Insurance and Risk of Loss. Debtor shall at all times bear all risk of loss of, damage to or destruction of the Equipment. Debtor agrees to immediately procure and maintain insurance on the Equipment, for the full insurable value thereof and for the life of this Agreement, in the form of "All Risk" or similar insurance (insuring the Equipment for fire, extended coverage, vandalism, theft and collision and containing only those exclusions from coverage which are acceptable to Secured Party) plus such other insurance as Secured Party may specify from time to time, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to deliver promptly to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-payable endorsement naming Secured Party or assigns as loss-payee and providing that Secured Party's rights under such policy will not be invalidated by any act, omission or neglect of anyone other than Secured Party, and containing the insurer's agreement to give 30 days prior written notice to Secured Party before any cancellation of or material change in the policy(s) will be effective as to Secured Party, whether such cancellation or change is at the direction of Debtor or insurer. Secured Party's acceptance of policies in lesser amounts or risks will not be a waiver of Debtor's obligation to procure insurance complying with the provisions hereof promptly after notice from Secured Party. Debtor assigns to Secured Party all proceeds of any physical damage or credit insurance for which a charge is stated in this Agreement or which is maintained by Debtor in accordance herewith, including returned and unearned premiums, up to the amount owing hereunder by Debtor. Secured Party will not have the right to cancel any such insurance without Debtor's consent prior to the occurrence of an event of default and the repossession, loss or destruction of the Equipment. Debtor directs all insurers to pay such proceeds solely to the order of Secured Party for application to Debtor's indebtedness to Secured Party. Secured Party may, at its option, apply any such proceeds received by Secured Party to the final maturing installments due hereunder in the inverse order of their maturity.
Insurance and Risk of Loss. All risk of loss, damage or destruction of the Equipment will at all times be on Borrower. Borrower agrees to maintain, at Borrower’s expense: (a) property insurance, or other insurance acceptable to Lender, protecting the Equipment from loss or damage by fire, theft and other customary risks for the greater of the Equipment’s replacement coat or the indebtedness with a deductible not to exceed $2,500 per item of Equipment, naming Lender as a loss payee on a “Lender’s Loss Payable” endorsement; and (b) liability insurance in an amount not less than $1,000,000 per occurrence (collectively “Required Insurance”). Borrower male provide Lender satisfactory written evidence of Required Insurance within thirty (30) days of the commencement date of this agreement, the cancellation or expiration of such Required Insurance, or of any subsequent written request from Lender. If Borrower does not do so, Lender may obtain insurance from an Insurer of Lender’s choosing in such forms and amounts as Lender deems reasonable to protect Lender’s interests (collectively, “Lender’s Insurance”). Lender’s insurance will cover the Equipment and the Lender; it will not name Borrower as an insured and may not cover all of the Borrower’s interest in the Equipment. Borrower agrees to pay Lender periodic charges for Lender’s Insurance (collectively, “Insurance Charges”) that include: a premium that may be higher than if the Borrower maintained the Required Insurance separately; a finance charge of up to 1.5% per month on any advances made by Lender or Lender’s agents; and commissions, and billing and processing fees; any or all of which may generate a profit to Lender and Lender’s agents. If Borrower falls to provide satisfactory evidence of Required Insurance by the due date, Lender may pay Insurance Charges by debiting Borrower’s account under any previously authorized automatic payment. Lender shall discontinue billing or debting Insurance Charges upon receipt of satisfactory evidence or Required Insurance. Borrower shall immediately notify Lender of any loss or damage to Equipment which makes any item of Equipment unfit for continued or repairable use. Borrower hereby irrevocably appoints Lender as Borrower’s attorney-in-fact to execute and endorse all checks or drafts in Borrower’s name to collect under any insurance covering Equipment. Lender may apply insurance proceeds to the Obligations or any other obligation of Borrower to Lender as Lender deems appropriate.
Insurance and Risk of Loss. In all events, Supplier shall be responsible to insure such Items during transport up to at least the Contract Price of such Item. Supplier shall be responsible for the risk of loss to Items until delivered to the applicable destination point and accepted by Tesla. In addition, Supplier’s responsibility for risk of loss continues with respect to any Items rejected by Tesla, or as to any Items for which acceptance is revoked, except if such loss is caused by the negligence or willful misconduct of Tesla’s employees.
Insurance and Risk of Loss. Successful Respondent shall continuously maintain the insurance coverages set forth in Attachment B Insurance and Risk of Loss. This attachment contains provisions or other information applicable to Successful Respondent’s obligations respecting insurance and to the Parties' allocation of certain risks of loss.
Insurance and Risk of Loss. 4.1 Risk of loss of, damage to or destruction of the Equipment shall be borne by the Borrower and effective from the date of this Agreement and until the payment and performance in full of all Secured Obligations, Borrower shall at its own expense cause to be carried and maintained all risk casualty insurance (covering risk of fire, theft and other such risks as the Lender may require, including standard and extended coverage) with respect to each item of Equipment in an amount no less than the replacement costs applicable to such item of Equipment during the term of this Agreement. All policies evidencing such casualty insurance shall contain a standard mortgagee's endorsement and shall provide for at least thirty days prior written notice by the underwriter or insurance company to the Lender in the event of cancellation or expiration. Borrower shall provide Lender with insurance certificates evidencing the foregoing at time of closing.
