Common use of Asset-Related Insurance Clause in Contracts

Asset-Related Insurance. On the Closing Date, (a) the Transferor shall cause to be assigned, to the extent assignable, all existing insurance policies in respect of any Asset or the Collateral for any Asset; (b) the Company shall be responsible for having itself substituted as loss payee on all Asset-related insurance in which the Failed Bank or the Transferor is currently listed as a loss payee; and (c) the Company shall cause to be put into place such insurance for the Assets and the Collateral for the Assets with respect to which the Borrower has failed to maintain required insurance, fire, hurricane, flood and hazard insurance with extended coverage as is customary in the area in which the Assets or the Collateral is located and in such amounts and with such deductibles as, in the reasonable judgment of the Company, are prudent. Upon the cancellation after the Closing Date of any insurance policy maintained by the Transferor or the Failed Bank with respect to any Asset and the receipt by the Company or the Transferor of any refund of any premiums previously paid with respect thereto, such refunded amount shall inure to the benefit of the Borrowers with respect to the affected Assets, and such refunded amount shall be remitted to (or retained by) the Company and applied as appropriate to adjust the Escrow Accounts, if any, or other records with respect to such affected Assets.

Asset-Related Insurance. On the Closing Date, (a) the Transferor Initial Member shall cause to be assigned, to the extent assignable, all existing insurance policies in respect of any Asset or the Collateral for any Asset; (b) the Company shall be responsible for having itself substituted as loss payee on all Asset-related insurance in which the any Failed Bank or the Transferor Initial Member is currently listed as a loss payee; and (c) the Company shall cause to be put into place such insurance for the Assets and the Collateral for the Assets with respect to which the Borrower has failed to maintain required insurance, fire, hurricane, flood and hazard insurance with extended coverage as is customary in the area in which the Assets or the Collateral is located and in such amounts and with such deductibles as, in the reasonable judgment of the Company, are prudent. Upon the cancellation after the Closing Date of any insurance policy maintained by the Transferor Initial Member or the Failed Bank with respect to any Asset and the receipt by the Company or the Transferor Initial Member of any refund of any premiums previously paid with respect thereto, such refunded amount shall inure to the benefit of the Borrowers with respect to the affected Assets, and such refunded amount shall be remitted to (or retained by) the Company and applied as appropriate to adjust the Escrow Accounts, if any, or other records with respect to such affected Assets.

Asset-Related Insurance. On the Closing Date, (a) the Transferor Initial Member shall cause to be assigned, to the extent assignable, all existing insurance policies in respect of any Asset or the Collateral for any Asset; (b) the Company shall be responsible for having itself substituted as loss payee or named as an additional insured, as applicable, on all Asset-related insurance in which the any Failed Bank or the Transferor Initial Member is currently listed as a loss payeepayee or named as an additional insured, as applicable; and (c) to the extent the Borrower has failed to provide required insurance, the Company shall cause to be put into place such insurance for the Assets and the Collateral for the Assets with respect to which the Borrower has failed to maintain required insurance, fire, hurricane, flood and hazard insurance with extended coverage as is customary in the area in which the Assets or the Collateral is located and in such amounts and with such deductibles as, in the reasonable judgment of the Company, are prudent. Upon the cancellation after the Closing Date of any insurance policy maintained by the Transferor Initial Member or the Failed Bank with respect to any Asset Loan and the receipt by the Company or the Transferor Initial Member of any refund of any premiums previously paid with respect thereto, such refunded amount shall inure to the benefit of the Borrowers with respect to the affected Assets, and such refunded amount shall be remitted to (or retained by) the Company and applied as appropriate to adjust the Escrow Accounts, if any, or other records with respect to such affected Assets.