RISK AND INSURANCE. 12.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice. 12.2 The Borrower shall: 12.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not; 12.2.2 at its expense, (i) keep the Charged Assets insured against loss or damage, and (ii) maintain liability and other insurance, in each case as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Lender; 12.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, and all liability insurance policies shall show the Lender as an additional insured within 3o days after the first Drawdown Date; 12.2.4 upon request produce to the Lender the policy and all premium receipts; 12.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; and 12.2.6 upon request following the occurrence of an Event of Default, assign by way of security or a complete assignment to the Lender the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 2 contracts
Samples: Loan Agreement (MDxHealth SA), Loan Agreement (MDxHealth SA)
RISK AND INSURANCE. 12.1 13.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 13.2 The Borrower shall:
12.2.1 13.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expense13.2.2 to the extent that any of the Charged Assets would typically be insured by a good and prudent owner, maintain with an insurance company approved by the Lender, in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance under a standard form of “new for old” all risks policy including, third party, and business interruption for a 6 month period covering (i) keep loss of or damage to, the Charged Assets insured and against loss such other risks as assets of the same type as the Charged Assets are normally (or damagewhen used in the manner or for the purposes for which the Charged Assets are to be used) insured, and the new replacement value of the Charged Assets; and (ii) maintain all liability and other insurancewhatsoever (including liability of the Lender) to any third party whomsoever including any employee, in each case as ordinarily insured against by other owners in businesses similar agent or subcontractor of the Lender or of the Borrower who may suffer damage to Borrower’s. All such policies or loss of insurance shall be in such formproperty or death or personal injury, with such companies, and in such amounts as reasonably satisfactory to Lenderwhether arising directly or indirectly from the Charged Assets or their use;
12.2.3 13.2.3 use all reasonable efforts to procure that all policies the interest of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional is noted under any policy maintained under clause 13.2.2 and that the Lender is loss payee, and all liability insurance policies shall show the Lender as an additional insured within 3o days after the first Drawdown Date;
12.2.4 13.2.4 upon request produce to the Lender the any policy maintained under clause 13.2.2 and all premium receipts;
12.2.5 13.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the any policy maintained under clause 13.2.2 and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; and
12.2.6 13.2.6 subject always to normal practice under the law governing the relevant insurance policy, upon request assign by way of security, or following the occurrence of an Event of Default, assign by way of security or a complete assignment to the Lender the Borrower’s rights under such any policy maintained under clause 13.2.2 and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Albireo Pharma, Inc.)
RISK AND INSURANCE. 12.1 11.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be pass to the risk Borrower on delivery of the BorrowerCharged Assets, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 11.2 The Borrower shallshall from delivery of the Charged Assets:
12.2.1 11.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expense11.2.2 maintain with an insurance company approved by the Lender, in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance under a standard form of “new for old” all risks policy including terrorism, third party, and business interruption for a 6 month period covering (i) keep loss of or damage to, the Charged Assets insured and against loss such other risks as assets of the same type as the Charged Assets are normally (or damagewhen used in the manner or for the purposes for which the Charged Assets are to be used) insured, for an amount equal to the greater of 110% of the total unpaid Loan Facility (whether due or not) and the new replacement value of the Charged Assets; and (ii) maintain all liability and other insurancewhatsoever (including liability of the Lender) to any third party whomsoever including any employee, in each case as ordinarily insured against by other owners in businesses similar agent or sub-contractor of the Lender or of the Borrower who may suffer damage to Borrower’s. All such policies or loss of insurance shall be in such formproperty or death or personal injury, with such companies, and in such amounts as reasonably satisfactory to Lenderwhether arising directly or indirectly from the Charged Assets or their use;
12.2.3 11.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, and all liability insurance policies shall show the Lender as and, if the Lender so requests, any Affiliates of the Lender is an additional insured within 3o days after and that the first Drawdown Dateinterest of the Lender is noted under the policy and that the Lender is loss payee;
12.2.4 11.2.4 upon request produce to the Lender the policy and all premium receipts;
12.2.5 11.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; [CORE CLAUSE] and
12.2.6 11.2.6 upon request following the occurrence of an Event of Defaultrequest, assign by way of security or a complete assignment to the Lender the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 2 contracts
Samples: Loan Agreement (Negevtech Ltd.), Loan Agreement (Negevtech Ltd.)
