Casualty and Liability Insurance Required. (A) Pledgor will keep the Collateral continuously insured as may be expressly required by the Agreements.
(B) Each insurance policy obtained in satisfaction of the requirements of Section 11(A) hereof:
(i) shall be by such insurer (or insurers) as shall be financially responsible and qualified to do business in the applicable jurisdictions;
(ii) shall be in such form and have such provisions (including, without limitation, the loss payable clause, the waiver of subrogation clause, the deductible amount, if any, and the standard mortgagee endorsement clause), as are generally considered standard provisions for the type of insurance involved and are acceptable in all respects to Secured Party;
(iii) shall prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least 30 days' prior written notice to Secured Party;
(iv) shall provide that the interest of Secured Party shall not be impaired or invalidated by any act or neglect of Pledgor nor by the occupation of the premises wherein such Collateral is located for purposes more hazardous than are permitted by said policy;
(v) without limiting the generality of the foregoing, all insurance policies covering loss or damage to the Collateral shall name Secured Party as mortgagee, loss payee and a party insured thereunder and any loss thereunder shall be paid directly to Secured Party.
(C) Prior to expiration of any such policy, Pledgor shall furnish Secured Party with evidence reasonably satisfactory to Secured Party that the policy or certificate has been renewed or replaced or is no longer required by this Security Agreement.
(D) Pledgor hereby irrevocably makes, constitutes and appoints Secured Party (and all officers, employees or agents designated by Secured Party), effective upon the occurrence of an Event of Default which has not been waived or cured, as Pledgor's true and lawful attorney (and agent-in-fact) for the purpose of making, settling and adjusting claims under such policies of insurance, endorsing the name of Pledgor on any check, draft, instrument or other item or payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect to such policies of insurance.
(E) In the event Pledgor shall fail to maintain, or cause to be maintained, the full insurance coverage required hereunder or shall fail to keep any Collateral in good repair and good operating condition, the Secured Party may (but shall be...
Casualty and Liability Insurance Required. (a) Each Grantor will keep the Collateral continuously insured against such risks as are customarily insured against by businesses of like size and type engaged in the same or similar operations including:
(i) property insurance on the Inventory and the Equipment in an amount not less than the full insurable value thereof, against loss or damage by theft, fire, lightning, hail, wind, flooding and other hazards ordinarily included under uniform broad form standard extended coverage policies, limited only as may be provided in the standard broad form of extended coverage endorsement at the time in use in the states in which the Collateral is located, in each case as are customarily maintained by Persons engaged in the same or similar business, owning similar properties in locations where such Grantor operates and otherwise similarly situated to such Grantor;
(ii) false pretense insurance in amounts as are customary for Persons engaged in the same or similar business, owning similar properties in locations where such Grantor operates and otherwise similarly situated to such Grantor;
(iii) garage liability and comprehensive general liability insurance against claims for bodily injury, death or property damage occurring with or about such Collateral (such coverage to include provisions waiving subrogation against the Secured Parties), with the Revolving Administrative Agent and the Lenders as additional insureds thereunder, in amounts as are customary for Persons engaged in the same or similar business, owning similar properties in locations where such Grantor operates and otherwise similarly situated to such Grantor;
(iv) liability insurance with respect to the operation of its facilities under the workers’ compensation laws of the states in which such Collateral is located as are customarily maintained by Persons engaged in the same or similar business, owning similar properties in locations where such Grantor operates and otherwise similarly situated to such Grantor, but in no event less than the amount required by the states where such Collateral is located; and
(v) business interruption insurance in amounts as are customarily maintained by Persons engaged in the same or similar business, owning similar properties in locations where such Grantor operates and otherwise similarly situated to such Grantor.
(b) Each insurance policy obtained in satisfaction of the requirements of Section 10(a):
(i) may be provided by blanket policies now or hereafter maintained...
Casualty and Liability Insurance Required. (A) Each Borrower will keep the Collateral continuously insured against such risks as are customarily insured against by businesses of like size and type engaged in the same or similar operations including, without limiting the generality of any other covenant herein contained:
(i) casualty insurance on the Inventory in an amount not less than the full insurable value thereof, against loss or damage by theft, fire and lightning and other hazards ordinarily included under uniform broad form standard extended coverage policies, limited only as may be provided in the standard broad form of extended coverage endorsement at the time in use in the states in which the Collateral is located;
(ii) comprehensive general liability insurance against claims for bodily injury, death or property damage occurring with or about such Collateral (such coverage to include provisions waiving subrogation against the Secured Party and the Lenders) in amounts as shall be reasonably satisfactory to Agent;
(iii) liability insurance with respect to the operation of its facilities under the workers' compensation laws of the states in which such Collateral is located; and
(iv) business interruption insurance.
(B) Each insurance policy obtained in satisfaction of the requirements of Section 11(A) hereof:
(i) may be provided by blanket policies now or hereafter maintained by each Borrower or its parent companies;
(ii) shall be issued by such insurer (or insurers) as shall be financially responsible and of recognized standing;
(iii) shall be in such form and have such provisions (including without limitation the loss payable clause, the waiver of subrogation clause, the deductible amount, if any, and the standard mortgagee endorsement clause), as are generally considered standard provisions for the type of insurance involved and are reasonably acceptable in all respects to the Agent;
(iv) shall prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least 30 days' prior written notice to the Agent, except for non-payment of premium, in which case such policies shall provide ten (10) days' prior written notice;
(v) without limiting the generality of the foregoing, all insurance policies where applicable under Section 11(A)(i) carried on the Collateral shall name the Agent, for the benefit of the Lenders, as loss payee and a party insured thereunder in respect of any claim for payment in excess of $250,000.
