Common use of Assignment of Insurance Clause in Contracts

Assignment of Insurance. Upon the request of the Secured Party, the Debtor shall cause the Collateral to be covered by insurance of a type and in an amount that prudent business people engaged in the same or similar businesses would carry for the same or similar Collateral (and in all events satisfactory to the Secured Party) and shall deliver to the Secured Party copies of, or certificates of the issuing companies with respect to, endorsements of any and all policies of insurance owned by the Debtor covering or in any manner relating to the Collateral, in form and substance satisfactory to the Secured Party, naming the Secured Party as an additional insured party as its interest may appear and indicating that the policy will not be terminated, or reduced in coverage or amount, without at least ten (10) days' prior written notice from the insurer to the Secured Party. As further security for the due payment and performance of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral), the Debtor hereby assigns to the Secured Party all sums, including returned or unearned premiums, which may become payable under or in respect of any policy of insurance owned by the Debtor covering or in any manner relating to the Collateral, and the Debtor hereby directs that upon an Event of Default as specified or defined in the Loan Agreement or the Note (hereinafter referred to as a "Default"), each insurance company issuing any such policy make payment of sums which may become payable thereunder directly to the Secured Party (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral). Upon the occurrence of a Default, the Debtor hereby appoints the Secured Party as the Debtor's attorney-in-fact and in the Debtor's or in the Secured Party's name to endorse any check or draft representing any such payment and to execute any proof of claim, subrogation receipt and any other document required by such insurance company as a condition to or otherwise in connection with such payment, and, upon the occurrence of a Default, to cancel, assign or surrender any such policies. All such sums received by the Secured Party shall be applied by the Secured Party in satisfaction of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral) or, to the extent that such sums represent unearned premiums in respect of any policy of insurance on the Collateral refunded by reason of cancellation, toward payment for similar insurance protecting the respective interests of the Debtor and the Secured Party, or as otherwise required by applicable law, and to the extent not so applied shall be paid over to the Debtor (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral).

Assignment of Insurance. Upon At or prior to the request of the Secured Partydate hereof, the Debtor shall cause the Collateral to be covered by insurance of a type and in an amount that prudent business people engaged in the same or similar businesses would carry for the same or similar Collateral (and in all events satisfactory to the Secured Party) and shall deliver to the Secured Party Parties copies of, or certificates of the issuing companies with respect to, endorsements of any and all policies of insurance owned by the Debtor covering or in any manner relating to the Collateral, in form and substance satisfactory to the Secured Party, Parties naming the Secured Party Parties as an additional insured party as its interest their interests may appear with respect to liability coverage and the Agent on behalf of the Secured Parties a loss payee with respect to property and extended insurance coverage, and indicating that the no such policy will not be terminated, or reduced in coverage or amount, without at least ten thirty (1030) days' days prior written notice from the insurer to the Secured PartyAgent. As further security for the due payment and performance of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Obligations, the Debtor hereby assigns to the Agent for the benefit of the Secured Party Parties all sums, including returned or unearned premiums, which may become payable under or in respect of any policy of insurance owned by the Debtor covering or in any manner relating to the Collateral, and the Debtor hereby directs that upon an Event of Default as specified or defined in the Loan Agreement or the Note (hereinafter referred to as a "Default"), each insurance company issuing any such policy to make payment of sums which may become payable thereunder directly to the Agent for the benefit of the Secured Party (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Parties. Upon the occurrence of a Default, the The Debtor hereby appoints the Secured Party Agent as the Debtor's Debtors attorney-in-fact and authorizes the Agent in the Debtor's Debtors or in the Secured Party's Agents name to endorse any check or draft representing any such payment and to execute any proof of claim, subrogation receipt and any other document required by such insurance company as a condition to or otherwise in connection with such payment, and, upon the occurrence of a any Default or Event of Default, to cancel, assign or surrender any such policies. All such sums received by the Secured Party Agent shall be applied by the Secured Party in Agent to satisfaction of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral) or, to the extent that such sums represent unearned premiums in respect of any policy of insurance on the Collateral refunded by reason of cancellation, toward payment for similar insurance protecting the respective interests of the Debtor and the Secured PartyParties, or as otherwise required by applicable law, and to the extent not so applied shall be paid over to the Debtor (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral).

