Amendment of Requirements Sample Clauses
The Amendment of Requirements clause allows for changes to the original specifications, obligations, or standards set forth in an agreement. Typically, this clause outlines the process by which either party can propose modifications, often requiring mutual written consent or a formal amendment procedure. For example, if project deliverables or regulatory standards change during the contract term, this clause provides a mechanism to update the agreement accordingly. Its core function is to ensure flexibility and adaptability, enabling the contract to remain relevant and enforceable as circumstances evolve.
Amendment of Requirements. (a) If any insurance required to be maintained by the Facility Lessee pursuant to this Section 11 (including the limits or deductibles or any other terms under policies for such insurance) ceases to be available on a commercially reasonable basis, the Facility Lessee shall provide written notice to the Owner Lessor and, so long as the Lien of the Lease Indenture shall not have been terminated or discharged, the Lease Indenture Trustee accompanied by a letter from the Facility Lessee's insurance broker stating that such insurance is unavailable on a commercially reasonable basis. Such notice shall be given not less than thirty (30) days prior to the scheduled date for renewal of any such policy. Upon receipt of such notice by the Owner Lessor, the Owner Lessor and the Facility Lessee shall immediately enter into good faith negotiations in order to obtain an alternative to such insurance.
(b) In the event that the Owner Lessor and the Facility Lessee cannot reach a resolution acceptable to both parties within ten (10) days, the Owner Lessor and the Facility Lessee shall make arrangements for the formation of an insurance panel consisting of the Facility Lessee's insurance advisor (or broker), the Owner Lessor's insurance advisor (or broker) and an independent insurance expert from a nationally recognized insurance brokerage firm, chosen by the Facility Lessee and reasonably acceptable to the Owner Lessor. Such independent expert shall conduct a separate review of the relevant insurance requirements of this Section 11 and the market for such insurance at the time, giving due consideration to the representations of both insurance advisors, and upon conclusion of such review shall issue a written report stating whether such insurance is available or unavailable on a commercially reasonable basis.
(c) If the insurance expert concludes that such insurance is not available on a commercially reasonable basis, the insurance expert shall provide a written recommendation (which shall include the amount and type of insurance which is available upon a commercially reasonable basis) not less than fifteen (15) days before the date for renewal of such insurance. The Facility Lessee shall, prior to the expiration of the insurance then in effect, obtain the insurance required by this Section 11 that is available on a commercially reasonable basis. If the credit rating of the Lessee Guarantor (or, if there is no Lessee Guarantor, of the Facility Lessee) is at least BBB- and B...
Amendment of Requirements. The Required Holders may at any time amend the requirements and approved insurance companies described in this Section 9.2 or Schedule 9.2 due to (i) new information not previously known by the Purchasers prior to the Closing Date or (ii) changed circumstances after Closing Date, in which in the reasonable judgment of the Required Holders either renders a required coverage to be materially inadequate or materially reduces the financial ability of the approved insurance companies to pay claims.
Amendment of Requirements. 26 Section 11.7. Application of Insurance Proceeds............................. 28 SECTION 12. INSPECTION........................................................... 28 SECTION 13.
Amendment of Requirements. From time to time, University of Pittsburgh - ▇▇▇▇▇▇▇▇ ▇▇▇ amend the requirements for the Bachelor of Science (B.S.) degree and LECOM may amend the requirements for admission to the Doctor of Dental Medicine Program.
6.3.1. Amendments to LECOM’s admission requirements resulting from changes made by the LECOM’s accreditation agencies will become effective in accordance with the dates specified by the agency making the change. The specified changes will apply to all
6.3.2. Students currently enrolled in the EAP and those enrolling within 12 months from the effective date of an amendment to LECOM’s admission requirements will be exempt from the amendment to LECOM’s admission requirements, except those covered by line
6.3.1. The new requirements will apply to all other students and applicants. If a LECOM admission requirement is reduced or removed by an amendment, the change will immediately apply to all currently enrolled students and new enrollees.
6.3.3. Any amendments made to the pre-dental program requirements at University of Pittsburgh - Bradford affecting an enrolled student must ensure compliance with LECOM’s minimum requirements as set forth in Addendum B.
