Common use of Insurance and Risk of Loss Clause in Contracts

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. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for the life of this Agreement, in the form Security Agreement plus breach of "All Risk" or similar warranty 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 thereon in amounts and against such risks as Secured Party may specify from time to timespecify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing 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; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, whether such cancellation or change is at the direction of Debtor or insurer. terms and amount and with insurance carriers satisfactory to Secured Party; Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds any monies which may become payable under any such policy of insurance and irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (a) to hold each original insurance policy, (b) to make, settle and adjust claims under each policy of insurance, (c) to make claims for any physical damage or credit monies which may become payable under such and other insurance for which a charge is stated in this Agreement or which is maintained by Debtor in accordance herewith, on the Collateral including returned and or unearned premiums, up and (d) to endorse Debtor's name on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the amount payment of the indebtedness owing hereunder to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing. Should Debtor fail to furnish such insurance policy to Secured Party, or to maintain such policy in full force, or to pay any premium in whole or in part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of Debtor and charge the premium to Debtor's indebtedness under this Security Agreement. The full amount of any such premium paid by Secured Party will not have the right shall be payable by Debtor upon demand, and failure to cancel any such insurance without Debtor's consent prior to the occurrence of pay same shall constitute 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 maturityunder this Security Agreement.

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for the life of this Security Agreement, in and shall promptly deliver to Secured Party a Certificate of Insurance reflecting the form of "All Risk" or similar insurance (insuring the Equipment for fire, extended coverage, vandalism, theft aforesaid and collision and containing only those exclusions from coverage which are acceptable showing loss payable to Secured Party) plus such other insurance as ; and providing Secured Party may specify from time to time, all in form and amount and with insurers not less than 30 days written notice of cancellation; each such policy shall be with insurance carriers 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 shall not be a waiver of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds of any physical damage or credit insurance for monies 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 may become payable under any such policy of insurance without Debtor's consent prior to the occurrence of and if an event of default has occurred and is continuing hereunder, then Debtor irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (a) to make, settle and adjust claims under each policy of insurance, (b) to make claims for any monies which may become payable under such and other insurance on the repossessionCollateral including returned or unearned premiums, loss and (c) to endorse Debtor's name on any check, draft or destruction other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the payment of the Equipmentindebtedness owing to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing; and provided further however, if an event of default has not occurred and is not continuing hereunder, then Debtor is permitted to handle all insurance claims. Debtor directs all insurers shall provide to Secured Party a true copy of each insurance policy. Should Debtor fail to maintain such policy in full force and provide evidence thereof to Secured Party, or to pay such proceeds solely to any premium in whole or in part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the order premium therefor on behalf of Secured Party for application Debtor and charge the premium to Debtor's indebtedness to Secured Partyunder this Security Agreement. Secured Party may, at its option, apply The full amount of any such proceeds received premium paid by Secured Party shall be payable by Debtor upon demand, and failure to the final maturing installments due hereunder in the inverse order pay same shall constitute an event of their maturitydefault under this Security Agreement.