Assignment of Insurance. Upon At or prior to the request of the Secured Partydate hereof, the Debtor shall cause the Collateral to be covered by insurance of a type and in an amount that prudent business people engaged in the same or similar businesses would carry for the same or similar Collateral (and in all events satisfactory to the Secured Party) and shall deliver to the Secured Party copies of, or certificates of the issuing companies with respect to, endorsements of any and all policies of insurance owned by the Debtor covering or in any manner relating to the Collateral, in form and substance satisfactory to the Secured Party, Party naming the Secured Party as an additional insured party as its interest interests may appear with respect to liability coverage and as loss payee with respect to property and extended insurance coverage, and indicating that the no such policy will not be terminated, or reduced in coverage or amount, without at least ten thirty (1030) days' days prior written notice from the insurer to the Secured Party. As further security for the due payment and performance of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Obligations, the Debtor hereby assigns to the Secured Party all sums, including returned or unearned premiums, which may become payable under or in respect of any policy of insurance owned by the Debtor covering or in any manner relating to the Collateral, and the Debtor hereby directs that upon an Event of Default as specified or defined in the Loan Agreement or the Note (hereinafter referred to as a "Default"), each insurance company issuing any such policy to make payment of sums which may become payable thereunder directly to the Secured Party (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Party. Upon the occurrence of a Default, the The Debtor hereby appoints the Secured Party as the Debtor's attorney-in-fact and authorizes the Secured Party in the Debtor's or in the Secured Party's name to endorse any check or draft representing any such payment and to execute any proof of claim, subrogation receipt and any other document required by such insurance company as a condition to or otherwise in connection with such payment, and, upon the occurrence of a any Event of Default, to cancel, assign or surrender any such policies. All such sums received by the Secured Party shall be applied by the Secured Party in to satisfaction of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral) or, to the extent that such sums represent unearned premiums in respect of any policy of insurance on the Collateral refunded by reason of cancellation, toward payment for similar insurance protecting the respective interests of the Debtor and the Secured Party, or as otherwise required by applicable law, and to the extent not so applied shall be paid over to the Debtor (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral).

Assignment of Insurance. Upon At or prior to the request of the Secured Partydate hereof, the Debtor shall cause the Collateral to be covered by insurance of a type and in an amount that prudent business people engaged in the same or similar businesses would carry for the same or similar Collateral (and in all events satisfactory to the Secured Party) and shall deliver to the Secured Party copies of, or certificates of the issuing companies with respect to, endorsements of any and all policies of insurance owned by the Debtor covering or in any manner relating to the Collateral, in form and substance reasonably satisfactory to the Secured Party, Party naming the Secured Party as an additional insured party as its interest interests may appear with respect to liability coverage and the Secured Party as loss payee with respect to property and extended insurance coverage, and indicating that the no such policy will not be terminated, or reduced in coverage or amount, without at least ten thirty (1030) days' days prior written notice from the insurer to the Secured Party. As further security for the due payment and performance of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Obligations, the Debtor hereby assigns to the Secured Party all sums, including returned or unearned premiums, sums which may become payable under or in respect of any policy of insurance owned by the Debtor covering or in any manner relating to the Collateral, and the Debtor hereby directs that upon an Event of Default as specified or defined in the Loan Agreement or the Note (hereinafter referred to as a "Default"), each insurance company issuing any such policy to make payment of sums which may become payable thereunder directly to the Secured Party (subject, however, Party. In addition to the foregoing, Debtor hereby assigns to Secured Party all of Debtor's rights of any holders of superior liens to returned or security interests relating to the Collateral). Upon unearned premiums after the occurrence and during the continuance of a an Event of Default, the . The Debtor hereby appoints the Secured Party as the Debtor's attorney-in-fact and authorizes the Secured Party in the Debtor's or in the Secured Party's name to endorse any check or draft representing any such payment and to execute any proof of claim, subrogation receipt and any other document required by such insurance company as a condition to or otherwise in connection with such payment, and, upon the occurrence of a any Default or Event of Default, to cancel, assign or surrender any such policies. All such sums received by the Secured Party shall be applied by the Secured Party in to satisfaction of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral) or, to the extent that such sums represent unearned premiums in respect of any policy of insurance on the Collateral refunded by reason of cancellation, toward payment for similar insurance protecting the respective interests of the Debtor and the Secured Party, or as otherwise required by applicable law, and to the extent not so applied shall be paid over to the Debtor (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral).

Assignment of Insurance. Upon the request of the Secured Party, the Debtor shall cause the Collateral to be covered by insurance of a type and in an amount that prudent business people engaged in the same or similar businesses would carry for the same or similar Collateral (and in all events satisfactory to the Secured Party) and shall deliver to the Secured Party copies of, or certificates of the issuing companies with respect to, endorsements of any and all policies of insurance owned by the Debtor covering or in any manner relating to the Collateral, in form and substance satisfactory to the Secured Party, naming the Secured Party as an additional insured party as its interest may appear and indicating that the policy will not be terminated, or reduced in coverage or amount, without at least ten thirty (1030) days' prior written notice from the insurer to the Secured Party. As further security for the due payment and performance of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Obligations, the Debtor hereby assigns to the Secured Party all sums, including returned or unearned premiums, which may become payable under or in respect of any policy of insurance owned by the Debtor covering or in any manner relating to the Collateral, and the Debtor hereby directs that upon an Event of Default as specified or defined in the Loan Agreement or the Note Notes (hereinafter referred to as a "Default"), each insurance company issuing any such policy make payment of sums which may become payable thereunder directly to the Secured Party (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Party. Upon the occurrence of a Default, the Debtor hereby appoints the Secured Party as the Debtor's attorney-in-fact and in the Debtor's or in the Secured Party's name to endorse any check or draft representing any such payment and to execute any proof of claim, subrogation receipt and any other document required by such insurance company as a condition to or otherwise in connection with such payment, and, upon the occurrence of a Default, to cancel, assign or surrender any such policies. All such sums received by the Secured Party shall be applied by the Secured Party in satisfaction of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral) or, to the extent that such sums represent unearned premiums in respect of any policy of insurance on the Collateral refunded by reason of cancellation, toward payment for similar insurance protecting the respective interests of the Debtor and the Secured Party, or as otherwise required by applicable law, and to the extent not so applied shall be paid over to the Debtor (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral)Debtor.

