Common use of 6Insurance Clause in Contracts

6Insurance. At Borrowers’ expense, maintain insurance respecting each of the Loan Parties’ and their Subsidiaries’ assets wherever located, covering loss or damage by fire, theft, explosion, and all other hazards and risks as ordinarily are insured against by other Persons engaged in the same or similar businesses. All such policies of insurance shall be with responsible and reputable insurance companies reasonably acceptable to Agent and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and in any event in amount, adequacy and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent). All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a standard noncontributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than 30 days (10 days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If any Borrower fails to maintain such insurance, Agent may arrange for such insurance, but at such Borrower’s expense and without any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Borrowers shall give Agent prompt notice of any loss exceeding $1,000,000 covered by its casualty or business interruption insurance. Upon the occurrence and during the continuance of an Event of Default, subject to the Intercreditor Agreement, Agent shall have the first right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Notwithstanding anything in this Section 5.6, the Loan Parties and their Subsidiaries shall be permitted to self-insure on a basis consistent with commercially reasonable business practices. The parties hereby acknowledge that Borrowers’ self-insurance practices in effect on the Closing Date are commercially reasonable business practices as of the date of this Agreement.

6Insurance. At (a) Each Loan Party will, and will cause each of its Subsidiaries to, at Borrowers’ expense, maintain insurance respecting each of the each Loan Parties’ Party’s and their its Subsidiaries’ assets wherever located, covering loss liabilities, losses or damage by fire, theft, explosion, and all other hazards and risks damages as ordinarily are customarily are insured against by other Persons engaged in the same or similar businessesbusinesses and similarly situated and located. All such policies of insurance shall be with responsible financially sound and reputable insurance companies reasonably acceptable to Agent (in the good faith judgment of management of the Loan Parties) and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and in any event in amount, adequacy and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent)located. All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard lender’s loss payable endorsement with a standard noncontributory non-contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the lender’s loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for ​ ​ ​ ​ not less than 30 thirty days (10 ten days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If any Borrower Loan Party or its Subsidiaries fails to maintain such insurance, Agent may arrange for such insurance, but at such Borrower’s Borrowers’ expense and without any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. . (b) Borrowers shall give Agent prompt notice of any loss exceeding $1,000,000 500,000 covered by its the casualty or business interruption insuranceinsurance of any Loan Party or its Subsidiaries upon acceptance of such claim by the applicable insurer. Upon the occurrence and during the continuance of an Event of Default, subject to the Intercreditor Agreement, Agent shall have the first sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Notwithstanding the foregoing and anything to the contrary in this Section 5.6any Loan Document, the Loan Parties and their Subsidiaries shall be permitted to may self-insure on a basis consistent with commercially reasonable business practices. The parties hereby acknowledge that any Notes Priority Collateral against such risks and in such amounts as are customary in Borrowers’ self-industry, in which case no such insurance practices certificates and endorsements otherwise required by the Loan Documents will be required. (c) If at any time the area in effect which any Real Property that is subject to a Mortgage is located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount and on terms that are satisfactory to Agent and all Lenders from time to time, and otherwise comply with the Closing Date are commercially reasonable business practices Flood Laws or as of the date of this Agreementis otherwise satisfactory to Agent and all Lenders.

6Insurance. At Each Borrower will, and will cause each of its Subsidiaries to, at Borrowers’ expense, maintain insurance respecting each of the Loan Parties’ each Borrower’s and their its Subsidiaries’ assets wherever located, covering loss liabilities, losses or damage by fire, theft, explosion, and all other hazards and risks damages as ordinarily are customarily are insured against by other Persons engaged in the same or similar businessesbusinesses and similarly situated and located. All such policies of insurance shall be with responsible financially sound and reputable insurance companies reasonably acceptable to Agent (it being agreed that, as of the Closing Date, the insurance companies currently providing insurance to the Borrowers and its Subsidiaries are acceptable to Agent) and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and and, in any event event, in amount, adequacy adequacy, and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy adequacy, and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent). All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a standard noncontributory non contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than 30 days (10 days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If any Borrower fails to maintain such insurance, Agent may arrange for such insurance, but at such Borrower’s expense and without any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. Borrowers shall give Agent prompt notice of any loss exceeding $1,000,000 250,000 covered by its their or their Subsidiaries’ casualty or business interruption insurance. Upon the occurrence and during the continuance of an Event of Default, subject to the Intercreditor Agreement, Agent shall have the first sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Notwithstanding anything in this Section 5.6, the Loan Parties and their Subsidiaries shall be permitted to self-insure on a basis consistent with commercially reasonable business practices. The parties hereby acknowledge that Borrowers’ self-insurance practices in effect on the Closing Date are commercially reasonable business practices as of the date of this Agreement.

