Certain Provisions Relating to Insurance Coverage. The Borrowers shall cause each insurance policy (other than any policy referred to in clause (a)(iv) above related to workers’ compensation) pertaining to the insurable properties to (i) name the Administrative Agent and each Secured Party, as an “additional insured” if such policy is a liability policy, (ii) name the Administrative Agent for itself and on behalf of the Secured Parties as “first loss payee as their interest may appear” if such policy is a property and/or boiler & machinery policy, (iii) provide that the Administrative Agent shall be notified in writing of any proposed cancellation or material change in risk of such policy, initiated by the Borrowers’ insurer at least 30 days in advance prior to any proposed cancellation or material change in risk, (iv) contain a waiver of subrogation in favor of the Administrative Agent for itself and on behalf of the Secured Parties; (v) contain a breach of warranty in favor of the Loss Payee, (vi) contain a cross liability clause, (vii) provide that the insurance shall be primary and without right of contribution from any other insurance which may be available to the Administrative Agent and Secured Parties, and (viii) provide that the Administrative Agent and Secured Parties have no responsibility for premiums, warranties or representations to underwriters.
Certain Provisions Relating to Insurance Coverage. The Borrower shall cause each insurance policy (other than any policy referred to in clause (a)(iv) above related to workers’ compensation and any policy related to errors and omissions coverage) pertaining to the insurable properties to (i) name the Administrative Agent for itself and on behalf of the Secured Parties as an “additional insured” if such policy is a liability policy, (ii) name the Administrative Agent for itself and on behalf of Secured Parties as “loss payee” if such policy is a property policy, (iii) provide that, the Loan Parties’ insurer will endeavor to notify the Administrative Agent in writing of any proposed cancellation or material change in risk, of such policy initiated by the Loan Parties’ insurer, at least thirty (30) days in advance prior to any proposed cancellation or material change in risk, (iv) contain a waiver of subrogation in favor of the Administrative Agent for itself and on behalf of Secured Parties if available, (v) contain a breach of warranty lenders’ loss payable endorsement in favor of the loss payee if available, (vi) contain a separation of insureds clause, if available, (vii) provide that the insurance shall be primary and without right of contribution from any other insurance which may be available to the Administrative Agent and Secured Parties, and (viii) provide that the Administrative Agent and Secured Parties have no responsibility for premiums, warranties or representations to underwriters;
Certain Provisions Relating to Insurance Coverage. The Borrowers shall cause each insurance policy pertaining to the insurable properties to (i) name the Agent and each Secured Party as an “additional insured” if such policy is a liability policy, (ii) name the Agent for itself and on behalf of the Secured Parties as “loss payee” if such policy is a property policy, (iii) provide that, the Agent shall be notified in writing of any proposed cancellation or material change in risk, of such policy, initiated by any Borrowers’ insurer at least thirty (30) days in advance prior to any proposed cancellation or material change in risk, (iv) contain a waiver of subrogation in favor of the Agent for itself and on behalf of the Secured Parties, (v) contain a breach of warranty in favor of the Loss Payee, (vi) contain a separation of insureds clause, (vii) provide that the insurance shall be primary and without right of contribution from any other insurance which may be available to the Agent and Secured Parties, and (viii) provide that the Agent and Secured Parties have no responsibility for premiums, warranties or representations to underwriters.
