Hazard and Other Insurance. During the Term, Lessee shall keep each piece of Equipment insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar equipment, that are in accordance with normal industry practice, are in amounts equal to the greater of (i) Termination Value and (ii) the actual replacement cost of the Equipment. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15.
Appears in 2 contracts
Samples: Credit Agreement (Hanover Compressor Co), Lease (Hanover Compression Inc)
Hazard and Other Insurance. During the Term, Lessee shall keep each piece of Equipment Unit insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar equipment, that are in accordance with normal industry practice, practice and are in amounts equal to the greater of (i) Termination Value and (ii) the actual replacement cost of the Equipment. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15.
Appears in 2 contracts
Samples: Lease (Hanover Compressor Co /), Hanover Compressor Co /
Hazard and Other Insurance. During the Term, Lessee shall keep -------------------------- each piece of Equipment insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar equipment, that are in accordance with normal industry practice, are in amounts equal to the greater of (i) Termination Value and (ii) the actual replacement cost of the Equipment. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15.
Appears in 1 contract
Samples: Hanover Compressor Co /
Hazard and Other Insurance. (a) During the Term, Lessee shall keep each piece of Equipment the Property insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar equipmentproperties, that are in accordance with normal industry practice, are in amounts equal to the greater of (i) Termination Value and (ii) the actual replacement cost of the EquipmentImprovements. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15.
Appears in 1 contract
Samples: Safeskin Corp