Borrower's Insurance. Borrower will get a standard hazard insurance policy for at least the face amount of the Note with the normal conditions including fire, extended coverage, vandalism, malicious mischief, course-of-construction endorsement, and a loss payable endorsement naming Lender as payee. Borrower will also get any additional coverage required in the Security Instrument. Borrower will notify Lender immediately of any fire or other casualty relating to the Property or the Work. This insurance will be effective when Contractor’s Insurance terminates. The policy will have a deductible of no more than $5,000.00. At least 30 days before the expiration of each policy Borrower is required to maintain, Borrower will furnish Lender with evidence satisfactory to Lender of the payment of such premium and the reissuance of a policy continuing insurance in force as required under the Loan Documents. All such policies shall contain a provision that such policies will not be canceled or materially amended, which term shall include any reduction in the scope or limits of coverage, without at least 30 days prior written notice to Lender. If Borrower fails to provide, maintain, keep in force, or deliver and furnish to Lender any of the policies of insurance required under the Loan Documents, Lender may buy such insurance, and until Borrower reimburses Lender, the amount of all such premiums, together with interest thereon at the rate stated in the Note unless a lesser rate of interest is specified by applicable law, then at the lesser rate, and as extended, amended, and renewed from time to time, shall be secured by the Security Instrument.
Borrower's Insurance. 7.1. Borrower covenants and agrees that, on and after the date hereof, until payment in full of the Obligations and termination of this Agreement, Borrower shall obtain and maintain in effect, at Borrower’s sole expense, policies of insurance as more specifically set forth on Exhibit D annexed hereto, in form and substance satisfactory to Lender, each of which shall have ratings of at least “A-VIII” by A.M. Best Company, and shall otherwise be approved by Lender.
7.2. Borrower hereby directs all insurers under such policies of insurance to pay all proceeds of insurance policies directly to Lender. Borrower irrevocably makes, constitutes and appoints Lender (and each officer, employee or agent designated by Lender) as Borrower’s true and lawful attorney-in-fact for the purpose of (i) making, settling and adjusting such claims under all such policies of insurance if Borrower fails to make such claim within fifteen (15) days after any casualty or fails to diligently prosecute such claim, (ii) endorsing the name of Borrower on any check, draft, instrument or other item of payment pertaining to the Collateral received by Borrower or Lender pursuant to any such policies of insurance, and (iii) making all determinations and decisions with respect to such policies of insurance as they relate to the Collateral. Borrower agrees to provide Lender with prompt written notice of any change, amendment or modification to any insurance policy.
7.3. Lender is authorized to collect all casualty insurance proceeds and, at Lender’s option: (i) apply (A) such proceeds against the outstanding principal amount of the Obligations, or (ii) allow Borrower to use such proceeds, or a part thereof, to repair any damage or restore, replace or rebuild the Collateral that was the subject of such proceeds. Notwithstanding anything herein to the contrary, at any time when a Default has occurred and is continuing, if Lender receives proceeds of insurance or is holding proceeds of insurance theretofore received by Lender, Lender may apply the same to the Obligations at any time and from time to time as it may determine in its discretion. If no Default has occurred and is continuing and Borrower has been permitted to apply insurance proceeds to repair, restore, replace or rebuild property, then Lender will return any insurance proceeds to Borrower which Lender continues to hold after any such repair, restoration, replacement or rebuilding of such property is completed to Lenders’ satisfaction ...
Borrower's Insurance. Commencing on the date hereof, Borrower must obtain and maintain, or cause to be obtained and maintained, insurance and bonds as set forth in Exhibit G throughout the term of this Agreement at no expense to OCII.
Borrower's Insurance. The Borrowers represent that the Borrowers are self-insured for any loss or damage to the Inventory, but in the event that the Borrowers shall incur an otherwise insurable loss in any single occurrence of Five Hundred Thousand Dollars ($500,000.00) or more with respect to the Inventory, then with respect to the Inventory, the Borrowers shall exercise good faith best efforts to promptly seek and obtain casualty insurance in an amount equal to at least Ten Million Dollars ($10,000,000.00), umbrella insurance in an amount equal to at least Ten Million Dollars ($10,000,000.00) and comprehensive insurance in an amount equal to at least Ten Million Dollars ($10,000,000.00) per occurrence and in the aggregate. The Borrowers shall provide each Lender, or each Lender’s designee, with certificates as to policies of such insurance covering the Inventory together with evidence that the premium therefore has been paid and that the Lenders have been named as loss payee and additional insured on such policies. The proceeds of loss under such policies are hereby assigned to the Lenders. If the Lenders determine that the Borrowers have not maintained the required insurance coverage for the Inventory, the Lenders may, but have no obligation to, purchase a policy or policies of insurance (through forced placement or otherwise) any may treat amounts so expended as additional Obligations. The risk of loss or damage to the Collateral shall at all times remain solely with the Borrowers.
Borrower's Insurance. Subject to approval by OCII's risk manager of the insurers and policy forms, Borrower must obtain and maintain, or cause to be obtained and maintained, insurance and bonds as set forth in Exhibit F, commencing with Loan Closing and ending upon expiration of the Compliance Term of this Agreement at no expense to OCII.
Borrower's Insurance. The Borrower will maintain at a minimum (with respect to itself and each of its Subsidiaries):
(i) Property, Boiler & Machinery & Business Interruption Insurance. Insurance (including loss of use of operating facilities and business interruption insurance) against loss (including loss of profits) and damage covering all of the tangible real and personal property and improvements of the Borrower and each of its Subsidiaries (including tunnel boring machines) by reason of any Insured Peril (as defined below) for an amount not less than $350,000,000, and as shall be reasonable and customary and sufficient to avoid the insured named therein from becoming a co-insurer of any loss under such policy.
