05Insurance. Such Obligor will, and will cause each of its Subsidiaries to maintain, with financially sound and reputable insurance companies, insurance against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, and with coverage and amounts as customarily carried under similar circumstances by such other companies but in no event less than the amounts for property insurance and liability insurance maintained by Obligors as of the date hereof. Upon the request of the Administrative Agent or Majority Lenders, Borrower shall furnish the Administrative Agent from time to time with (i) full information as to the insurance carried by it and, if so requested, copies of all such insurance policies and (ii) a certificate from Borrower’s insurance broker or other insurance specialist stating that all premiums then due on the policies relating to insurance on the Collateral have been paid, that such policies are in full force and effect. Borrower shall use commercially reasonable efforts to ensure, or cause others to ensure, that all insurance policies required under this Section 8.05 shall provide that they shall not be terminated or cancelled nor shall any such policy be materially changed in a manner adverse to Borrower without at least 30 days’ prior written notice to Borrower and the Administrative Agent. Receipt of notice of termination or cancellation of any such insurance policies or reduction of coverages or amounts thereunder shall entitle Secured Parties to renew any such policies, cause the coverages and amounts thereof to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case at the expense of Borrower (payable on demand). The amount of any such expenses shall accrue interest at the Default Rate if not paid on demand, and shall constitute “Obligations.”
05Insurance. (a) All risk of loss of the Collateral shall be borne solely by the Loan Parties. Each Loan Party shall purchase and maintain from an insurance company rated at least “A-”, Class IX or better by A.M. Best Company, Inc. (“A.M. Best”) or otherwise acceptable to the Administrative Agent and the Required Lenders, the following program of insurance:
(i) Property insurance with respect to the Collateral (subject to the Collateral Documents) on an all risk of physical loss basis for the full replacement cost thereof (with an endorsement sufficient to negate any coinsurance requirement) with a per occurrence maximum amount not less than the per occurrence maximum amounts customarily maintained by Persons of comparable size engaged in the same or a similar business as the Loan Parties, and with a deductible not to exceed $500,000 per occurrence, providing, without limitation, coverage against loss or damage by fire, lightning, windstorm, hail, explosion, riot, civil commotion, aircraft, vehicles, smoke, debris removal and other risks from time to time included under “all-risk” coverage subject to annual aggregate limits of not less than the limits of insurance in place on the Effective Date;
(ii) Directors and officers liability insurance covering the directors and officers of the Loan Parties in an amount of not less than $5,000,000;
(iii) Such other insurance against loss, damage, and liability in at least the amounts (and with only those deductibles) customarily maintained, and against such risks as are typically insured against in the same line of business, by Persons of comparable size engaged in the same or a similar business as the Loan Parties;
(iv) All workers’ compensation, employer liability insurance, or similar insurance as may be required under the laws of any state or jurisdiction in which such Borrower may be engaged in business; and
(v) All flood insurance with respect to the Collateral as may be required under applicable law; naming the Administrative Agent, for itself and for the benefit of itself and the Lenders as additional insureds (the “Additional Insureds”) and, with respect to property insurance covering the Collateral, naming the Administrative Agent and its successors and assigns as first loss payee under a standard lender’s loss payee rider. Such insurance policies shall provide: (1) breach of warranty providing that the interest of the Additional Insureds shall not be invalidated by any action or inaction of any Loan Party, (2) wai...
05Insurance. Such Obligor will, and will cause each of its Subsidiaries to maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. Upon the request of the Administrative Agent, the Borrower shall furnish the Administrative Agent from time to time with (i) material information as to the insurance carried by it and, if so requested, copies of all such insurance policies and (ii) a certificate from the Borrower’s insurance broker or other insurance specialist stating that all premiums then due on the policies relating to insurance on the Collateral have been paid and that such policies are in full force and effect. Receipt of notice of termination or cancellation of any such insurance policies or reduction of coverages or amounts thereunder shall entitle the Secured Parties to renew any such policies, cause the coverages and amounts thereof to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case, the Borrower will be responsible for the reasonable and documented cost of such insurance (to be payable on demand). The amount of any such reasonable and documented expenses shall accrue interest at the Default Rate if not paid on demand and shall constitute “Obligations.”
05Insurance. (a) Borrower, at its sole cost and expense, shall at all times, unless otherwise indicated, provide, maintain and keep in force:
(1) property insurance covering the Improvements and Personal Property against loss or damage from such causes of loss as are embraced by insurance policies of the type now known as “All Risks” or “Open Perils” property insurance on a replacement cost basis with an Agreed Value Endorsement waiving co-insurance, all in an amount not less than one hundred percent (100%) of the then full replacement cost of the Improvements (exclusive of the cost of excavations, foundations and footings below the lowest basement floor) and Personal Property, without deduction for physical depreciation thereof. Such property insurance shall include a Demolition and Increased Cost of Construction Endorsement, if required by Xxxxxx, as well as such other insurance as Lender may from time to time designate to cover other risks and hazards affecting the Property;
(2) flood insurance in an amount equal to the lesser of 100% of the full replacement cost of the Improvements, or the maximum amount of insurance obtainable; provided, however, that such insurance shall be required only when all or any portion of the Land is located within a 100-year flood plain or area designated as subject to flood by the Federal Emergency Management Agency or any other governmental agency, or when required by any federal, state or local law, statute, regulation or ordinance;
(3) builder’s risk insurance insuring against loss or damage from such causes of loss as are embraced by insurance policies of the type now known as “Builder’s Risks” property insurance (written on an “all risk” or “open perils” basis), including, without limitation, fire and extended coverage, collapse of the improvements to agreed limits, all in form and substance acceptable to Lender and (i) as to property then subject to Restoration (as defined in Section 1.07(b)) or any restoration accomplished in connection with a Condemnation, in an amount not less than the full replacement cost of such property, and (ii) as to any additional improvements then being constructed, in an amount not less than the completed value on a non reporting form, of the additional improvements then being constructed; provided, however, that such insurance shall be required only during any period of Restoration or any restoration accomplished in connection with a Condemnation, or any period of construction of any additional impro...
05Insurance. The terms and provisions of Section 4.24 of the Indenture are hereby incorporated by reference into this Deed of Trust to the same extent and with the same force as if fully set forth herein.
05Insurance. The Issuer shall, and shall cause each of its Subsidiaries to maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, and with coverage amounts of at least $2,000,000 in general liability insurance with a $5,000,000 umbrella. Upon the request of the Administrative Agent, the Issuer shall furnish to the Administrative Agent from time to time: (i) full information as to the insurance carried by the Issuer and each of its Subsidiaries and, if so requested, copies of all such insurance policies and (ii) a certificate from the Issuer’s insurance broker or other insurance specialist stating that all premiums then due on the policies relating to insurance in respect of the Collateral have been paid and that such policies are in full force and effect. The Issuer shall use commercially reasonable efforts to ensure, or cause others to ensure, that all insurance policies in respect of the Collateral shall provide that they shall not be terminated or cancelled without at least thirty (30) days’ (ten (10) days for nonpayment of premium) prior written notice to the Issuer and the Administrative Agent. Receipt of notice of cancellation or modification of any such insurance policies or reduction of coverage or amounts thereunder shall entitle any Secured Party to renew any such policies, cause the coverage and amounts thereof to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case at the expense of the Issuer (payable on demand).
05Insurance. Any indemnification payments hereunder shall take into account any insurance proceeds or other third-party reimbursement actually received.
05Insurance. The terms and provisions of Section 4.24 of the Indenture are hereby incorporated by reference into this Mortgage to the same extent and with the same force as if fully set forth herein.
