Validity of the Insurance Cover. The Concessionaire shall pay the premium payable on such insurance policies so as to keep the policies in force and valid throughout the Term and furnish copies of the same to the Authority. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 10 (ten) days’ clear notice of cancellation is provided to the Authority in writing. If at any time the Concessionaire fails to purchase and maintain in full force and effect any and all of the insurances required under this Agreement, the Authority on behalf of itself and/ or PLBs may at its option purchase and maintain such insurance and all sums incurred by the Authority in this behalf shall be reimbursed by the Concessionaire forthwith on demand, failing which the same shall be recovered by the Authority on behalf of itself and/ or PLBs by exercising right of set off or otherwise from the Performance Security.
Validity of the Insurance Cover. The Concessionaire shall pay the premium payable on such insurance policy(ies) so as to keep the policy(ies) in force and valid throughout the Concession Period and furnish copies of the same to the Concessioning Authority. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 10 (ten) Days’ clear notice of cancellation is provided to Concessioning Authority in writing. If at any time the Concessionaire fails to purchase and maintain in full force and effect any and all of the insurances required under this Agreement, the Concessioning Authority may at its option purchase and maintain such insurance and all sums incurred by the Concessioning Authority therefor shall be reimbursed with interest @ SBI PLR plus 2% (two percent) per annum by the Concessionaire forthwith on demand, failing which the same shall be recovered by the Concessioning Authority by exercising right of set off or otherwise.
Validity of the Insurance Cover. The SPV shall pay the premium payable on such insurance policy(ies) so as to keep the policy(ies) in force and valid throughout the Agreement Period and furnish copies of the same to the Authority. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 10 (ten) Days’ clear notice of cancellation is provided to the Authority in writing. If at any time the SPV fails to purchase and maintain in full force and effect the comprehensive insurances required for paddy and rice in its possession, the Authority may at its option purchase and maintain such insurance and all sums incurred by the Authority shall be reimbursed with interest @ 10% per annum by the SPV forthwith on demand, failing which the same shall be recovered by the Authority by exercising right of set off or otherwise.
Validity of the Insurance Cover. 1.43.1 The Lessee shall pay the premium payable on such insurance policy (or policies) so as to keep the policy (or policies) in force and valid throughout the Lease Period and furnish copies of the same to DOT. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 60 days' clear notice of cancellation is given to DOT in writing. If at any time the Lessee fails to purchase and maintain in full force and effect any or all of the insurances required under this Agreement, DOT may at its option (but not being obliged to do so) purchase and maintain such insurance and all sums incurred by DOT thereof shall be reimbursed by the Lessee forthwith on demand together with interest thereon at 2% over SBI Prime Lending Rate per annum, from the date the respective sums were incurred by DOT. Lessee shall, within 7 (seven) days from the date of receipt of claim in respect thereof settle the amount.
Validity of the Insurance Cover. The Licensee shall pay the premium payable on such insurance policy(ies) so as to keep the policy(ies) in force and valid throughout the License Period and furnish certified true copies of the same to the Authority. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 10 days’ clear notice of cancellation is provided to Authority in writing. If at any time the Licensee fails to purchase and maintain in full force and effect any and all of the insurances required under this Agreement, the Authority may at its option purchase and maintain such insurance and all sums incurred by the Authority therefore shall be reimbursed by the Licensee forthwith on demand, failing which the same shall be recovered by the Authority by exercising right of set off or otherwise.
Validity of the Insurance Cover. The Concessionaire shall pay the premium payable on such insurance policy(ies) so as to keep thepolicy(ies) in force and valid throughout the Concession Period and furnish copies of the same to the Concessioning Authority. Eachinsurancepolicyshallprovidethat the sameshallnot be cancelled orterminated unless 10 (ten) Days’ clear notice of cancellation is provided to Concessioning Authority in writing. If at any time the Concessionaire fails to purchase and maintain in full force and effect any and all of the insurances required under this Agreement, the Concessioning Authority may at itsoptionpurchaseandmaintainsuchinsurance and all sums incurred by the Concessioning Authoritytherefor shall be reimbursed with interest @ 3% above Bank Rate per annum by the Concessionaireforthwith on demand, failing which the same shall be recovered by the Concessioning Authority byexercising right of set off or otherwise.
Validity of the Insurance Cover. The Concessionaire shall pay the premium payable on such insurance policy(ies) so as to keep the policy(ies) in force and valid throughout the Concession Period and furnish copies of the same to NGS/SMC. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 10 Days' clear notice of cancellation is provided to NGS/SMC in writing. If at any time the Concessionaire fails to purchase and maintain in full force and effect any and all of the insurances required under this Agreement, NGS/ SMC may at its option purchase and maintain such insurance and all sums incurred by the NGS/ SMC therefore shall be reimbursed by the Concessionaire forthwith on demand, failing which the same shall be recovered by the NGS/ SMC by exercising right of set off or otherwise.
Validity of the Insurance Cover. The Authorisee shall pay the premium payable on such insurance policy(ies) so as to keep the policy(ies) in force and valid throughout the Authorisation Period and furnish certified true copies of the same to the Grantor. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 10 days‟ clear notice of cancellation is provided to Grantor in writing. If at any time the Authorisee fails to purchase and maintain in full force and effect any and all of the insurances required under this Agreement, the Grantor may at its option purchase and maintain such insurance and all sums incurred by the Grantor therefore shall be reimbursed by the Authorisee forthwith on demand, failing which the same shall be recovered by the Grantor by exercising right of set off or otherwise.
Validity of the Insurance Cover. The Concessionaire shall pay the premium payable on such insurance policy(ies) so as to keep the policy(ies) in force and valid throughout the Concession Period and furnish copies of the same to the Authority. Each insurance policy shall provide that the same shall not be cancelled or terminated unless 15 Days' clear notice of cancellation is provided to the Authority in writing.
Validity of the Insurance Cover. The Developer shall pay the premium payable on such insurance policy(ies) so as to keep the policy(ies) in force and valid throughout the Lease Period.
