Common use of 5Insurance Clause in Contracts

5Insurance. Borrower, at its expense, shall (i) keep the Collateral insured against loss or damage, and (ii) maintain liability and other insurance, in each case as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All policies of property insurance shall contain a lender’s loss payable endorsement, in a form reasonably satisfactory to Bank, showing Bank as lender’s loss payee. All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any such insurance policies shall specify that the insurer must give at least 20 days’ notice to Bank before canceling its policy for any reason. Within 30 days of the Closing Date, Borrower shall cause to be furnished to Bank evidence that the insurance policies required by this section are in full force and effect, including a copy of its policies and appropriate evidence showing loss payable and additional insured clauses or endorsements in favor of Bank. Upon Bank’s request, ▇▇▇▇▇▇▇▇ shall deliver to Bank certified copies of the policies of insurance and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that any such replacement property shall be deemed Collateral in which Bank has been granted a first priority security interest, provided that if an Event of Default has occurred and is continuing, all proceeds payable under any such policy shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations.

5Insurance. Borrower, at (a) Keep its expense, shall (i) keep business and the Collateral insured against loss or damage, for risks and (ii) maintain liability in amounts standard for companies in Borrower’s industry and other insurance, in each case location and as ordinarily insured against by other owners in businesses similar to Borrower’sBank may reasonably request. All such Insurance policies of insurance shall be in such a form, with such companiesfinancially sound and reputable insurance companies that are not Affiliates of Borrower, and in such amounts as that are reasonably satisfactory to Bank. All . (b) Subject to Section 5.14 hereof, all property policies of property insurance shall contain have a lender’s loss payable endorsement, in a form reasonably satisfactory to Bank, endorsement showing Bank as lender’s lender loss payee. All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any Subject to Section 5.14 hereof, Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance policies shall specify providing coverage in respect of any Collateral. [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. ‌ 13 ​ (c) Ensure that the insurer must give proceeds payable under any property policy are, at least 20 days’ notice Bank’s option, payable to Bank before canceling its policy for any reason. Within 30 days on account of the Closing DateObligations. (d) At Bank’s written request, Borrower shall cause to be furnished to Bank evidence that the insurance policies required by this section are in full force and effect, including a copy of its policies and appropriate evidence showing loss payable and additional insured clauses or endorsements in favor of Bank. Upon Bank’s request, ▇▇▇▇▇▇▇▇ shall deliver to Bank certified copies of the insurance policies of insurance and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that Each provider of any such replacement property or liability insurance required under this Section 5.5 shall be deemed Collateral in which agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank has been granted a first priority security interest, provided that if an Event of Default has occurred and is continuing, all proceeds payable under 30 days’ prior written notice before any such policy shallor policies shall be canceled or altered in any material respect. If Borrower fails to obtain insurance as required under this Section 5.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, at Bank’s optionBank may make all or part of such payment or obtain such insurance policies required in this Section 5.5, be payable to and take any action under the policies Bank to be applied on account of the Obligationsdeems prudent.

5Insurance. Borrower, at its expense, shall (i) keep the Collateral insured against loss or damage, and (ii) maintain liability and other insurance, in each case as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All policies of property insurance shall contain a lender’s loss payable endorsement, in a form reasonably satisfactory to Bank, showing Bank as lender’s loss payee. All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any such insurance policies shall specify that the insurer must give at least 20 days’ notice to Bank before canceling its policy for any reason. Within 30 days of the Closing Date, Borrower shall cause to be furnished to Bank evidence that the insurance policies required by this section are in full force and effect, including a copy of its policies and appropriate evidence showing loss payable and additional insured clauses or endorsements in favor of Bank. Upon Bank’s request, ▇▇▇▇▇▇▇▇ Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that any such replacement property shall be deemed Collateral in which Bank has been granted a first priority security interest, provided that if an Event of Default has occurred and is continuing, all proceeds payable under any such policy shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations.

5Insurance. Borrower, at (a) Keep its expense, shall (i) keep business and the Collateral insured against loss or damage, for risks and (ii) maintain liability in amounts standard for companies in Borrower’s industry and other insurance, in each case location and as ordinarily insured against by other owners in businesses similar to Borrower’sBank may reasonably request. All such Insurance policies of insurance shall be in such a form, with such companiesfinancially sound and reputable insurance companies that are not Affiliates of Borrower, and in such amounts as reasonably that are satisfactory to Bank. All property policies of property insurance shall contain have a lender’s loss payable endorsement, in a form reasonably satisfactory to Bank, endorsement showing Bank as lender’s lender loss payee. All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance policies shall specify that the insurer must give providing coverage in respect of any Collateral. (b) Proceeds payable under any property policy are, at least 20 days’ notice Bank’s option, payable to Bank before canceling its policy for any reason. Within 30 days on account of the Closing Date, Borrower shall cause to be furnished to Bank evidence that the insurance policies required by this section are in full force and effect, including a copy of its policies and appropriate evidence showing loss payable and additional insured clauses or endorsements in favor of Bank. Upon Obligations. (c) At Bank’s request, ▇▇▇▇▇▇▇▇ shall deliver to Bank certified copies of the insurance policies of insurance and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that Each provider of any such replacement property insurance required under this Section 6.5 shall be deemed Collateral in which agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank has been granted a first priority security interest, provided that if an Event twenty (20) days prior written notice (ten (10) days’ for non-payment of Default has occurred and is continuing, all proceeds payable under premium) before any such policy shallor policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, at Bank’s optionBank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, be payable to and take any action under the policies Bank to be applied on account of the Obligationsdeems prudent.