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral (other than loss, damage or destruction caused by Secured Party) shall at all times be on Debtor. Debtor agrees to immediately procure and will maintain at Debtor's expense during the term of the applicable Schedule insurance on the Equipment, for the full insurable value thereof and for the life of this Agreement, Collateral 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 respective amounts and with insurers satisfactory to Secured Party. the respective coverages as reflected on the certificates of insurance delivered by Debtor agrees to deliver promptly to Secured Party certificates orat or before the time such Schedule becomes effective. Debtor shall promptly, if requestedupon written request, 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 deliver to Secured Party before any cancellation evidence of or material change such insurance and an endorsement attached thereto showing Secured Party as loss payee as its interests may appear in respect of the policy(s) will Collateral, and providing Secured Party with not less than 30 days written notice of cancellation. Each such policy shall be effective as to Secured Party, whether such cancellation or change is at the direction of Debtor or insurerwith financially sound and reputable insurance companies. Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds any monies which may become payable with respect to the Collateral under any such policy of insurance and irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (a) to make, settle and adjust claims under each policy of insurance, solely with respect to the Collateral, (b) to make claims for any physical damage monies which may become payable under such and other insurance on the Collateral, including returned or credit insurance for which a charge unearned premiums, and (c) to endorse Debtor's name on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy, solely with respect to the Collateral, and to apply the funds to the payment of the indebtedness owing to Secured Party hereunder and secured by such Collateral; provided, however, Secured Party is stated in this Agreement or which is maintained under no obligation to do any of the foregoing; and provided, further, that if requested by Debtor in accordance herewithwriting within 30 days after Secured Party's receipt of such proceeds and if no event of default described in Paragraph 9 exists at such time, including returned Debtor may apply such proceeds to repair or replace the damaged or destroyed Collateral so long as (1) such repair or replacement is promptly undertaken and unearned premiumspursued to completion, up to (2) the repaired or replaced Collateral is at all times free and clear of liens, claims, security interests and encumbrances, other than statutory liens, claims, security interests, and encumbrances expressly permitted under this Master Security Agreement or any applicable Schedule, (3) Debtor complies with such disbursement procedures for such proceeds as Secured Party may reasonably impose for repair or replacement, and (4) the amount owing hereunder of proceeds from any single casualty affecting the Collateral does not exceed $5,000,000. Should Debtor fail to maintain such policy in full force or to pay any premium in whole or in part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to), upon prior written notice to Debtor, obtain and maintain insurance and pay the premium therefor on behalf of Debtor and charge the premium to Debtor's indebtedness under the applicable Schedule. The full amount of any such premium paid by Secured Party will not have the right shall be payable by Debtor upon demand, and failure to cancel any such insurance without Debtor's consent prior to the occurrence of pay same shall constitute 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 maturityunder this Master Security Agreement.

Insurance and Risk of Loss. Debtor shall at all times bear all AU risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees shall maintain comprehensive public liability Insurance in an amount reasonably acceptable to immediately procure and the Secured Party. Debtor will also maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for tor the life of this Agreement, in the form Agreement plus breach of "All Risk" or similar warranty 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 Insurance thereon In amounts and against such risks as Secured Party may specify from time specify, and shallpromptly deliver each policy to timeSecured Party with a stand11rd long-form mortgagee endorsement attached thereto showing loss payable to Secured Party; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, all in form terms and amount and with insurers Insurance carriers 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 shall not be a waiver of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such 'Policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insured to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds any monies which may become payable under any such policy of Insurance and Irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (a) to hold each original insurance policy, {b) to make, settle and adjust claims under each policy of insurance, (c) to make claims for any physical damage monies which may become payable under such and other Insurance on the Collateral Including returned 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 and (d) to endorse Debtor's name on any check, draft or other Instrument received In payment of claims or returned or unearned premiums under each policy and to apply the funds to the amount owing hereunder payment of the Indebtedness; provided, however,Secured Party is under no obligation to do any, of the foregoing. Should Debtor fail to furnish such Insurance policies to Secured Party, or to maintain such policies in full force, or to pay any premium in whole or In part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor On behalf of Debtor and Include the premium ln the Indebtedness under this Agreement. The full amount of any such premium paid by Secured Party will not have the right shall be payable by Debtor upon demand, and failure to cancel any such insurance without Debtor's consent prior to the occurrence of pay same shall constitute 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.under this Agreement