RISK AND INSURANCE. 12.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 The Borrower shall:
12.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expensemaintain with an insurance company approved by the Lender, in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance under a standard form of “new for old” all risks policy including terrorism, third party, and business interruption for a 6 month period covering (i) keep loss of or damage to, the Charged Assets insured and against loss such other risks as assets of the same type as the Charged Assets are normally (or damagewhen used in the manner or for the purposes for which the Charged Assets are to be used) insured, and the new replacement value of the Charged Assets; and (ii) maintain all liability and other insurancewhatsoever (including liability of the Lender) to any third party whomsoever including any employee, in each case as ordinarily insured against by other owners in businesses similar agent or sub-contractor of the Lender or the Borrower who may suffer damage to Borrower’s. All such policies or loss of insurance shall be in such formproperty or death or personal injury, with such companies, and in such amounts as reasonably satisfactory to Lenderwhether arising directly or indirectly from the Charged Assets or their use;
12.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, and all liability insurance policies shall show the Lender as and, if the Lender so requests, any affiliates of the Lender is an additional insured within 3o days after and that the first Drawdown Dateinterest of the Lender is noted under the policy and that the Lender is loss payee;
12.2.4 upon request produce to the Lender the policy and all premium receipts;
12.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; and
12.2.6 upon request assign by way of security, or following the occurrence of an Event of Default, assign by way of security or a complete assignment to the Lender Lender, the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 2 contracts
Samples: Loan Agreement (ReWalk Robotics Ltd.), Loan Agreement (ReWalk Robotics Ltd.)
RISK AND INSURANCE. 12.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a the Drawdown Notice.
12.2 The Borrower shall:
12.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expensemaintain with a reputable insurance company, in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance covering (i) keep loss of or damage to, the Charged Assets insured under the Fixed Assets Pledge Agreement and against loss such other risks as assets of the same type as the Charged Assets under the Fixed Assets Pledge Agreement are normally (or damagewhen used in the manner or for the purposes for which the Charged Assets under the Fixed Assets Pledge Agreement are to be used) insured, and (ii) maintain all liability and other insurancewhatsoever (including liability of the Lender) to any third party whomsoever including any employee, in each case as ordinarily insured against by other owners in businesses similar agent or sub-contractor of the Lender or of the Borrower who may suffer damage to Borrower’s. All such policies or loss of insurance shall be in such formproperty or death or personal injury, with such companies, and in such amounts as reasonably satisfactory to Lenderwhether arising directly or indirectly from the Charged Assets or their use;
12.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, and all liability insurance policies shall show the Lender as an additional insured within 3o days after the first Drawdown Date;
12.2.4 upon request produce to the Lender the policy and all premium receipts;
12.2.5 12.2.4 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claimpolicy; and
12.2.6 12.2.5 upon request following the occurrence of an Event of Default, assign by way of security or a complete assignment pledge to the Lender the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedingspolicy.
Appears in 1 contract
RISK AND INSURANCE. 12.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 The Borrower shall:
12.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expensemaintain with an reputable independent insurance company, to the extent available and in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance under a standard form of “new for old” all risks policy including terrorism, third party, and business interruption for a 6 month period covering (i) keep loss of or damage to, the Charged Assets insured and against loss such other risks as assets of the same type as the Charged Assets are normally (or damagewhen used in the manner or for the purposes for which the Charged Assets are to be used) insured, and the new replacement value of the Charged Assets; and (ii) maintain all liability whatsoever (including liability of the Lender) to any third party whomsoever including any employee, agent or sub-contractor of the Lender or of the Borrower who may suffer damage to or loss of property or death or personal injury, whether arising directly or indirectly from the Charged Assets or their use; for the avoidance of doubt, the Parties acknowledge that there is no such insurance available for the Intellectual Property rights and other insurance, in each case as ordinarily insured against by other owners in businesses similar to the accounts receivable of the Borrower’s. All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Lender;.
