Changes in Insurance Coverage. No changes shall be made in any of the foregoing insurance requirements unless the prior written consent of each of the Lessor and the Trustee are first obtained. The Lessor may grant or withhold its consent to any proposed change in such insurance in its sole discretion. The Trustee shall be required to grant its consent to any proposed change in such insurance upon compliance with the following conditions: (i) The Lessee or the Guarantor shall deliver not less than 30 days’ prior written notice of any proposed change in such insurance to the Trustee; and (ii) The Required Noteholders of each Group I Series of Notes Outstanding shall have consented to the proposed change.
Appears in 2 contracts
Sources: Master Motor Vehicle Operating Lease Agreement (Avis Budget Group, Inc.), Master Motor Vehicle Operating Lease Agreement (Avis Budget Group, Inc.)
Changes in Insurance Coverage. No changes shall be made in any of the foregoing insurance requirements unless the prior written consent of each of the Lessor and the Trustee are first obtained. The Lessor may grant or withhold its consent to any proposed change in such insurance in its sole discretion. The Trustee shall be required to grant its consent to any proposed change in such insurance upon compliance with the following conditions:
(i) The Lessee or the Guarantor shall deliver not less than 30 days’ prior written notice of any proposed change in such insurance to the Trustee; and
(ii) The Required Noteholders of each Group I Series of Notes Outstanding shall have consented to the proposed change.
Appears in 1 contract
Sources: Master Motor Vehicle Operating Lease Agreement (Cendant Corp)