Common use of COLLATERAL INSURANCE Clause in Contracts

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. 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 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 HuntingtonBank, and each such policy shall contain a clause or endorsement satisfactory to the Huntington Bank that names the Huntington Bank 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 Bank 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' days prior written minimum notice of cancellation or alteration to the HuntingtonBank. The Borrower shall deliver to the Huntington Bank certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Huntington Bank (and any of the HuntingtonBank's officers, employees or agents designated by the HuntingtonBank) as attorney for the Borrower in obtaining and cancelling canceling 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 Bank may, at its option, provide such insurance, and the Borrower shall pay to the HuntingtonBank, upon demand, the cost thereof. Should the Borrower fail to pay said sum to the Huntington 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. 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 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 HuntingtonBank, and each such policy shall contain a clause or endorsement satisfactory to the Huntington Bank that names the Huntington Bank 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 insured or any other person shall affect the right of the Huntington Bank 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 , and that provides for thirty (30) days' written minimum notice of cancellation or alteration to the HuntingtonBank. The Borrower shall deliver to the Huntington Bank certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Huntington Bank (and any of the HuntingtonBank's officers, employees or agents designated by the HuntingtonBank) as attorney for the Borrower attorney-in-fact 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 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 faitx xxxxx xxxt the Borrower shall have the right to settle claims of less than $5,000.00 in totalis not diligently pursuing its claims. In the event of failure to provide insurance as herein provided, the Huntington Bank may, at its option, provide such insurance, and the Borrower shall pay to the HuntingtonBank, upon demand, the cost thereof. Should the Borrower fail to pay said sum not be paid to the Huntington 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. 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 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 HuntingtonBank, and each such policy shall contain a clause or endorsement satisfactory to the Huntington Bank that names the Huntington Bank as additional insured and lender loss payee, as its interests may appear, and that provides that no act, default or breach of warranty or condition of the Borrower insured or any other person shall affect the right of the Huntington Bank 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 , and that provides for thirty (30) days' ’ written minimum notice of cancellation or alteration to the HuntingtonBank. The Borrower shall deliver to the Huntington Bank certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Huntington Bank (and any of the Huntington's Bank’s officers, employees or agents designated by the HuntingtonBank) as attorney for the Borrower attorney-in-fact in obtaining and cancelling canceling 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 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 shall have the right to settle claims of less than $5,000.00 in totalis not diligently pursuing its claims. In the event of failure to provide insurance as herein provided, the Huntington Bank may, at its option, provide such insurance, and the Borrower shall pay to the HuntingtonBank, upon demand, the cost thereof. Should the Borrower fail to pay said sum not be paid to the Huntington 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. 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 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 HuntingtonBank, and each such policy shall contain a clause or endorsement satisfactory to the Huntington Bank that names the Huntington Bank as additional insured and lender loss payee, as its interests may appear, and that provides that no act, default or breach of warranty or condition of the Borrower insured or any other person shall affect the right of the Huntington Bank 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 , and that provides for thirty (30) days' written minimum notice of cancellation or alteration to the HuntingtonBank. The Borrower shall deliver to the Huntington Bank certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Huntington Bank (and any of the HuntingtonBank's officers, employees or agents designated by the HuntingtonBank) as attorney for the Borrower attorney-in-fact in obtaining and cancelling canceling 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 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 shall have the right to settle claims of less than $5,000.00 in totalis not diligently pursuing its claims. In the event of failure to provide insurance as herein provided, the Huntington Bank may, at its option, provide such insurance, and the Borrower shall pay to the HuntingtonBank, upon demand, the cost thereof. Should the Borrower fail to pay said sum not be paid to the Huntington 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.