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 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. 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. 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. Hanabank Corp
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.
COLLATERAL INSURANCE. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer.
COLLATERAL INSURANCE. . . . Section 1.1
COLLATERAL INSURANCE. 1. The Pledgor shall insure the collateral as required by the Pledgee and designate the latter as the first beneficiary of that insurance. The originals of insurance policy shall be held by the Pledgee.
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 Purchaser in securing loss payable clauses to be issued in favor of Purchaser with respect to all insurance covering Mortgaged Property or Collateral, and also an assignment to 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 Purchaser any and all funds, including unearned premiums and commissions that are refundable at the time of pay-off of a Loan and return premium claims, which are due or hereafter become due to any Seller. The Purchase Price shall be reduced by an amount equal to $2,000,000 ( the “Insurance Reserve”), which Insurance Reserve shall be available to Purchaser as reimbursement for any unearned premiums, commissions or other charges withheld by an insurance carrier from refund reimbursements due to Purchaser. Sellers shall instruct insurance carrier(s) not to withhold any unearned insurance commissions or other charges from refund reimbursements paid to Purchaser. Sellers shall assist Purchaser in resolving any insurance refund discrepancies between Purchaser and the insurance carrier(s). In the event that an insurance carrier does withhold any unearned premiums, commissions or other charges from refund reimbursements due to Purchaser, Purchaser may withdraw from the Insurance Reserve for payment to Purchaser such withheld amount. Purchaser shall promptly notify Sellers of any withdrawals by Purchaser from the Insurance Reserve. On the second anniversary of the Closing Date, Purchaser shall pay Sellers any outstanding balance remaining in the Insurance Reserve.