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral 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 Security Agreement and collision and containing only those exclusions from coverage which are acceptable to Secured Party) plus such other insurance thereon in amounts and against such risks as Secured Party may specify from time to timespecify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing loss payable endorsement naming to secured Party; and providing Secured Party or assigns as loss-payee and providing that Secured Party's rights under with not less than 30 days written notice of cancellation; each such policy will not shall be invalidated by any actin form, omission or neglect of anyone other than Secured Party, terms 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 amount and with insurance carriers satisfactory to Secured Party, whether such cancellation or change is at the direction of Debtor or insurer. ; Secured Party's acceptance of policies Policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation I foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds any monies which may become payable under any such policy of insurance and irrevocably constitutes and appoints Secured Party as Debtor's attorney n fact (a) to hold each original insurance policy (b) to make, settle and adjust claims under each policy of insurance, (c) to make claims for any physical damage or credit monies which may become payable under such and other insurance for which a charge is stated in this Agreement or which is maintained by Debtor in accordance herewith, cm the Collateral including returned and or unearned premiums, up and (d) to endorse Debtor's name on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the amount payment of the indebtedness owing hereunder to Secured Party; provided, however, Secured Party is under no obligation to do any of the forgoing. Should Debtor fail to furnish such insurance policy to Secured Party, or to maintain such policy in full force, or to pay any premium in whole or in part re1ating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of Debtor and charge the premium to Debtor's indebtedness under this Security Agreement. The full amount of any such premium paid by Secured Party will not have the right shall be payable by Debtor upon demand, and failure to cancel any such insurance without Debtor's consent prior to the occurrence of pay same shall constitute an event of default under this Security Agreement. A very important element of this Security Agreement is that Debtor make all its payments promptly as agreed upon. It is essential that the Collateral remain in good condition and adequate security for the repossession, loss or destruction indebtedness. The following are events 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 default under this Security Agreement which will allow Secured Party to the final maturing installments due hereunder in the inverse order of their maturity.take such action under this Paragraph and under Paragraph 10 as it deems necessary:

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for the life of this Agreement, in the form Security Agreement plus breach of "All Risk" or similar warranty 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 thereon in amounts and against such risks as Secured Party may specify from time to timespecify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing 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; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, whether such cancellation or change is at the direction of Debtor or insurer. terms and amount and with insurance carriers satisfactory to Secured Party; Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds any monies which may become payable under any such policy of insurance and irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (a) to hold each original insurance policy, (b) to make, settle and adjust claims under each policy of insurance, (c) to make claims for any physical damage or credit monies which may become payable under such and other insurance for which a charge is stated in this Agreement or which is maintained by Debtor in accordance herewith, on the Collateral including returned and or unearned premiums, up and (d) to endorse Debtor's name on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds 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 payment of the Equipment. Debtor directs all insurers to pay such proceeds solely to the order of Secured Party for application to Debtor's indebtedness owing to Secured Party. ; provided, however, Secured Party may, at its option, apply is under no obligation to do any such proceeds received by Secured Party to of the final maturing installments due hereunder in the inverse order of their maturityforegoing.

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for the life of this Agreement, in the form Security Agreement plus breach of "All Risk" or similar warranty 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 thereon in amounts and against such risks as Secured Party may specify from time to timespecify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing 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; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, whether such cancellation or change is at the direction of Debtor or insurer. terms and amount and with insurance carriers satisfactory to Secured Party; Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation foregoing obligations. As to procure Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. The insurance complying with the provisions hereof promptly after notice maintained by Debtor should be primary without any right of contribution from insurance which may be maintained by Secured Party. Debtor shall be liable for all deductible portions of all required insurance. Debtor hereby assigns to Secured Party all proceeds any moneys which may become payable under any such policy of insurance and irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (a) to hold each original insurance policy, (b) to make, settle and adjust claims under each policy of insurance, (c) to make claims for any physical damage or credit moneys which may become payable under such and other insurance for which a charge is stated in this Agreement or which is maintained by Debtor in accordance herewith, on the Collateral including returned and or unearned premiums, up and (d) to endorse Debtor's on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the amount payment of the Obligations owing hereunder to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing. Should Debtor fail to furnish such insurance policy to Secured Party, or to maintain such policy in full force, or to pay any premium in whole or in part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of Debtor and charge the premium to Debtor's Obligations under this Security Agreement. The full amount of any such premium paid by Secured Party will not have the right shall be payable by Debtor upon demand, and failure to cancel any such insurance without Debtor's consent prior to the occurrence of pay same shall constitute 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 maturityunder this Security Agreement.

