Common use of COLLATERAL PROTECTION INSURANCE NOTICE Clause in Contracts

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWERS AND THE OTHER LOAN PARTIES ARE REQUIRED TO (i) KEEP THE COLLATERAL INSURED AGAINST DAMAGE IN THE AMOUNT ADMINISTRATIVE AGENT SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS; (B) BORROWERS AND THE OTHER LOAN PARTIES MUST, IF REQUIRED BY ADMINISTRATIVE AGENT, DELIVER TO ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS; AND (C) IF BORROWERS OR THE OTHER LOAN PARTIES FAIL TO MEET ANY REQUIREMENT LISTED IN THE FOREGOING SUBPARTS (A) OR (B), ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF BORROWER AND THE OTHER LOAN PARTIES AT THE EXPENSE OF BORROWER AND THE OTHER LOAN PARTIES.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWERS AND THE OTHER LOAN PARTIES ARE BORROWER IS REQUIRED TO TO: (i) KEEP THE COLLATERAL PROPERTY AND IMPROVEMENTS INSURED AGAINST DAMAGE IN THE AMOUNT ADMINISTRATIVE AGENT LENDER SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME ADMINISTRATIVE AGENT LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS; (B) BORROWERS AND THE OTHER LOAN PARTIES BORROWER MUST, IF REQUIRED BY ADMINISTRATIVE AGENTLENDER, DELIVER TO ADMINISTRATIVE AGENT LENDER A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMSPREMIUMS THEREFOR; AND AND (C) IF BORROWERS OR THE OTHER LOAN PARTIES FAIL BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN THE FOREGOING SUBPARTS CLAUSES (A) OR (B)) HEREOF, ADMINISTRATIVE AGENT LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF BORROWER AND THE OTHER LOAN PARTIES AT THE EXPENSE OF BORROWER AND THE OTHER LOAN PARTIESBORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. WITH RESPECT TO ANY PROPERTY LOCATED IN THE STATE OF TEXAS AS REQUIRED BY THE TEXAS FINANCE CODE SECTION 307.052: (i) THE APPLICABLE BORROWER IS REQUIRED TO: (A) BORROWERS AND THE OTHER LOAN PARTIES ARE REQUIRED TO (i) KEEP THE COLLATERAL SUCH PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT (OR THE COLLATERAL AGENT AT THE DIRECTION OF THE ADMINISTRATIVE AGENT) SPECIFIES; (iiB) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iiiC) NAME ADMINISTRATIVE AGENT THE COLLATERAL AGENT, ON BEHALF OF THE SECURED PARTIES, AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS; (Bii) BORROWERS AND THE OTHER LOAN PARTIES MUSTAPPLICABLE BORROWER SHALL, IF REQUIRED REQUESTED BY THE ADMINISTRATIVE AGENT OR THE COLLATERAL AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS; AND (Ciii) IF BORROWERS OR THE OTHER LOAN PARTIES FAIL APPLICABLE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN THE FOREGOING SUBPARTS CLAUSES (Ai) OR (B)ii) OF THIS SECTION, THE ADMINISTRATIVE AGENT (OR THE COLLATERAL AGENT AT THE DIRECTION OF THE ADMINISTRATIVE AGENT) MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE APPLICABLE BORROWER AND THE OTHER LOAN PARTIES AT THE EXPENSE OF BORROWER AND THE OTHER LOAN PARTIESSUCH BORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWERS AND THE OTHER LOAN CREDIT PARTIES ARE REQUIRED TO TO: (iA) KEEP THE COLLATERAL INSURED AGAINST DAMAGE IN THE AMOUNT ADMINISTRATIVE THE APPROPRIATE AGENT SPECIFIES; (iiB) WITH RESPECT TO US CREDIT PARTIES, PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iiiC) NAME ADMINISTRATIVE THE APPROPRIATE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS; (BII) BORROWERS AND THE OTHER LOAN CREDIT PARTIES MUST, IF REQUIRED BY ADMINISTRATIVE THE APPROPRIATE AGENT, DELIVER TO ADMINISTRATIVE THE APPROPRIATE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMSPREMIUMS THEREFOR; AND (CIII) IF BORROWERS OR THE OTHER LOAN PARTIES FAIL ANY CREDIT PARTY FAILS TO MEET ANY REQUIREMENT LISTED IN THE FOREGOING SUBPARTS CLAUSES (AI) OR (B)II) HEREOF, ADMINISTRATIVE THE APPROPRIATE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF BORROWER AND THE OTHER LOAN PARTIES APPLICABLE CREDIT PARTY AT THE EXPENSE OF BORROWER AND THE OTHER LOAN CREDIT PARTIES’ EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWERS AND THE OTHER LOAN PARTIES ARE BORROWER IS REQUIRED TO (i) KEEP THE COLLATERAL PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT ADMINISTRATIVE AGENT SPECIFIESSPECIFIED HEREIN; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURERINSURER OR OTHERWISE AS PROVIDED HEREIN; AND (iii) NAME ADMINISTRATIVE AGENT LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSSLOSS AS PROVIDED HEREIN; (B) BORROWERS AND SUBJECT TO THE OTHER LOAN PARTIES PROVISIONS HEREOF, BORROWER MUST, IF REQUIRED BY ADMINISTRATIVE AGENTLENDER, DELIVER TO ADMINISTRATIVE AGENT LENDER A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS; AND (C) SUBJECT TO THE PROVISIONS HEREOF, IF BORROWERS OR THE OTHER LOAN PARTIES FAIL BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN THE FOREGOING SUBPARTS (A) OR (B), ADMINISTRATIVE AGENT LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF BORROWER AND THE OTHER LOAN PARTIES AT THE EXPENSE OF BORROWER AND THE OTHER LOAN PARTIESBORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWERS AND THE OTHER LOAN PARTIES ARE BORROWER IS REQUIRED TO TO: (i) KEEP THE COLLATERAL BORROWING BASE PROPERTIES INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSSLOSS IN THE CASE OF PROPERTIES THAT CONSTITUTE COLLATERAL; (B) BORROWERS AND THE OTHER LOAN PARTIES BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMSPREMIUMS THEREFOR; AND (C) IF BORROWERS OR THE OTHER LOAN PARTIES FAIL BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN THE FOREGOING SUBPARTS CLAUSES (A) OR (B)) HEREOF, THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AND THE OTHER LOAN PARTIES AT THE EXPENSE OF BORROWER AND THE OTHER LOAN PARTIESBORROWER’S EXPENSE.