Common use of Insurance and Risk of Loss Clause in Contracts

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.

Appears in 1 contract

Samples: Security Agreement (Evans Systems Inc)

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Insurance and Risk of Loss. 1. Debtor will insure the Collateral in accordance with Secured Party's reasonable requirements regarding choice of carrier, risks casualties 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 certificates to Secured Party.

Appears in 1 contract

Samples: First Priority Security Interest Agreement

Insurance and Risk of Loss. 1. (a) Debtor will insure the Collateral in accordance with Secured Party's ’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 certificates to Secured Party.

Appears in 1 contract

Samples: Security Agreement (North American Technologies Group Inc /Mi/)

Insurance and Risk of Loss. 1. Debtor 10.1 Debtors will insure the Collateral in accordance with Secured Party's ’s reasonable requirements regarding choice of carrier, risks insured against, and amount of coverage. Policies must be written in favor of DebtorDebtors, 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 (10) days' notice before cancellationcancellation or change in coverage. Debtor Debtors must provide copies of the policies or evidence of insurance certificates, and any renewals, to Secured Party.

Appears in 1 contract

Samples: Second Lien Security Agreement (North American Technologies Group Inc /Tx/)

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Insurance and Risk of Loss. 1. 10.1 Debtor will insure the Collateral in accordance with Secured Party's ’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 (10) days' notice before cancellationcancellation or change in coverage. Debtor must provide copies of the policies or evidence of insurance certificates, and any renewals, to Secured Party.

Appears in 1 contract

Samples: Security Agreement (North American Technologies Group Inc /Mi/)

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