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for the life of this Agreement, in the form Security Agreement plus breach of "All Risk" or similar insurance (insuring the Equipment for fire, extended coverage, vandalism, theft warranty Insurance and collision and containing only those exclusions from coverage which are acceptable to Secured Party) plus such other insurance thereon in amounts and against such risks as Secured Party may specify from time to timespecify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing 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; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, whether such cancellation or change is at the direction of Debtor or insurer. terms and amount and with insurance carriers satisfactory to Secured Party; Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver waive of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds any monies which may become payable under any such policy of insurance and irrevocably constitutes and appoints secured Party as Debtor's attorney In fact (a) to hold each original insurance policy, (b) to make, settle and adjust claims under each policy of Insurance, (c) to make claims for any physical damage or credit insurance for monies which a charge is stated in this Agreement or which is maintained by Debtor in accordance herewith, may become payable under such and other Insurance on the Collateral including returned and or unearned premiums, up and (d) to endorse Debtor's name on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the amount payment of the indebtedness owing hereunder to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing. Should Debtor fail to furnish such insurance policy to Secured Party, or to maintain such policy in full force, or to pay any premium in whole or in part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of Debtor and charge the premium to Debtor's indebtedness under this Security Agreement. The full amount of any such premium paid by Secured Party will not have the right shall be payable by Debtor upon demand, and failure to cancel any such insurance without Debtor's consent prior to the occurrence of pay same shall constitute 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 maturityunder this Security Agreement.

Insurance and Risk of Loss. Debtor All risk of loss, damage or destruction of the Collateral shall at all times bear all risk of loss of, damage to or destruction of the Equipmentbe on Debtors. Debtor agrees to immediately Debtors shall procure forthwith and maintain at Debtors' expense aircraft hull insurance, including all-risk ground and flight insurance on the EquipmentCollateral for an amount at least equal to $48,000,000 (provided that no co-insurance clause in any such policy may limit the amount to be paid in the event of a Casualty to an amount less than $48,000,000), for the full insurable value thereof and subject to deductibles in such minimum amounts as are consistent with industry standards which, in any event, shall not be greater than $750,000, for the life of this Agreement, in the form of "All Risk" or similar Security Agreement plus third party liability 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 shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing loss payable endorsement naming to Secured Party or assigns as loss-payee for amounts in excess of $750,000; and providing that the Secured Party's rights under Party and the Lenders are additional insureds thereunder; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy will not shall be invalidated by in form, terms and amount and with insurance carriers that are financially sound and solvent, rated in Best's Insurance Guide or any act, omission successor thereto with a general policy rating of "A-" and a size rating of at least "VIII" 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 otherwise satisfactory 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 shall not be a waiver of DebtorDebtors' foregoing obligations. As to Secured Party's interest in such policy, no act or omission of Debtors or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Subject to the provisions of the next paragraph, Debtors hereby assign to Secured Party any monies which may become payable under any such policy of hull insurance and irrevocably constitutes and appoints Secured Party as Debtors' attorney in fact (a) to make claims for any monies which may become payable under such and other insurance on the Collateral including returned or unearned premiums; and (b) to endorse Debtors' name on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the payment of the indebtedness owing to Secured Party, provided, however, Secured Party is under no obligation to procure do any of the foregoing. Debtor shall not settle any claims under any hull insurance complying with policy for less than the provisions hereof promptly after notice from outstanding indebtedness under the Promissory Notes and Agreements in the case of a Casualty, or the total amount necessary to complete any repairs in the case of any other event of loss or damage exceeding $1,500,000 to any Engine, Part or Airframe, in each case without the consent of the Secured Party, which consent shall not be unreasonably withheld. Debtor may settle all other claims. In the event of Casualty, Debtors pay the Casualty Amount required pursuant to the Promissory Notes and Agreements. Upon payment of the Casualty Amount, and provided no other amount is due hereunder, Debtors will be entitled to recover possession of the Aircraft and Collateral free and clear of the right and interest of Secured Party. Debtor assigns In the event of loss of or damage to Secured Party all any Engine, Part or Airframe that does not constitute a Casualty, Debtors will comply with Paragraph 14 hereof. So long as no Event of Default has occurred and continuing, the proceeds of any physical insurance claim for partial loss or damage to any Engine, Part or credit Airframe (a) in an amount less than or equal to $750,000 shall be paid directly by the insurance for which a charge is stated company to Debtors (b) in this Agreement or which is maintained by Debtor an amount in accordance herewith, including returned and unearned premiums, up excess of $750,000 shall be paid to the amount owing hereunder by Debtor. Secured Party will not have to be applied to pay for replacements or repairs as requested by Debtors or, if funded by Debtors, shall be paid over to Debtors. Any excess amounts shall be paid to the right Secured Party and applied to cancel the outstanding principal amount of the Promissory Notes and Agreements on the next Payment Date. Should Debtors fail to furnish such insurance policy to Secured Party, or to maintain such policy in full force, or to pay any premium in whole or in part relating thereto, then Secured Party or the Lenders, without waiving or releasing any default or obligation by Debtors, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of Debtors and charge the premium to Debtors' indebtedness under this Security Agreement. The full amount of any such insurance without Debtor's consent prior premium paid by Secured Party shall be payable by Debtors upon demand, and failure to the occurrence of pay same shall constitute 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 maturityunder this Security Agreement.

