lenders (or their agents), upon thirty (30) days prior notice (unless such insurance coverage would lapse within such period, in which event notice should be given as soon as reasonably possible) to the Project Company of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced therefor by the Lenders or such agents shall become an additional obligation of the Obligors to such Lenders (or agent), and the Obligors shall forthwith pay such amounts to such Lenders (or agents), together with interest thereon at the applicable Default Rate from the date so advanced.
Right to Procure Insurance. In the event that the Borrower fails to procure or maintain the insurance coverage required by this Section 8.05, the Administrative Agent, upon thirty (30) days’ prior notice (unless such insurance coverage would lapse within such period, in which event notice shall be given as soon as reasonably possible) to the Borrower of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced for such purpose by the Administrative Agent and the Lenders shall become an additional obligation of the Borrower to the Administrative Agent and the Lenders, and the Borrower shall forthwith pay such amounts to the Administrative Agent, together with interest on such amounts at the Post-Default Rate from the date so advanced.
Right to Procure Insurance. On and after the date of this Agreement, in the event that the Borrower or any Subsidiary fails to procure or maintain the full insurance coverage required by this Section 5.5, insurance may be procured by the Administrative Agent or the Required Lenders pursuant to Schedule 5.5 to this Agreement.
Right to Procure Insurance. In the event that the Borrower or any of its Subsidiaries fails to (A) procure or maintain, or (B) cause the Builders to procure and maintain, the insurance coverage required by this Section 9.1(j) or Section 5(B) of Exhibit C (Form of Xxxxxxxx Islands Mortgage), and after execution thereof, the Mortgage, the Administrative Agent, upon 30 days’ prior notice (unless such insurance coverage would lapse within such period, in which event notice shall be given as soon as reasonably possible) to the Borrower of any such failure, may (but shall not be obligated to) take out the required policies of insurance and pay the premiums on the same. All amounts so advanced for such purpose by the Administrative Agent and the Lenders shall become an additional obligation of the Borrower to the Administrative Agent and the Lenders, and the Borrower shall forthwith pay such amounts to the Administrative Agent, together with interest on such amounts at the Default Rate from the date so advanced.
Right to Procure Insurance. Tenant shall have the right to procure the Property Insurance for the Property, rather than reimburse Landlord for the cost thereof, provided that (i) the insurance procured by Tenant is equivalent coverage to that maintained by Landlord; (ii) the insurer meets the standards set forth in Section 5.1(c) above; and (iii) the change in insurers results in at least a five percent (5%) savings to Tenant.
