Common use of Assignment of Insurance Clause in Contracts

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Fargo and to Wxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Fargo may (but need not), in Wxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Fargo and, as determined by Wxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Xxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, each Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Xxxxx Fargo Merchant Services, L.L.C., all rights of each Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and each Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or any Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to a Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including without limitation all proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company each of Parent and XX Xxxxxxx hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Xxxxx Fargo Merchant Services, L.L.C., all of its rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including without limitation all proceeds and refunds) that may be payable under any policy, and Company each of Parent and XX Xxxxxxx hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Xxxxx Fargo Merchant Services, L.L.C., L.L.C. all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Fargo and to Wxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including without limitation all proceeds and refunds) that may be payable under any policy, subject to contractual rights of landlords, customers and vendors incurred in the ordinary course of business, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Fargo may (but need not), in Wxxxx Fargo’s 's or Company’s 's name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Fargo and, as determined by Wxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, each Company hereby assigns to Wxxxx Fargo and to Wxxxx Fargo Merchant Services, L.L.C., all rights of such Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including without limitation all proceeds and refunds) that may be payable under any policy, and each Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Fargo may (but need not), in Wxxxx Fargo’s 's or any Company’s 's name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Fargo and, as determined by Wxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to such Company under staged payment terms reasonably satisfactory to Wxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed. Each Company's Premises.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Fargo and to Wxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Fargo may (but need not), in Wxxxx Fargo’s 's or Company’s 's name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Fargo and, as determined by Wxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Xxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo, if Xxxxx Fargo requests. At any time, whether or not a Default Period then existsexists (provided that if a Default Period does not exist, Wxxxx only with respect to claims in the aggregate in excess of $200,000 in any calendar year), Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Xxxxx Fargo Merchant Services, L.L.C., L.L.C. all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, as well as every policy pertaining to Directors and Officers insurance and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s 's or Company’s 's name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the IndebtednessObligations, Company each Borrower hereby assigns to Wxxxx Fargo Lender for the benefit of Lender and to Wxxxx Fargo Merchant Services, L.L.C., each Bank Product Provider all rights of Company such Borrower under every policy of insurance covering the Collateral and all other assets and property of each Borrower (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 policy, and, except with respect to monies not exceeding $50,000 in the aggregate and Company not related to any portion of the Collateral constituting Accounts, each Borrower hereby directs the issuer of each policy to pay all such monies directly and solely to Wxxxx FargoLender. At any time, whether or not a Default Period then existsor Event of Default shall have occurred, Wxxxx Fargo Lender may (but need not), in Wxxxx FargoLender’s or Companyany Borrower’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx FargoLender, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Fargo Lender and, as determined by Wxxxx Fargo Lender in its sole discretion, either be applied to prepayment of the Indebtedness Obligations or disbursed to Company Borrowers under staged payment terms reasonably satisfactory to Wxxxx Fargo Lender for application to the cost of repairs, replacements, or restorations of the affected Collateral which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies in excess of $25,000 received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Fargo and to Wxxxx Fargo Merchant Services, L.L.C.Xxxxx Fargo, all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo; provided however that if any such monies are less than $50,000 for any loss and no Default Period then exists, such monies may be paid directly to the Company to be applied to repair and restore such damage or loss unless agreed by Xxxxx Fargo in an Authenticated Record that the proceeds be paid on account of the Revolving Note. At In connection with a claim in excess of $50,000 at any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Xxxxx Fargo and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Indebtedness, Company hereby assigns to Wxxxx Xxxxx Fargo and to Wxxxx Xxxxx Fargo Merchant Services, L.L.C., all rights of Company under every policy of insurance covering the Collateral and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Company hereby directs the issuer of each policy to pay all such monies directly to Wxxxx Xxxxx Fargo, up to the then current balance of the Indebtedness outstanding. At any time, whether or not a Default Period then exists, Wxxxx Xxxxx Fargo may (but need not), in Wxxxx Xxxxx Fargo’s or Company’s name, execute and deliver proofs of claim, receive payment of proceeds proceeds, up to the then current balance of the Indebtedness outstanding, and endorse checks and other instruments representing payment of the policy of insurance, and and, during a Default Period, in a commercially reasonable manner, adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Wxxxx Xxxxx Fargo, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid to Wxxxx Fargo Xxxxx Fargo, up to the then current balance of the Indebtedness outstanding, and, as determined by Wxxxx Xxxxx Fargo in its sole discretion, either be applied to prepayment of the Indebtedness up to the then current balance of the Indebtedness outstanding, or disbursed to Company under staged payment terms reasonably satisfactory to Wxxxx Xxxxx Fargo for application to the cost of repairs, replacements, or restorations which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.