Insurance and Risk of Loss. Debtor shall at At all times bear all risk of loss of, damage to or destruction of during the Equipment. Debtor agrees to immediately procure and maintain insurance on the Equipment, for the full insurable value thereof and for the life term of this Agreement, in Debtor shall bear the form entire risk of "All Risk" loss or similar destruction of, or damage to, the Collateral. Debtor will procure and continuously maintain “all risk” property insurance (insuring covering each item of Collateral for the Equipment for firefull replacement value thereof, 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 Each policy of insurance satisfactory to shall contain a standard Lender’s Loss Payable Endorsement in favor of 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 actfor, omission or neglect of anyone among other than Secured Partythings, and containing the insurer's agreement to give 30 thirty (30) days prior written notice to Secured Party before of any cancellation cancellation, non-renewal or modification 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 insurercoverage. Secured Party's ’s acceptance of policies in lesser amounts or risks will in one instance shall not be a waiver of Debtor's obligation ’s obligations hereunder in any other instances. In the event of Debtor’s failure to procure secure and maintain insurance complying with as herein required, Secured Party may to protect and insure the provisions hereof promptly after notice from Secured Party. Collateral, at its sole option, secure such insurance on behalf of Debtor assigns and Debtor hereby promises to pay to Secured Party all proceeds on demand any amounts expended by Secured Party in securing such insurance as part of any physical damage or credit insurance for which a charge is stated in this Agreement or the obligations payment of which is maintained secured by the Collateral pursuant to this Agreement. Insurance purchased by Secured Party may include coverage beyond those required by this Section. The cost of such insurance may include: (i) premium expense; (ii) premium finance charges; and (iii) fees for billing and other administrative services. Secured Party’s affiliates may act as insurance carrier, premium finance company and/or insurance administrator, and may be compensated through premium charges, commissions, premium rebates and fees. Debtor in accordance herewith, including returned acknowledges that any insurance obtained by Secured Party is solely for the benefit of Secured Party and unearned premiums, up to the amount owing hereunder may be more expensive than insurance obtained by Debtor. Secured Party will not have promptly discontinue any insurance purchased by Secured Party upon Debtor’s presentation of proper evidence of valid insurance meeting the right to cancel requirements of this Section. Debtor hereby agrees that Secured Party may act as Debtor’s representative in making, adjusting and settling claims under or canceling any such insurance without policies covering the Collateral, and endorsing Debtor's consent prior to the occurrence of ’s name on any drafts, checks or other instruments drawn by an event of default and the repossession, loss or destruction insurer 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 maturityCollateral.

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for the life of this Agreement, in the form Security Agreement plus breach of "All Risk" or similar warranty 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 thereon in amounts and against such risks as Secured Party may specify from time to timespecify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-term mortgagee endorsement attached thereto showing 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; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, whether such cancellation or change is at the direction of Debtor or insurer. terms and amount and with insurance carriers satisfactory to Secured Party; Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation foregoing obligations. As to procure Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. The insurance complying with the provisions hereof promptly after notice maintained by Debtor should be primary without any right of contribution from insurance which may be maintained by Secured Party. Debtor shall be liable for all deductible portions of all required insurance. Debtor hereby assigns to Secured Party all proceeds any moneys which may become payable under any such policy of insurance and irrevocably constitutes and appoints Secured Party as Debtor's attorney in fact (a) to hold each original insurance policy, (b) to make, settle and adjust claims under each policy of insurance, (c) to make claims for any physical damage or credit moneys which may become payable under such and other insurance for which a charge is stated in this Agreement or which is maintained by Debtor in accordance herewith, on the Collateral including returned and or unearned premiums, up and (d) to endorse Debtor's name on any check, draft or other instrument received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the amount payment of the Obligations owing hereunder to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing. Should Debtor fail to furnish such insurance policy to Secured Party, or to maintain such policy in full force, or to pay any premium in whole or in part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of Debtor and charge the premium to Debtor's Obligations under this Security Agreement. The full amount of any such premium paid by Secured Party will not have the right shall be payable by Debtor upon demand, and failure to cancel any such insurance without Debtor's consent prior to the occurrence of pay same shall constitute 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 maturityunder this Security Agreement.