6Insurance. At (a) Each Loan Party will, and will cause each of its Subsidiaries to, at Borrowers’ expense, maintain insurance respecting each of the each Loan Parties’ Party’s and their its Subsidiaries’ assets wherever located, covering loss liabilities, losses or damage by fire, theft, explosion, and all other hazards and risks damages as ordinarily are customarily are insured against by other Persons engaged in the same or similar businessesbusinesses and similarly situated and located. All such policies of insurance shall be with responsible financially sound and reputable insurance companies reasonably acceptable to Agent (it being agreed that, as of the Closing Date, the Loan Parties’ existing insurance providers as set forth in the certificates of insurance delivered to Agent on or about the Closing Date shall be deemed to be acceptable to Agent) and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and and, in any event event, in amount, adequacy adequacy, and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy adequacy, and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent). All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard lender’s loss payable endorsement with a standard noncontributory non-contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the lender’s loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than 30 thirty days (10 ten days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If any Borrower Loan Party or its Subsidiaries fails to maintain such insurance, Agent may arrange for such insurance, but at such Borrower’s Borrowers’ expense and without any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. . (b) Borrowers shall give Agent prompt notice of any loss exceeding $1,000,000 500,000 covered by its the casualty or business interruption insuranceinsurance of any Loan Party or its Subsidiaries. Upon the occurrence and during the continuance of an Event of Default, subject to the Intercreditor Agreement, Agent shall have the first sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Notwithstanding anything . (c) If at any time the area in this Section 5.6which any Real Property that is subject to a Mortgage is located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount and on terms that are satisfactory to Agent and all Lenders from time to time, and otherwise comply with the Loan Parties Flood Laws or as is otherwise satisfactory to Agent and their Subsidiaries shall be permitted to self-insure on a basis consistent with commercially reasonable business practices. The parties hereby acknowledge that Borrowers’ self-insurance practices in effect on the Closing Date are commercially reasonable business practices as of the date of this Agreementall Lenders.