12.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, extent available under good Swiss market practice and all liability insurance policies shall show permissible under Swiss laws that the Lender as and, if the Lender so requests, any affiliates of the Lender is an additional insured within 3o days after and that the first Drawdown Dateinterest of the Lender is noted under the policy and that the Lender is loss payee;
12.2.4 upon request produce to the Lender the policy and all premium receipts;
12.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; and
12.2.6 upon request assign by way of security, or following the occurrence of an Event of Default, assign by way of security or a complete assignment to the Lender the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 1 contract
RISK AND INSURANCE. 12.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 The Borrower shall:
12.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expensemaintain with a reputable insurance company, in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance under a standard form of “new for old” all risks policy or marine policy, third party, and business interruption for a 6 month period covering (or equivalent) (i) keep loss of or damage to, the Charged Assets insured and against loss such other risks as assets of the same type as the Charged Assets are normally (or damagewhen used in the manner or for the purposes for which the Charged Assets are to be used) insured, and the new replacement value of the Charged Assets; and (ii) maintain legal liability whatsoever (including liability of the Lender in respect of its liability for negligent acts and/or omissions of the Borrower and other insuranceits personnel, in each case as ordinarily insured against by other owners in businesses similar subject to Borrower’s. All such policies a cross liability clause) to any third party whomsoever including any employee, agent or sub-contractor of insurance shall be in such formthe Lender or any of the Borrower who may suffer damage to or loss of property or death or personal injury, with such companies, and in such amounts as reasonably satisfactory to Lenderwhether arising directly or indirectly from the Charged Assets or their use;
12.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, and all liability insurance policies shall show the Lender as and, if the Lender so requests, any affiliates of the Lender is an additional insured within 3o days after and that the first Drawdown Dateinterest of the Lender is noted under the policy and that the Lender is loss payee;
12.2.4 upon request request, produce to the Lender the policy and all premium receipts;
12.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate negotiate, agree or compromise such claim; and
12.2.6 upon request assign by way of security, or following the occurrence of an Event of Default, assign by way of security or a complete assignment to the Lender Lender, the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 1 contract
RISK AND INSURANCE. 12.1 11.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 11.2 The Borrower shall:
12.2.1 11.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expense11.2.2 maintain with an insurance company approved by the Lender, which approval shall not be unreasonably withheld, in accordance with good and prudent practices of owners of such Charged Assets, fully comprehensive insurance under a standard form of “new for old” all risks policy including terrorism, third party, and business interruption for a 6 month period covering (i) keep loss of or damage to, the Charged Assets insured and against loss such other risks as assets of the same type as the Charged Assets are normally (or damagewhen used in the manner or for the purposes for which the Charged Assets are to be used) insured, and the new replacement value of the Charged Assets; and (ii) maintain all liability and other insurancewhatsoever (including liability of the Lender) to any third party whomsoever including any employee, in each case as ordinarily insured against by other owners in businesses similar agent or sub-contractor of the Lender or of the Borrower who may suffer damage to Borrower’s. All such policies or loss of insurance shall be in such formproperty or death or personal injury, with such companies, and in such amounts as reasonably satisfactory to Lenderwhether arising directly or indirectly from the Charged Assets or their use;
12.2.3 11.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, and all liability insurance policies shall show the Lender as and, if the Lender so requests, any Affiliates of the Lender is an additional insured within 3o days after and that the first Drawdown Dateinterest of the Lender is noted under the policy and that the Lender is loss payee;
12.2.4 11.2.4 upon request produce to the Lender the policy and all premium receipts;
12.2.5 11.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claim; and
12.2.6 11.2.6 upon request assign by way of security, or following the occurrence of an Event of Default, assign by way of security or a complete assignment assignment, to the Lender the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 1 contract
Samples: Loan Agreement (WhiteSmoke, Inc.)