Assignment of Insurance. Upon As additional security for the request Obligations, each Loan Party hereby grants and pledges to Lender a lien and security interest in all rights of such Borrower and such Loan Party under (a) the Secured PartyKey Man Life Insurance Policy and (b) every policy of insurance covering the Collateral and all other assets and property of each Borrower and each other Loan Party (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any such policy, and no later than 3 Business Days following receipt thereof, the Debtor Borrowers hereby agree to prepay the Advances in an aggregate amount equal to the cash proceeds and refunds paid under any such policy (other than Term Priority Collateral) (net of expenses incurred in connection therewith) in excess of $250,000 in any calendar year (provided that the Borrowers shall cause prepay the Collateral to be covered by insurance of a type and Advances in an amount that prudent business people engaged in the same or similar businesses would carry for the same or similar Collateral equal to all such cash proceeds and refunds paid under any such policy (and in all events satisfactory to the Secured Party) and shall deliver to the Secured Party copies of, or certificates of the issuing companies with respect to, endorsements of any and all policies of insurance owned by the Debtor covering or in any manner relating to the Collateral, in form and substance satisfactory to the Secured Party, naming the Secured Party as an additional insured party as its interest may appear and indicating that the policy will not be terminated, or reduced in coverage or amount, without at least ten (10) days' prior written notice from the insurer to the Secured Party. As further security for the due payment and performance of the Secured Obligations (subject, however, to the rights of any holders of superior liens or security interests relating to the other than Term Priority Collateral), regardless of the Debtor hereby assigns to foregoing threshold, during the Secured Party all sums, including returned or unearned premiums, which may become payable under or in respect existence of any policy of insurance owned by the Debtor covering or in any manner relating to the Collateral, and the Debtor hereby directs that upon an Event of Default as specified or defined in if an Overadvance exists). After the Loan Agreement or occurrence and during the Note continuation of an Event of Default, subject to the terms of the Intercreditor Agreement, Lender may (hereinafter referred to as a "Default"but need not), each insurance company issuing in Lender’s or any such policy make payment of sums which may become payable thereunder directly Borrower’s or any other Loan Party’s name, and upon notice to the Secured Party (subjectAdministrative Borrower, however, to the rights of any holders of superior liens or security interests relating to the Collateral). Upon the occurrence of a Default, the Debtor hereby appoints the Secured Party as the Debtor's attorney-in-fact execute and in the Debtor's or in the Secured Party's name to endorse any check or draft representing any such payment and to execute any proof deliver proofs of claim, subrogation receipt receive payment of proceeds and any endorse checks and other document required by such insurance company as a condition to or otherwise in connection with such payment, and, upon the occurrence of a Default, to cancel, assign or surrender any such policies. All such sums received by the Secured Party shall be applied by the Secured Party in satisfaction instruments representing payment of the Secured Obligations (subjectpolicy of insurance, howeverand adjust, to litigate, compromise or release claims against the rights issuer of any holders of superior liens or security interests relating to the policy. Any monies (other than Term Priority Collateral) orreceived under any insurance policy assigned to Lender in excess of $250,000 in any calendar year (and all such monies (other than Term Priority Collateral), to regardless of the extent that such sums represent unearned premiums in respect foregoing threshold, during the existence of an Event of Default), other than liability insurance policies, or received as payment of any policy of insurance on the Collateral refunded award or compensation for condemnation or taking by reason of cancellationeminent domain, toward payment for similar insurance protecting the respective interests of the Debtor and the Secured Party, or as otherwise required by applicable law, and to the extent not so applied shall be paid over to Lender and, as determined by Lender in its sole discretion, either be applied to prepayment of the Obligations or disbursed to Borrowers under payment terms reasonably satisfactory to Lender for application to the Debtor (subjectcost of repairs, howeverreplacements, or restorations of the affected Collateral which shall be effected with reasonable promptness and shall be of a value at least equal to the rights value of any holders of superior liens the items or security interests relating to the Collateral)property destroyed.