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral for the full insurable value thereof and for the life of this Agreement, in the form Security Agreement plus breach of "All Risk" or similar warranty 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 thereon in amounts and against such risks as Secured Party may specify from time to timespecify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing 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; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, whether such cancellation or change is at the direction of Debtor or insurer. terms and amount and with insurance carriers satisfactory to Secured Party; Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Debtor hereby assigns to Secured Party all proceeds any monies which may become payable under any such policy of insurance and irrevocably constitutes and appoints Secured Party's Debtor's attorney in fact (a) to hold each original insurance policy, (b) to make, settle and adjust claims under each policy of insurance, (c) to make claims for any monies which may become payable under such and other insurance on the Collateral including returned or unearned premiums and (d) to endorse Debtor's name on any check, draft or other instruments received in payment of claims or returned or unearned premiums under each policy and to apply the funds to the payment of the indebtedness owing to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing. Should debtor fail to furnish such insurance policy to Secured Party, or to maintain such policy in full force, or to pay any premium in whole or in part relating thereto, the Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of the Debtor and charge the premium to Debtor's indebtedness under this Security Agreement. The full amount of any physical damage or credit insurance for which a charge is stated in this Agreement or which is maintained such premium paid by Secured Party shall be payable by Debtor in accordance herewithupon demand, including returned and unearned premiums, up failure 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 pay same shall constitute 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 maturityunder this Security Agreement.

Insurance and Risk of Loss. Debtor shall at all times bear all All risk of loss ofloss, damage to or destruction of the EquipmentCollateral shall at all times be on Debtor. Debtor agrees to immediately will procure forthwith and maintain at Debtor's expense insurance on against all risks of loss or physical damage to the Equipment, Collateral 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 Security Agreement and collision and containing only those exclusions from coverage which are acceptable to Secured Party) plus such other insurance thereon in amounts and against such risks as Secured Party may specify from time to timereasonably specify, all in form and amount and with insurers satisfactory to Secured Party. Debtor agrees to shall promptly deliver promptly each policy to Secured Party certificates or, if requested, policies of insurance satisfactory to Secured Party, each with a standard long-form loss-mortgagee endorsement attached thereto showing 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; and providing Secured Party with not less than 30 days written notice of cancellation; each such policy shall be in form, whether such cancellation or change is at the direction of Debtor or insurer. terms and amount and with insurance carriers reasonably satisfactory to Secured Party; Secured Party's acceptance of policies in lesser amounts or risks will shall not be a waiver of Debtor's obligation foregoing obligations. As to procure insurance complying with the provisions hereof promptly after notice from Secured Party's interest in such policy, no act or omission of Debtor or any of its officers, agents, employees or representatives shall affect the obligations of the insurer to pay the full amount of any loss. Should Debtor assigns fail to furnish such insurance policy to Secured Party all proceeds Party, or to maintain such policy in full force, or to pay any premium in whole or in part relating thereto, then Secured Party, without waiving or releasing any default or obligation by Debtor, may (but shall be under no obligation to) obtain and maintain insurance and pay the premium therefor on behalf of Debtor and charge the premium to Debtor's indebtedness under this Security Agreement. The full amount of any physical damage or credit insurance for which a charge is stated in this Agreement or which is maintained such premium paid by Secured Party shall be payable by Debtor in accordance herewithupon demand, including returned and unearned premiums, up failure 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 pay same shall constitute 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 maturityunder this Security Agreement.