RISK AND INSURANCE. 12.1 All risk of loss, theft and damage of and to the Charged Assets from any cause whatsoever shall be the risk of the Borrower, and no such event shall relieve the Borrower of any obligation under a Drawdown Notice.
12.2 The Borrower shall:
12.2.1 bear all risk of loss of or damage to the Charged Assets whether insured against or not;
12.2.2 at its expenseThe Borrower has the business insurance policies listed herein under Schedule 12.2.2, and shall maintain such policies with a reputable insurance company, in accordance with good and prudent practices of owners of such Charged Assets (in accordance with the above-mentioned policies, the “Insured Assets”), covering, inter alia, (i) keep loss of or damage to, the Charged Assets insured against loss or damageAssets, and the new replacement value of the Insured Assets; and (ii) maintain third party liability whatsoever of the Borrower (including liability of the Lender in respect of its liability for negligent acts and/or omissions of the Borrower and other insuranceits personnel) to any third party whomsoever including any employee, in each case as ordinarily insured against by other owners in businesses similar agent or sub-contractor of the Lender or the Borrower who may suffer damage to Borrower’s. All such policies or loss of insurance shall be in such formproperty or death or personal injury, with such companies, and in such amounts as reasonably satisfactory to Lenderwhether arising directly or indirectly from the Insured Assets or their use;
12.2.3 procure that all policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to the Lender, showing Lender as an additional loss payee, and all liability insurance policies shall show the Lender as and, if the Lender so requests, any Affiliates of the Lender is an additional insured within 3o days after or indemnified party and that the first Drawdown Dateinterest of the Lender is noted under the policy;
12.2.4 upon request produce to the Lender the policy and all premium receipts;
12.2.5 promptly notify the Lender of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following the occurrence and during the continuance of an Event of Default) , upon request, irrevocably appoint the Lender to be its sole agent to negotiate agree or compromise such claimclaim with respect to Insured Assets; and
12.2.6 upon request assign by way of security, or following the occurrence of an Event of Default, assign by way of security or a complete assignment to the Lender Lender, the Borrower’s rights under such policy and irrevocably appoint the Lender to institute any necessary proceedings.
Appears in 1 contract
Samples: Loan Agreement (BioLineRx Ltd.)
RISK AND INSURANCE. 12.1 All 11.1 ALL risk of loss, theft and damage of and to the Charged Assets Equipment from any cause whatsoever shall be pass to Lessee on the risk of the BorrowerAcceptance Date, and no such event shall relieve the Borrower Lessee of any obligation under a Drawdown NoticeLease Schedule.
12.2 The Borrower shall11.2 LESSEE shall from the Acceptance Date until the Equipment is returned to Lessor:
12.2.1 bear all 11.2.1 BEAR ALL risk of loss of or damage to the Charged Assets Equipment whether insured against or not;
12.2.2 at its expense11.2.2 MAINTAIN with an insurance company approved by Lessor, in accordance with good and prudent practice of owners of such Equipment, fully comprehensive insurance under a standard form of "new for old" all risks policy including terrorism, third party, and business interruption for a 6 month period covering (i) keep loss of or damage to, the Charged Assets insured Equipment and against loss such other risks as equipment of the same type as the Equipment is normally (or damagewhen used in the manner or for the purposes for which the Equipment is or to be used) insured, for an amount equal to the greater of 110% of the total unpaid amount under Clause 5 of this Master Sub-Lease (whether due or not) and the new replacement value of the Equipment; and (ii) maintain all liability and other insurancewhatsoever (including liability of Lessor and/or Head Lessor) to any third party whomsoever including any employee, in each case as ordinarily insured against by other owners in businesses similar agent or sub-contractor of Lessor and/or Head Lessor or of Lessee who may suffer damage to Borrower’s. All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Lender;
12.2.3 procure that all policies or loss of property insurance shall contain a lender’s loss payable endorsementor death or personal injury, in a form satisfactory to whether arising directly or indirectly from the LenderEquipment or its use.