6Insurance. At Borrowers’ expense(a) (i) Keep all its insurable properties and properties in which such Loan Party has an interest adequately insured for such amounts and with such coverage, maintain insurance respecting each as is customary in the case of the Loan Parties’ and their Subsidiaries’ assets wherever located, covering loss or damage by fire, theft, explosion, and all other hazards and risks as ordinarily are insured against by other Persons companies engaged in the same or businesses similar businesses. All to such policies of insurance shall be with responsible and reputable insurance companies reasonably acceptable to Agent and Loan Party’s; (ii) maintain a bond in such amounts as is carried customary in the case of companies engaged in businesses similar to such Loan Party insuring against larceny, embezzlement or other criminal misappropriation of insured’s officers and employees who may either singly or jointly with others at any time have access to the assets or funds of such Loan Party either directly or through authority to draw upon such funds or to direct generally the disposition of such assets; (iii) maintain public and product liability insurance against claims for personal injury, death or property damage suffered by others; (iv) maintain all such worker’s compensation or similar insurance as may be required under the laws of any state or jurisdiction in accordance with sound business practice by companies which such Loan Party is engaged in similar businesses similarly situated and located and business; (v) endeavor to furnish Agent promptly and, in any event event, upon request, with (A) copies of all policies and evidence of the maintenance of such policies by the renewal thereof before any expiration date, and (B) appropriate loss payable endorsements in amountform and substance satisfactory to Agent, adequacy naming Agent as an additional insured and scope reasonably satisfactory mortgagee (if applicable), and lender loss payee (as applicable and subject to the Intercreditor Agreement) as its interests may appear with respect to all insurance coverage referred to in clauses (i), and (iii) above, and providing (I) that all proceeds thereunder shall be payable to Agent, (II) no such insurance shall be affected by any act or neglect of the insured or owner of the property described in such policy, and (III) that such policy and loss payable clauses ​ ​ ​ may not be cancelled, amended or terminated unless at least thirty (30) days prior written notice is given to Agent (it being agreed that the amount, adequacy and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent). All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard loss payable endorsement with a standard noncontributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than 30 days (10 days in the case of non-payment, at least ten (10) days prior written notice notice). In the event of any loss thereunder, the carriers named therein hereby are directed by Agent and the applicable Loan Party to make payment for such loss to Agent of the exercise of any right of cancellationand not to such Loan Party and Agent jointly. If any Borrower fails insurance losses are paid by check, draft or other instrument payable to maintain such insuranceany Loan Party and Agent jointly, Agent may arrange endorse such Loan Party’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash. If any such payment for such insuranceloss is made to a Loan Party and not Agent, such Loan Party shall turnover payment to Agent. (b) Each Loan Party shall take all actions required under the Flood Laws and/or requested by Agent to assist in ensuring that each Lender is in compliance with the Flood Laws applicable to the Collateral, including, but at not limited to, providing Agent with the address and/or GPS coordinates of each structure on any real property that will be subject to a mortgage in favor of Agent, for the benefit of Lenders, and, to the extent required, obtaining flood insurance for such Borrower’s expense property, structures and without any responsibility on Agent’s part contents prior to such property, structures and contents becoming Collateral, and thereafter maintaining such flood insurance in full force and effect for obtaining so long as required by the insuranceFlood Laws. (c) While no Event of Default exists, the solvency Loan Parties may adjust and compromise claims under insurance coverage referred to in this Section 6.6 relating to ABL Facility Priority Collateral and any recoveries in respect of the insurance companies, the adequacy of the coverage, or the collection of claimsABL Facility Priority Collateral during any Trigger Period shall be paid to Agent. Borrowers shall give Agent prompt notice of At any loss exceeding $1,000,000 covered by its casualty or business interruption insurance. Upon the occurrence and during the continuance of time while an Event of Default, subject to the Intercreditor AgreementDefault exists, Agent shall have the first right is hereby authorized to file adjust and compromise claims under any property and general liability such insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims coverage. All loss recoveries received by Agent under any such insurance policiesmay be applied to the Obligations, in such order as Agent in its sole discretion shall determine. Notwithstanding anything in this Section 5.6, the Any surplus shall be paid by Agent to Loan Parties and their Subsidiaries or applied as may be otherwise required by law. Any deficiency thereon shall be permitted paid by Loan Parties to self-insure Agent, on a basis consistent with commercially reasonable business practicesdemand. The parties hereby acknowledge that If any Loan Party fails to obtain insurance as hereinabove provided, or to keep the same in force, Agent, if Agent so elects, may obtain such insurance and pay the premium therefor on behalf of such Loan Party, which payments shall be charged to Borrowers’ self-insurance practices in effect on the Closing Date are commercially reasonable business practices as Account and constitute part of the date of this AgreementObligations.