(ii) Comprehensive General Liability Insurance, Workers' Compensation and/or Umbrella/Excess Insurance. A general liability policy against claims for bodily injury, death or property damage and products and completed operations liability occurring on, in or about the properties owned or operated by the Borrower and its Subsidiaries (and adjoining streets, sidewalks and waterways) and workers' compensation insurance and employers' liability insurance covering the Borrower and its Subsidiaries, in amounts and coverages comparable in all respects with insurance carried by responsible owners and operators of businesses similar to those of the Borrower and its Subsidiaries and for property similar in use in the jurisdictions where such properties are located, but in no event less than $20,000,000 inclusive per occurrence and in the aggregate, and such insurance shall contain all standard extensions customary for such policy.
Borrower's Insurance. The Borrower will obtain and maintain -------------------- insurance with respect to the Property as required by the Mortgage including but not limited to:
(1) hazard insurance, covering such hazards as Lender may reasonably require, including without limitation, fire, earthquake, and tornado insurance, together with an ordinance or law coverage endorsement (form CP 04 05 or its equivalent), and insurance for vandalism and malicious mischief with respect to the Property with such insurance companies and in an amount not less than the greater of: (1) the "full insurable value" of the Property or (2) such other amounts as may from time to time be required by Lender, with no co-insurance clauses in the policies of insurance unless Lender shall consent thereto in writing. The "full insurable value" shall mean the actual replacement (excluding foundation and excavation costs and costs of underground flues, pipes, drains, and all uninsurable items) after deduction for physical depreciation and shall be determined from time to time at the request of Lender, not more frequently than once every five (5) years by an architect, contractor or appraisal company, or one of the insurers, and in any case, selected by and paid for by Borrower and approved by the Lender;
Borrower's Insurance. The BORROWER will insure said item(s) wall-to-wall under the terms, conditions, and monetary limits of its Fine Arts Insurance Policy. Said policy has a maximum aggregate limit of Two Hundred Thousand Dollars ($200,000) regardless of the number of items and/or the number of claimants involved in any one claim. It is the responsibility of LENDER to ascertain whether additional insurance coverage is necessary and to procure the same, not withstanding the fact that on some occasions the limits may be increased at the discretion of the BORROWER. Maximum limit: $10,000 per article. The BORROWER has a Five Hundred Dollar ($500) deductible per loss or damage.
Borrower's Insurance. (a) From and after substantial completion of each principal portion of the Facilities, the Borrower shall, at its own expense, acquire, carry and maintain broad- form extended coverage property damage insurance with respect to all improvements in or on the Site or otherwise related to the Facilities in an amount equal to the estimated replacement cost of such improvements. Such property damage insurance shall include standard mortgagee coverage in favor of Truist. Any Net Proceeds of the insurance required by this subsection (a) shall be payable as provided in Section 5.10.
(b) To the extent permitted by law, the Borrower shall, at its own expense, acquire, carry and maintain comprehensive general liability insurance in accordance with State statute or as customarily held by similar entities in the State.
(c) If the property (building) secured by this Contract has been determined to be in a “Special Flood Hazard” area, shown on a map published by the Federal Emergency Management Agency (FEMA), the Borrower, at its own expense, must maintain an adequate policy for flood insurance for the life of the loan in compliance with the Flood Disaster Protection Act of 1973 (Federal law). If at any time during the term of the Agreement, such portion of the Mortgaged Property is classified by FEMA as being located in a special flood hazard area, flood insurance will be mandatory. Should Truist become aware of such an event, federal law requires Truist to notify the Borrower of the reclassification. If, within forty-five (45) days of receipt of notification from Truist that any portion of the Mortgaged Property has been reclassified by the FEMA as being located in a special flood hazard area, the Borrower has not provided sufficient evidence of flood insurance, Truist is mandated under federal law to purchase flood insurance on behalf of the Borrower, and any amounts so expended shall, subject to Section 3.05 and the Enforcement Limitation, immediately become debts of the Borrower, shall bear interest at the rate specified in the Agreement, and payment thereof shall be secured by the Agreement.
(d) The Borrower shall also maintain workers’ compensation insurance issued by a responsible carrier authorized under State law to insure the Borrower against liability for compensation under applicable State law as in effect from time to time.
(e) All insurance shall be maintained with generally recognized responsible insurers in accordance with State law and may carry reasonab...
Borrower's Insurance. At Borrowers’ expense, the Borrowers shall maintain insurance covering the Collateral in amount, adequacy and scope satisfactory in all respects to Agent, in its sole discretion, on behalf of all Lenders. All such policies of insurance shall be with responsible and reputable insurance companies acceptable to Agent. The Borrowers shall provide Agent, on behalf of the Lenders, with certificates as to policies of such insurance covering the Inventory together with evidence that the premium therefor has been paid and that the Agent and the Lenders, as their interests may appear, have been named as loss payee and additional insured on such policies. The proceeds of loss under such policies are hereby assigned to the Agent, on behalf of the Lenders. If Borrowers fail to maintain such insurance, Agent may arrange for such insurance, but at 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 and Agent may treat any amounts expended by it in regard to obtaining such insurance as Protective Advances. Upon the occurrence and during the continuance of an Event of Default, Agent shall have the 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. The risk of loss or damage to the Collateral shall at all times remain solely with the Borrowers.
