Common use of Alteration to terms of insurances Clause in Contracts

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).

Appears in 2 contracts

Sources: Loan Agreement (Euroseas Ltd.), Loan Agreement (EuroDry Ltd.)

Alteration to terms of insurances. The Borrower Borrowers 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).

Appears in 2 contracts

Sources: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.)

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-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).

Appears in 1 contract

Sources: Loan Agreement (Euroseas Ltd.)