Insurance and Risk of Loss. Debtors shall at all times bear all risk of loss, damage to or destruction of the Collateral. Debtors agree to procure forthwith and maintain insurance on the Inventory, for the full insurable value thereof and for the life of this Agreement, in the form of Fire Insurance with Extended Coverage or Combined Additional Coverage, as appropriate, and Collision, Theft and/or Vandalism and Malicious Mischief Coverage when appropriate, plus such other insurance as Secured Party may specify from time to time, all in form and amount and with insurers satisfactory to Secured Party. Debtors agree to deliver promptly to Secured Party certificates, or if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-payable endorsement naming Secured Party or assigns as loss-payee as their interests may appear. Each policy shall provide that Secured Party’s interest therein will not be invalidated by the acts, omissions or neglect of anyone other than Secured Party, and will contain insurer’s agreement to give 30 days prior written notice to Secured Party before the cancellation of or any material change in the policy will be effective as to Secured Party, whether such cancellation or change is at the direction of Debtors or insurer. Secured Party’s acceptance of policies in lesser amounts or risks will not be a waiver of a Debtor’s foregoing obligation. Debtors assign to Secured Party all proceeds of such insurance, including returned and unearned premiums, not to exceed the sum of all amounts payable pursuant hereto. Debtors direct all insurers to pay such proceeds directly to Secured Party.
Insurance and Risk of Loss. Lessee shall obtain insurance coverage for the Property. The expense of such insurance coverage shall be borne by Lessee and is not covered by Lessee’s rental payments hereunder. Lessee shall maintain in force, at all times from shipment of the Property to Lessee until surrender thereof, property damage and risk insurance and liability insurance with such coverage and from such insurance carriers as shall be satisfactory to Lessor. The Property must be insured against all risks that are customarily insured against on the type of equipment leased hereunder. Such insurance policies must name Lessor as additional insured and lender’s loss payee, and provide for thirty (30) days advance written notice to Lessor of any modification or cancellation. Upon request, Lessee shall deliver to Lessor satisfactory evidence of insurance coverage. Lessee hereby assumes the entire risk of damage to or loss of the Property and any Financed Items from any cause whatsoever, whether or not insured against, while in transit or during the term hereof. In the event of any loss or damage, the Lease shall continue in full force and effect, without any modification or reduction of any obligation of Lessee unless otherwise provided. In the event of damage of any kind to any of the Property (unless damaged beyond repair), Lessee shall continue to pay rent and place the Property in good repair, condition and working order to the satisfaction of Lessor within ninety (90) days of the date of damage. If the Property or any portion of the Property is determined by Lessee to be lost, stolen, destroyed or damaged beyond repair and is a documented casualty or if any Property is destroyed or damaged beyond repair in connection with Data Erasure (an “Event of Loss”), Lessee at its option may (a) continue to pay rent and replace the Property with equipment acceptable to Lessor and of identical manufacture and equal or greater capacity, utility and value to that of the original Property (in which case Lessee shall transfer title to the replacement equipment to Lessor free and clear of all liens and encumbrances of any kind) and take such further action as Lessor may request in order to effect such substitution, or (b) pay Lessor on the next Rent Payment Date the stipulated loss value for the Property as set forth in the relevant Schedule (the “Stipulated Loss Value”) as of the date of the Event of Loss and all rent accrued up to the date of payment and all other amounts then due in connection wit...
Insurance and Risk of Loss. 73 16.1 Insurance ............................................................................................................................................................ 73 16.2
Insurance and Risk of Loss. Upon delivery of the Equipment at the Worksite, and until Acceptance of the Equipment, Purchaser shall, at its expense, take out and maintain "installation floater" insurance in an amount at least equal to the Purchase Price covering all risks of loss of the Equipment and any and all associated expenses. Such installation floater insurance shall name Seller as an insured party and shall provide for an insurer's waiver of subrogation in favor of all insured parties. Upon Acceptance of the Equipment, Purchaser shall be responsible for and shall bear any and all risk of loss or damage to the Equipment except as may otherwise be provided for in this Sales Agreement. Notwithstanding the foregoing, this Article 9 does not apply when Worksite is Seller's Plant.
Insurance and Risk of Loss. 1. Debtor will insure the Collateral in accordance with Secured Party's reasonable requirements regarding choice of carrier, risks insured against, and amount of coverage. Policies must be written in favor of Debtor, be endorsed to name Secured Party as an additional insured or as otherwise directed in writing by Secured Party, and provide that Secured Party will receive at least ten days' notice before cancellation. Debtor must provide copies of the policies or evidence of insurance to Secured Party.
