COLLATERAL INSURANCE. The Collateral Insurance is in full force and effect.
COLLATERAL INSURANCE. The Borrower shall have and maintain insurance at all times with respect to all Inventory insuring against risks of fire (including so-called extended coverage), explosion, theft, sprinkler leakage and such other casualties as the Bank may designate, containing such terms, in such form, for such amounts, for such periods and written by such companies as may be satisfactory to the Bank, and each such policy shall contain a clause or endorsement satisfactory to the Bank that names the Bank as additional insured and lender loss payee, as its interests may appear, that provides that no act, default or breach of warranty or condition of the insured or any other person shall affect the right of the Bank to recover under such policy or policies of insurance or to pay any premium in whole or in part relating thereto, and that provides for thirty (30) days’ written minimum notice of cancellation or alteration to the Bank. The Borrower shall deliver to the Bank certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Bank (and any of the Bank’s officers, employees or agents designated by the Bank) as attorney-in-fact in obtaining and canceling such insurance and in making, settling and adjusting all claims under such policies of insurance, endorsing any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect to such policies of insurance; provided, however, that the Bank shall not exercise the power of attorney granted by this section until and unless (a) an Event of Default shall have occurred or (b) an event of loss shall have occurred and the Bank in good xxxxx xxxxx that the Borrower is not diligently pursuing its claims. In the event of failure to provide insurance as herein provided, the Bank may, at its option, provide such insurance, and the Borrower shall pay to the Bank, upon demand, the cost thereof. Should said sum not be paid to the Bank upon demand, interest shall accrue thereon from the date of demand until paid in full at the highest rate set forth in any document or instrument evidencing any of the Obligations.
COLLATERAL INSURANCE. Each Borrower shall have and maintain insurance at all times with respect to all Inventory and Equipment insuring against risks of fire (including so-called extended coverage), explosion, theft, sprinkler leakage and such other casualties as Lender may reasonably require, including, without limitation, hazard and liability insurance, containing such terms, in such form, for such amounts, for such periods and written by such insurance companies as are substantially similar to that reflected on the insurance certificate submitted to Lender on or before the Closing Date, and each such policy shall (i) contain a clause or endorsement satisfactory to Lender that names Lender as lender loss payee, as its interests may appear, (ii) provide that no act, default or breach of warranty or condition of the insured or any other person shall affect the right of Lender to recover under such policy or policies of insurance or to pay any premium in whole or in part relating thereto, and (iii) provide for thirty (30) days' written minimum notice of cancellation or alteration to Lender. Each Borrower shall deliver to Lender evidence of the payment of all premiums of all policies of insurance. In the event of failure to provide insurance as provided herein or in Section 7.4 below, Lender may, at its option, provide such insurance, and each Borrower shall pay to Lender, upon demand, the cost thereof. Should said sum not be paid to Lender upon demand, interest shall accrue thereon from the date of demand until paid in full at the highest rate set forth in any document or instrument evidencing any of the Obligations.
COLLATERAL INSURANCE. The Borrower shall have and maintain insurance at all times with respect to all Property, Inventory and Equipment insuring against risks of fire (including so-called extended coverage), explosion, theft, sprinkler leakage and such other casualties as the Huntington may designate, containing such terms, in such form, for such amounts, for such periods and written by such companies as may be satisfactory to the Huntington, and each such policy shall contain a clause or endorsement satisfactory to the Huntington that names the Huntington as additional insured and loss payee, as its interests may appear, and that provides that no act, default or breach of warranty or condition of the Borrower or any other person shall affect the right of the Huntington to recover under such policy or policies of insurance or to pay any premium in whole or in part relating thereto. All policies of insurance shall provide for thirty (30) days' written minimum notice of cancellation or alteration to the Huntington. The Borrower shall deliver to the Huntington certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Huntington (and any of the Huntington's officers, employees or agents designated by the Huntington) as attorney for the Borrower in obtaining and cancelling such insurance and in making, settling and adjusting all claims under such policies of insurance, endorsing the name of the Borrower on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect to such policies of insurance; provided however, the Borrower shall have the right to settle claims of less than $5,000.00 in total. In the event of failure to provide insurance as herein provided, the Huntington may, at its option, provide such insurance, and the Borrower shall pay to the Huntington, upon demand, the cost thereof. Should the Borrower fail to pay said sum to the Huntington upon demand, interest shall accrue thereon from the date of demand until paid in full at the highest rate set forth in any document or instrument evidencing any of the Obligations.
COLLATERAL INSURANCE. Unless otherwise indicated by the Bank, I hereby agree to provide the facility constructed or installed with the credit executed under this agreement as collateral to the Bank along with the land/building on which it is installed and other facilities therein, if requested by the Bank, I agree to subscribe to insurance of a type and amount agreed upon by the Bank and to establish a pledge right for the Bank on the right to claim the insurance money.
COLLATERAL INSURANCE. Unless you (Borrower) provide evidence of the insurance coverage required by your agreement with us, we (Agent) may purchase insurance at your expense to protect our interests in your collateral. This insurance may, but need not, protect your interests. The coverage that we purchase may not pay any claim that you make or any claim that is made against you in connection with the collateral. You may later cancel any insurance purchased by us, but only after providing evidence that you have obtained insurance as required by our agreement. If we purchase insurance for the collateral, you will be responsible for the costs of that insurance, including the insurance premium, interest and any other charges we may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to your total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance you may be able to obtain on your own.
COLLATERAL INSURANCE. Company shall maintain fire and other risk insurance, public liability insurance, and such other insurance coverages that DCS may require with respect to the Collateral, and with respect to Company’s other properties and business operations, in such forms, amounts, coverages, and with such insurance companies that may be reasonably acceptable to DCS. If requested by DCS, Company shall deliver to DCS from time to time policies or certificates of insurance in form satisfactory to DCS, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to DCS. In connection with all policies of insurance covering assets in which DCS holds or is offered a security interest, Company shall list DCS as an additional insured party, and shall provide DCS with such lender’s loss payable and other endorsements as DCS may require, providing that coverage with respect to DCS’ interest may not be impaired or adversely affected in any way by any act, omission or default by Company, or by any other person. Company further agrees to provide DCS with proof satisfactory to DCS that Company has purchased required insurance, and that such insurance remains in effect at all pertinent times so long as the Loan remains unpaid and outstanding.
COLLATERAL INSURANCE. Unless the Bank requires otherwise, we agree to provide the Bank as collateral the land, building and other improvements of which the loan is used for construction or installation and insure the Bank as additional insured.
COLLATERAL INSURANCE. Sellers shall assist Whole Loan Purchaser in securing loss payable clauses to be issued in favor of Whole Loan Purchaser with respect to all insurance covering Mortgaged Property or Collateral, and also an assignment to Whole Loan Purchaser of each Seller’s beneficial interest in any policy(ies) covering the life or lives and/or sickness or disability, involuntary unemployment and or insurance covering personal property of any Obligors. Sellers agree to notify the insurance carrier(s) of this Agreement and to instruct said carrier(s) to pay to Whole Loan Purchaser any and all funds, including unearned premiums and commissions that are refundable at the time of pay-off of a Purchased Loan and return premium claims, which are due or hereafter become due to any Seller.
COLLATERAL INSURANCE. As of the Closing Date, ACC maintained Collateral Insurance. OFL-A or ACC is named as named insured under all policies of Collateral Insurance. As of the Closing Date, each Financed Vehicle was covered by Collateral Insurance providing coverage upon repossession of such Financed Vehicle.
