Insurance and Maintenance of Properties and Business. The Company shall, and shall cause each of its Subsidiaries to, maintain insurance in responsible companies in such amounts and against such risks as is satisfactory to the Bank, and, in the case of all policies insuring property in which Bank shall have a lien or security interest of any kind, all such policies shall provide that the proceeds thereof shall be payable to it and Bank, as their respective interests may appear. All said policies or certificates thereof, including the endorsements, shall be deposited with the Bank; and such policies shall contain provisions that no such insurance may be canceled or decreased without thirty (30) days prior written notice to the Bank. In the event of acquisition by the Company of additional insurable Pledged Collateral, it shall cause such insurance coverage to be increased or amended in such manner and to such extent as prudent business judgment would dictate. If the Company shall at any time or times hereafter fail to obtain and/or maintain any of the policies of insurance required herein, or fail to pay any premium in whole or in part relating to such policies, Bank may, but shall not be obligated to, obtain and/or cause to be maintained insurance coverage with respect to the Pledged Collateral, including, at Bank's option, the coverage provided by all or any of the policies of the Company, and pay all or any part of the premium therefor, without waiving any default by Company; any sums disbursed by Bank shall be additional loans to Company by Bank payable on demand. Bank shall have the right to settle and compromise any and all claims under any of the policies required to be maintained by Company hereunder and the Company hereby appoints Bank as its attorney-in-fact, with power to demand, receive, and receipt for all monies payable thereunder, to execute in its name or the name of the Bank or both any proof of loss, notice, draft, or other instruments in connection with such policies or any loss thereunder and generally to do and perform any and all acts as Company, but for this appointment, might or could perform. The Company will, upon request, furnish to the Bank a schedule of all insurance carried by it, setting forth in detail the amount and type of such insurance. The Company will maintain, in good repair, working order and condition, all properties used or useful in its the business.
Insurance and Maintenance of Properties and Business. The Borrower will maintain, with financially sound and reputable insurers, insurance to protect its properties and business against losses or damages of the kind customarily insured against by corporations of established favorable reputation engaged in the same or a similar business and similarly situated, including, but not limited to, (a) adequate fire and extended coverage insurance in amounts and issued by insurers acceptable to the Bank, (b) necessary workers' compensation insurance, (c) adequate public liability and professional liability insurance, and (d) such other insurance as may be required by law or as may be reasonably required in writing by the Bank. The Borrower will, upon request, furnish to the Bank a schedule of all insurance carried by it, setting forth in detail the amount and type of such insurance. The Borrower will maintain, in good repair, working order and condition, all properties used or useful in the businesses of the Borrower.
Insurance and Maintenance of Properties and Business. Company will maintain, with financially sound and reputable insurers, insurance to protect its properties and business against losses or damages of the kind customarily insured against by corporations of established favorable reputation engaged in the same or a similar business and similarly situated, including, but not limited to, (a) adequate fire and extended coverage insurance in amounts and issued by insurers acceptable to Bank, (b) necessary workers’ compensation insurance, (c) adequate public liability insurance, and (d) such other insurance as may be required by law or as may be reasonably required in writing by Bank. Company will, upon request, furnish to Bank a schedule of all insurance carried by it, setting forth in detail the amount and type of such insurance. Company will maintain, in good repair, working order and condition, all properties used or useful in the business of Company.
Insurance and Maintenance of Properties and Business. The Borrower will maintain, with financially sound and reputable insurers, insurance to protect its properties and business against losses or damages of the kind customarily insured against by corporations of established favorable reputation engaged in the same or a similar business and similarly situated, including, but not limited to, (a) the insurance required pursuant to the Bank Documents and the Financing Documents, (b) necessary workers' compensation insurance, (c) adequate public liability insurance, and (d) such other insurance as may be required by law or as may be reasonably required in writing by the Bank. Borrower will, upon request, furnish to the Bank a schedule of all insurance carried by it, setting forth in detail the amount and type of such insurance. The Borrower will maintain, in good repair, working order and condition (normal wear and tear excepted), all properties used or useful in the business of the Borrower.
