Alteration to terms of insurances Sample Clauses
The 'Alteration to terms of insurances' clause governs how changes to the terms, conditions, or coverage of insurance policies related to the contract are managed. Typically, this clause requires one party to notify the other if any modifications, endorsements, or cancellations are made to the relevant insurance policies during the contract period. For example, if the insured party increases the deductible or reduces coverage limits, they must inform the other party promptly. The core function of this clause is to ensure transparency and maintain adequate risk protection throughout the contract, preventing gaps in coverage that could expose either party to unforeseen liabilities.
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Alteration to terms of insurances. None of the Borrowers shall either make or agree to any alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance.
Alteration to terms of insurances. No Guarantor shall either make or agree to any alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance.
Alteration to terms of insurances. No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.
Alteration to terms of insurances. The Borrower shall procure that no Owner shall either make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance without the prior written consent of the Security Trustee.
Alteration to terms of insurances. The Borrower shall not be entitled to make or agree to any material alteration to the terms of any obligatory insurance nor waive any right relating to any obligatory insurance.
Alteration to terms of insurances. The Borrower shall not make or agree to any variation in the terms of any of the Insurances on the Ship without the prior approval of the Agent nor to do any act or voluntarily suffer or permit any act to be done whereby any Insurances shall or may be rendered invalid, void, voidable, suspended, defeated or unenforceable and not to suffer or permit the Ship to engage in any voyage nor to carry any cargo not permitted under any of the Insurances without first obtaining the consent of the insurers or reinsurers concerned and complying with such requirements as to payment of extra premiums or otherwise as the insurers or reinsurers may impose.
Alteration to terms of insurances. The Borrower shall procure that each Corporate Guarantor shall neither make nor agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.
Alteration to terms of insurances. Neither Borrower shall make or agree to any alteration to the material terms of any obligatory insurance or waive any right relating to any obligatory insurance, subject to the prior written consent of the Lender (such consent not to be unreasonably withheld or delayed).
Alteration to terms of insurances. No Borrower shall be entitled to make or agree to any alteration to the terms of any obligatory insurance unless such alterations are not material and unless the terms which are being altered are not material and any alteration will not result in a breach of any of the provisions of this Clause 13 or any other applicable provision of any of the Finance Documents, and no Borrower shall waive any right relating to any obligatory insurance.
Alteration to terms of insurances. The Borrower shall not (and to the extent applicable shall procure in all cases that no other Security Party or other entity if named as co-assured in the insurance policies will) make or agree to any material alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance without the prior written consent of the Security Trustee (not to be unreasonably withheld).