6.3.4. In the event that such amendment(s) may occur, the amending party shall notify the other of any change(s) prior to January 1st of the academic year in which the change(s) first apply.
Amendment of Requirements. The Administrative Agent (acting on the instruction of the Required Lenders), may at any time after the Effective Date amend the requirements (including, without limitation, the amount and scope of insurance coverage) and approved insurance companies described in this Section 5.9 due to changed circumstances which in the reasonable judgment of the Administrative Agent (acting on the instruction of the Required Lenders and in consultation with the Insurance Advisor), either render such coverage materially inadequate or materially reduce the financial ability of the approved insurance companies to pay claims. For the avoidance of doubt, in no event shall any such amendment by the Administrative Agent require loss of hire insurance. Neither Borrower shall make, or agree to, any alteration to the terms of any insurance nor waive any right relating to any insurance effected by it, as required by this Section 5.9 without (x) prior written notice to the Administrative Agent and (y) with respect to any such alteration or waiver which is material, the prior written consent of the Administrative Agent (acting on the instruction of the Required Lenders).
Amendment of Requirements. 27 Application of Insurance Proceeds................................................................... 28 SECTION 12 INSPECTION ........................................................................................................ 30 SECTION 13 TERMINATION OPTION FOR BURDENSOME EVENTS............................... 31 Section 13.1 Section 13.2 Section 13.3 Section 13.4 Election to Terminate ....................................................................................... 31 Solicitation of QualifYing Cash Bids; Payments Upon Termination ............... 31 Procedure for Exercise of Termination Option ................................................ 32 Assumption of the Notes .................................................................................. 33 SECTION 14 TERMINATION FOR OBSOLESCENCE; PARTIAL RELEASE OF INTERESTS..................................................................................................... 34 Section 14.1 Section 14.2 Section 14.3 Section 14.4 Section 14.5 Section 14.6 Termination ...................................................................................................... 34 Solicitation of Offers........................................................................................ 34 Right of Owner Lessor to Retain the Owner Lessor's Interest......................... 35 Procedure for Exercise of Termination Option ................................................ 36 Certain Conditions to Termination .................................................................. 37 Partial Release oflnterest; Further Assurances ............................................... 37 SECTION 15 LEASE RENEWAL............................................................................................... 39 Section 15.1 Section 15.2 Section 15.3 Section 15.4 Section 15.5 Section 15.6 First Wintergreen Renewal Lease Term .......................................................... 39 Second Wintergreen Renewal Lease Term ...................................................... 39 Fair Market Value Renewal Lease Terms........................................................ 40 Renewal Lease Rent for the Renewal Lease Terms......................................... 40 Determination of Fair Market Rental Value.................................................... 41 Termination Value During Renewal Lease Terms........................................... 41 HOUO 1:587609.2
Amendment of Requirements. The Administrative Agent may upon notice to the Borrower at any time amend the requirements and approved insurance companies of this Section 5.07 due to (i) new information not known by the Lenders on the Financial Closing Date or (ii) changed circumstances after the Financial Closing Date, in either case that in the judgment of the Administrative Agent either renders such insurance coverage materially inadequate or materially reduces the financial ability of the approved insurance companies to pay claims under the insurance policies contemplated by this Agreement. The Borrower shall have thirty (30) days from the date of such notice to implement any such change and achieve compliance with this Section 5.07(c).
Amendment of Requirements. From time to time, JCC may amend the requirements for the pre-pharmacy program and LECOM may amend the requirements for admission to the Doctor of Pharmacy Program.
Amendment of Requirements. The Senior Lenders may at any time amend the requirements and approved insurance companies of this Section 8.04 due to (i) new information not known by the Senior Lenders on the Closing Date or (ii) changed circumstances after the Closing Date which in the reasonable judgment of the Senior Lenders either renders such coverage materially inadequate or materially reduces the financial ability of the approved insurance companies to pay claims. Common Agreement
Amendment of Requirements. From time to time, The University of Pittsburgh at ▇▇▇▇▇▇▇▇ ▇▇▇ amend the requirements for the pre- pharmacy program and LECOM may amend the requirements for admission to the Doctor of Pharmacy Program.