11.2.3 PROCURE that each of Lessor and Head Lessor and, showing Lender as an additional loss payeeif Lessor so requests, any Affiliates of Lessor and all liability insurance policies shall show the Lender as Head Lessor is an additional insured within 3o days after and that the first Drawdown Dateinterest of Lessor and Head Lessor is noted under the policy and that each of Lessor and Head Lessor is loss payee;
12.2.4 upon 11.2.4 UPON request produce to the Lender Lessor the policy and all premium receipts;
12.2.5 promptly 11.2.5 PROMPTLY notify the Lender Lessor of any event which may give rise to a claim in excess of $200,000 under the policy and upon request (but only following an Event of Default) irrevocably appoint the Lender Lessor to be its sole agent to negotiate negotiate, agree or compromise such claim;
11.2.6 IN the case of any damage to an item of Equipment (unless it is damaged beyond repair), Lessee shall, at Lessee's sole expense or from any insurances proceeds and with Lessor's prior consent, either:
(i) RESTORE the item of Equipment to its original condition, reasonable wear and tear only excepted; or
(ii) REPLACE it with like equipment of the same or later model in good condition; and UPON Lessee's replacement of any Equipment under this Clause or under Clause 11.2.7, Lessee shall transfer title to such replaced Equipment to Head Lessor and Lessee shall take such action as Lessor and/or Head Lessor shall require for the purposes of encumbering such replacement Equipment in accordance with the Equipment Pledge; and
12.2.6 11.2.7 IF any item of Equipment is damaged beyond repair, stolen or lost, Lessor shall, at its option:
(i) REQUIRE the replacement of such item with like equipment of the same or later model in good condition, to be paid for by Lessee at Lessee's sole expense or from any insurance proceeds and with Lessor's prior consent. In this case such item of Equipment shall be substituted for the damaged, lost or stolen item on the relevant Lease Schedule, and Rental Payments shall continue from the relevant Lease Commencement Date until the end of the Lease Term of the Lease Schedule to which the Equipment becomes subject without any interruption; or
(ii) TERMINATE the renting of the relevant item of Equipment by notice, and the sums payable under Clause 14.1 of this Master Sub-Lease shall then fall due for immediate payment.
11.3 LESSEE shall from the Acceptance Date until the Equipment, including any replacement Equipment under Clauses 11.2.6 and 11.2.7, is returned to Lessor, upon request following assign to Lessor Lessee's rights in respect of the occurrence Equipment only A03859429 6 MASTER SUB-LEASE under such insurance policy pursuant to and in accordance with the Lessee Deed of an Event of Default, assign by way of security or a complete assignment Assignment.
11.4 WITHOUT prejudice to the Lender provisions of Clause 19.3, if Lessee fails to effect and maintain insurance in respect of the Borrower’s rights Equipment in accordance with the provisions of this Clause 11, Lessor will be entitled, but not obliged, to effect such insurance and Lessee shall on demand indemnify Lessor in respect of all liabilities, losses, damages or expenses thereby incurred by Lessor. EACH of the following events shall constitute an "EVENT OF DEFAULT" under such policy this Master Sub-Lease and irrevocably appoint any Lease Schedule:
12.1 NON-PAYMENT, by the Lender due date of any Rental Payment or other payment required of Lessee under the terms of this Master Sub-Lease or any Lease Schedule or the Lessee Deed of Assignment or under any document relating to institute any necessary proceedings.it;
Appears in 1 contract