6Insurance. At (a) Each Loan Party will, and will cause each of its Subsidiaries to, at Borrowers’ expense, maintain insurance respecting each of the each Loan Parties’ Party’s and their its Subsidiaries’ assets wherever located, covering loss liabilities, losses or damage by fire, theft, explosion, and all other hazards and risks damages as ordinarily are customarily are insured against by other Persons engaged in the same or similar businessesbusinesses and similarly situated and located. All such policies of insurance shall be with responsible financially sound and reputable insurance companies reasonably acceptable to Agent (in the good faith judgment of management of the Loan Parties) and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and in any event in amount, adequacy and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent)located. All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard lender’s loss payable endorsement with a standard noncontributory non-contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the lender’s loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than 30 thirty days (10 ten days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If any Borrower Loan Party or its Subsidiaries fails to maintain such insurance, Agent may arrange for such insurance, but at such Borrower’s Borrowers’ expense and without any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. . (b) Borrowers shall give Agent prompt notice of any loss exceeding $1,000,000 500,000 covered by its the casualty or business interruption insuranceinsurance of any Loan Party or its Subsidiaries upon acceptance of ​ ​ ​ ​ such claim by the applicable insurer. Upon the occurrence and during the continuance of an Event of Default, subject to the Intercreditor Agreement, Agent shall have the first sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Notwithstanding the foregoing and anything to the contrary in this Section 5.6any Loan Document, the Loan Parties and their Subsidiaries shall be permitted to may self-insure on a basis consistent with commercially reasonable business practices. The parties hereby acknowledge that any Notes Priority Collateral against such risks and in such amounts as are customary in Borrowers’ self-industry, in which case no such insurance practices certificates and endorsements otherwise required by the Loan Documents will be required. (c) If at any time the area in effect which any Real Property that is subject to a Mortgage is located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount and on terms that are satisfactory to Agent and all Lenders from time to time, and otherwise comply with the Closing Date are commercially reasonable business practices Flood Laws or as of the date of this Agreementis otherwise satisfactory to Agent and all Lenders.

6Insurance. At (a) Each Loan Party will, and will cause each of its Subsidiaries to, at Borrowers’ expense, maintain insurance respecting each of the each Loan Parties’ Party’s and their its Subsidiaries’ assets wherever located, covering loss liabilities, losses or damage by fire, theft, explosion, and all other hazards and risks damages as ordinarily are customarily are insured against by other Persons engaged in the same or similar businessesbusinesses and similarly situated and located. All such policies of insurance shall be with responsible financially sound and reputable insurance companies reasonably acceptable to Agent (in the good faith judgment of ​ management of the Loan Parties) and in such amounts as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated and located and in any event in amount, adequacy and scope reasonably satisfactory to Agent (it being agreed that the amount, adequacy and scope of the policies of insurance of Borrowers in effect as of the Closing Date are acceptable to Agent)located. All property insurance policies covering the Collateral are to be made payable to Agent for the benefit of Agent and the Lenders, as their interests may appear, in case of loss, pursuant to a standard lender’s loss payable endorsement with a standard noncontributory non- contributory “lender” or “secured party” clause and are to contain such other provisions as Agent may reasonably require to fully protect the Lenders’ interest in the Collateral and to any payments to be made under such policies. All certificates of property and general liability insurance are to be delivered to Agent, with the lender’s loss payable (but only in respect of Collateral) and additional insured endorsements in favor of Agent and shall provide for not less than 30 thirty days (10 ten days in the case of non-payment) prior written notice to Agent of the exercise of any right of cancellation. If any Borrower Loan Party or its Subsidiaries fails to maintain such insurance, Agent may arrange for such insurance, but at such Borrower’s Borrowers’ expense and without any responsibility on Agent’s part for obtaining the insurance, the solvency of the insurance companies, the adequacy of the coverage, or the collection of claims. . (b) Borrowers shall give Agent prompt notice of any loss exceeding $1,000,000 500,000 covered by its the casualty or business interruption insuranceinsurance of any Loan Party or its Subsidiaries upon acceptance of such claim by the applicable insurer. Upon the occurrence and during the continuance of an Event of Default, subject to the Intercreditor Agreement, Agent shall have the first sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies. Notwithstanding the foregoing and anything to the contrary in this Section 5.6any Loan Document, the Loan Parties and their Subsidiaries shall be permitted to may self-insure on a basis consistent with commercially reasonable business practices. The parties hereby acknowledge that any Notes Priority Collateral against such risks and in such amounts as are customary in Borrowers’ self-industry, in which case no such insurance practices certificates and endorsements otherwise required by the Loan Documents will be required. (c) If at any time the area in effect which any Real Property that is subject to a Mortgage is located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount and on terms that are satisfactory to Agent and all Lenders from time to time, and otherwise comply with the Closing Date are commercially reasonable business practices Flood Laws or as of the date of this Agreementis otherwise satisfactory to Agent and all Lenders.