(C) Prior to expiration of an...
Casualty and Liability Insurance Required. (a) Each Grantor will keep the Collateral continuously insured against such risks as are customarily insured against by businesses of like size and type engaged in the same or similar operations including, without limiting the generality of any other covenant herein contained:
(i) casualty insurance on the Inventory and the Equipment in an amount not less than the full insurable value thereof, against loss or damage by theft, fire and lightning and other hazards ordinarily included under uniform broad form standard extended coverage policies, limited only as may be provided in the standard broad form of extended coverage endorsement at the time in use in the states in which the Collateral is located;
(ii) comprehensive general liability insurance against claims for bodily injury, death or property damage occurring with or about such Collateral (such coverage to include provisions waiving subrogation against the Secured Parties), with Agent and Lenders as additional insured parties, in amounts as shall be reasonably satisfactory to Agent;
(iii) employer's liability and workers' compensation insurance in required statutory amounts of the states in which such Collateral is located; and
(iv) business interruption insurance.
(b) Each insurance policy obtained in satisfaction of the requirements of Section 10(a) hereof:
(i) may be provided by blanket policies now or hereafter maintained by each Grantor or the Borrower;
(ii) shall be issued by such insurer (or insurers) as shall be financially responsible, of recognized standing and reasonably acceptable to the Agent;
(iii) shall be in such form and have such provisions (including without limitation the loss payable clause, the waiver of subrogation clause, the deductible amount, if any, and the standard mortgagee endorsement clause), as are generally considered standard provisions for the type of insurance involved and are reasonably acceptable in all respects to the Agent;
(iv) shall prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least 30 days' prior written notice to the Agent, except for non-payment of premium, in which case such policies shall provide ten (10) days' prior written notice;
(v) without limiting the generality of the foregoing, all insurance policies where applicable under Section 10(a)(i) carried on the Collateral shall name the Agent, for the benefit of the Secured Parties, as loss payee and the Agent and Lenders as parties insured...
Casualty and Liability Insurance Required. (a) Each Grantor will keep the Collateral continuously insured against such risks in a manner consistent with the past practice of each Grantor and otherwise as required under Section 7.01(c) of the Credit Agreement.
(b) Each insurance policy obtained in satisfaction of the requirements of Section 10(a):
(i) may be provided by blanket policies now or hereafter maintained by each or any Grantor or by the Borrower;
(ii) shall be issued by such insurer (or insurers) as shall be financially responsible, of recognized standing and reasonably acceptable to the Agent;
(iii) shall be in such form and have such provisions (including without limitation the loss payable clause, the waiver of subrogation clause, the deductible amount, if any, and the standard mortgagee endorsement clause) as are generally considered standard provisions for the type of insurance involved and are reasonably acceptable in all respects to the Agent;
(iv) shall prohibit cancellation or substantial modification, termination or lapse in coverage by the insurer without at least thirty (30) days’ prior written notice to the Agent, except for non-payment of premium, as to which such policies shall provide for at least ten (10) days’ prior written notice to the Agent;
(c) without limiting the generality of the foregoing, all insurance policies where applicable under Section 10(a)(i) carried on the Collateral shall name the Agent, for the benefit of the Banks, as loss payee and as a party insured thereunder in respect of any claim for payment.
(d) Prior to expiration of any such policy, such Grantor shall furnish the Agent with evidence satisfactory to the Agent that the policy or certificate has been renewed or replaced or is no longer required by this Security Agreement.
(e) Each Grantor hereby makes, constitutes and appoints the Agent (and all officers, employees or agents designated by the Agent), for the benefit of the Banks, as such Grantor’s true and lawful attorney (and agent-in-fact) for the purpose of making, settling and adjusting claims under such policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item or payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect to such policies of insurance, which appointment is coupled with an interest and is irrevocable; provided, however, that the powers pursuant to such appointment shall be exercisable only upon the occurrence and during the ...
Casualty and Liability Insurance Required. The Borrower will keep the Project and its Properties continuously insured against such risks as are customarily insured against by businesses of like size and type engaged in the same or similar operations (other than business interruption insurance) including, without limiting the generality of any other covenant contained herein or in the Bond Documents, casualty insurance and general comprehensive liability insurance against claims for bodily injury, death or property damage; provided, however, that the insurance so required may be provided by blanket policies now or hereafter maintained by the Borrower or the Guarantor.
Casualty and Liability Insurance Required. The Grantor will keep the Collateral continuously insured against such risks as are customarily insured against by businesses of like size and type engaged in the same or similar operations.
Casualty and Liability Insurance Required. 21 5.3. Notice of Casualty or Taking .................................................21
Casualty and Liability Insurance Required. (a) Each Grantor will keep the Collateral continuously insured against such risks as are customarily insured against by businesses of like size and type engaged in the same or similar operations including:
Casualty and Liability Insurance Required. Each Grantor will keep the Collateral insured to the extent required by Section 6.07 of the Credit Agreement.
