Substitution of Insurance Policies, Etc Sample Clauses

Substitution of Insurance Policies, Etc. Notification of Rating Agencies. (a) Provided that the conditions set forth in paragraph (b) hereof have been satisfied, the Depositor may substitute a replacement policy or instrument for any Bond Insurance, Mortgagor Bankruptcy Fund or Mortgagor Bankruptcy Bond, Primary Mortgage Insurance Policy, Pool Insurance Policy, Special Hazard Insurance Policy or Special Hazard Fund or a surety bond or Letter of Credit pledged to secure any one or more Series of Bonds. (b) The Depositor shall notify each Rating Agency rating the Bonds of a Series in the event that any replacement policy or instrument is obtained for any Bond Insurance, Mortgagor Bankruptcy Fund or Bond, Primary Mortgage Insurance Policy, Pool Insurance Policy, Special Hazard Insurance Policy or Fund or surety bond or Letter of Credit with respect to such Series from an Insurer or other Person other than the Person who issued such policy or instrument; provided, however, that the Trustee shall not be required to accept any such replacement policy or instrument unless the Trustee has received from each Rating Agency rating such Bonds a written instrument to the effect that such acceptance by the Trustee will not result in the lowering of the then applicable rating of any Bonds issued pursuant to this Indenture by such Rating Agency. (c) Provided the conditions set forth in paragraph (d) hereof have been satisfied, in substitution for any Bond Insurance, Mortgagor Bankruptcy Fund or Bond, Primary Mortgage Insurance Policy, Pool Insurance Policy, Special Hazard Insurance Policy or Fund, surety bond, letter of credit, and/or other policy, instrument, or other credit enhancement securing Mortgage Loans pledged to secure a Series of Bonds, the Depositor may pledge one or more Fannxx Xxx xx Fredxxx Xxx Certificates representing interests in such Mortgage Loans, provided the pass-through interest rate on each such Fannxx Xxx or Fredxxx Xxx Certificate is not less than the weighted average Net Rate of the Mortgage Loans in which such Mortgage Certificate represents an interest. For this purpose, the Net Rate of a Mortgage Loan will equal the per annum interest rate available to make payments on the Bonds secured by such Mortgage Loan (i.e., such Mortgage Loan's Note Rate less servicing and credit enhancement costs). (d) To effect any substitution of credit enhancement pursuant to paragraph (c) above, the Trustee shall transfer the Mortgage Loans to Fannxx Xxx or Fredxxx Xxx (subject to the Trustee (or its a...
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Related to Substitution of Insurance Policies, Etc

  • Cancellation of Insurance There will be no cancellation or reduction of coverage of any required insurance without thirty (30) days’ written notice to the Contractor. Such notice may be sent by the Subcontractor’s insurance carrier, insurance broker, or the Subcontractor. Waiver of Subrogation. Subcontractor waives all rights against Contractor, Client, other subcontractors, and their agents.

  • Maintenance of Insurance Policies The Servicer shall, in accordance with its customary practices, policies and procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the execution of the related Receivable. The Servicer shall, in accordance with its customary practices, policies and procedures, track such physical damage insurance with respect to each Receivable.

  • Policies of Insurance At City’s request, the Artist shall provide City with the actual policies providing the coverage required above.

  • Maintenance of Insurance; Policy Provisions The Contractor, at no additional direct cost to NYSERDA, shall maintain or cause to be maintained throughout the term of this Agreement, insurance of the types and in the amounts specified in the Section hereof entitled Types of Insurance. All such insurance shall be evidenced by insurance policies, each of which shall: (a) except policies in evidence of insurance required under Section 11.02(b), name or be endorsed to cover NYSERDA, the State of New York and the Contractor as additional insureds; (b) provide that such policy may not be cancelled or modified until at least 30 days after receipt by NYSERDA of written notice thereof; and (c) be reasonably satisfactory to NYSERDA in all other respects.

  • Modification of insurance requirements The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders 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 13 and shall bind the Borrower accordingly.

  • Evidence of Insurance Receipt by the Administrative Agent of copies of insurance policies or certificates of insurance of the Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or loss payee (in the case of hazard insurance) on behalf of the Lenders.

  • Application of Insurance Proceeds Grantor shall promptly notify Lender of any loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. All proceeds of any insurance on the Collateral, including accrued proceeds thereon, shall be held by Lender as part of the Collateral. If Lender consents to repair or replacement of the damaged or destroyed Collateral, Lender shall, upon satisfactory proof of expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoration. If Lender does not consent to repair or replacement of the Collateral, Lender shall retain a sufficient amount of the proceeds to pay all of the Indebtedness, and shall pay the balance to Grantor. Any proceeds which have not been disbursed within six (6) months after their receipt and which Grantor has not committed to the repair or restoration of the Collateral shall be used to prepay the Indebtedness.

  • Required Evidence of Insurance i. Copy of the additional insured endorsement or policy language granting additional insured status; and ii. Certificate of Insurance.

  • Termination of Insurance A. Your policy will lapse if you do not pay your premium when due. B. We may cancel your policy by mailing written notice to you at your most recent address in our records. We will send you this notice ten (10) days before we cancel your policy. C. You may cancel your policy at any time by notifying us in writing. D. We will refund unearned premiums on a prorated basis if either you or we cancel your policy.

  • Continuation of Insurance All policies of insurance shall provide for at least 30 days prior written cancellation notice to the Secured Party. In the event of failure by the Debtor to provide and maintain insurance as herein provided, the Secured Party may, at its option, provide such insurance and charge the amount thereof to the Debtor. The Debtor shall furnish the Secured Party with certificates of insurance and policies evidencing compliance with the foregoing insurance provision.

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