Insurance; Certain Proceeds. (a) Each of the Credit Parties will at all times maintain in full force and effect insurance (including domestic worker's compensation insurance, liability insurance, casualty insurance and business interruption insurance) in such amounts, covering such risks and liabilities and with such deductibles or self-insurance retentions as are in accordance with normal industry practice (or as are otherwise required by the Collateral Documents). The Agent shall be named as loss payee or mortgagee, as its interest may appear, with respect to all such property policies and an additional insured with respect to the commercial general liability policy, and each provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Agent, that if the insurance carrier shall have received written notice from the Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Credit Parties under such policies directly to the Agent (which agreement shall be evidenced by a "standard" or "New York" lender's loss payable endorsement in the name of the Agent on Accord Form 27) and that it will give the Agent thirty (30) days' prior written notice before any such policy or policies shall be altered or canceled, and that no act or default of any Credit Party or any other Person shall affect the rights of the Agent or the Lenders under such policy or policies.
Insurance; Certain Proceeds. (a) The Borrower will at all times maintain in full force and effect insurance in such amounts, covering such risk and liabilities and with such deductibles or self-insurance retentions as are in accordance with normal industry practice (or as are otherwise required by the Collateral Documents), and in any event in compliance with the requirements of Schedule 6.06 hereof. Notwithstanding the generality of the foregoing, (i) with respect to any Portfolio Railcar subject to a Lease, the Borrower agrees that it (or the Manager acting on its behalf) shall enforce the provisions of the Lease against the applicable Lessee as to all required insurance pursuant to the terms thereof, (ii) with respect to any Portfolio Railcar not subject to a Net Lease, in addition to its covenants with respect to the Collateral described herein and of Schedule 6.06 hereof, the Borrower shall comply with the provisions of the Management Documents regarding insurance for such Portfolio Railcar, and (iii) the Borrower shall ensure that at all times insurances against physical damage of the Portfolio Railcars shall be in effect (which may be accomplished pursuant to a contingent physical damage policy) in an amount not less than the replacement cost of such Portfolio Railcars, subject to an aggregate limit of not less than $2,500,000 per occurrence; provided that such coverage may provide for deductible amounts of not more than $50,000 per occurrence (or $100,000, in the event that (i) coverage providing for a $50,000 deductible amount is not then available on commercially reasonable terms or (ii) a deductible amount of $100,000 is then customary in the railcar leasing industry with respect to such coverage). The Collateral Agent shall be named as loss payee or mortgagee, as its interest may appear, with respect to all such property and casualty policies and additional insured with respect to all such other policies (other than workers’ compensation and employee health policies, if any), and each provider of property damage insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Collateral Agent, (i) that the insurance carrier shall pay all proceeds otherwise payable to the Borrower under such policies jointly to the Borrower and the Collateral Agent (which agreement shall be evidenced by a “standard” or “New York” lender’s loss payable endorsement in the name of the Collateral Agent), (ii) to waive all claims for i...
Insurance; Certain Proceeds. (a) The Borrower will at all times maintain in full force and effect “all-risk” physical damage insurance and comprehensive public liability insurance (covering bodily injury, death or property damage arising out of the use or operation of the Portfolio Railcars) in such amounts, covering such risk and liabilities and with such deductibles or self-insurance retentions as are required pursuant to the terms of the TSA, and in any event substantially consistent with the terms and conditions of the certificate of insurance attached as Schedule B to the TSA. On or prior to each anniversary of the Closing Date, upon 5 Business Days written request from the Administrative Agent, the Borrower will provide to the Administrative Agent a certificate or other evidence reasonably satisfactory to the Administrative Agent that such insurance coverage is in effect. Notwithstanding the generality of the foregoing, with respect to any Portfolio Railcar subject to the TSA, the Borrower agrees that it shall enforce the provisions of the TSA against the applicable TSA Party as to all required insurance pursuant to the terms thereof. Such insurance policy will name the Collateral Agent and the Administrative Agent as an additional named insured and the Collateral Agent as the lender loss payee (as the case may be) and require that the insurer give the Borrower and its designees at least thirty (30) days prior written notice of any altered, terminated or canceled terms of such policy. The Borrower assumes all liability and responsibility in connection with the Portfolio and other property and assets acquired by it and the liability of the Borrower to pay the Credit Obligations shall in no way be affected or diminished by reason of the fact that any such property may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to the Borrower.
Insurance; Certain Proceeds. (a) The Borrower will at all times maintain in full force and effect insurance in such amounts, covering such risk and liabilities and with such deductibles or self-insurance retentions as are in accordance with normal industry practice (or as are otherwise required by the Collateral Documents), and in any event in compliance with the requirements of Schedule 6.06 hereof. Notwithstanding the generality of the foregoing, (i) with respect to any Portfolio Railcar subject to a Lease, the Borrower agrees that it (or the Manager acting on its behalf) shall enforce the provisions of the Lease against the applicable Lessee as to all required insurance pursuant to the terms thereof, (ii) with respect to any Portfolio Railcar not subject to a Net Lease, in addition to its covenants with respect to the 747656567 17557858 105 Fifth Amended and Restated Warehouse Loan Agreement
Insurance; Certain Proceeds. (a) Except as set forth on Schedule 5.32, each of the Consolidated Parties will at all times maintain in full force and effect insurance (including worker’s compensation insurance, liability insurance, casualty insurance and business interruption insurance) in such amounts, covering such risk and liabilities and with such deductibles or self-insurance retentions as are in accordance with normal industry practice (or as are otherwise required by the Collateral Documents). The Collateral Agent shall be named as loss payee or mortgagee, as its interest may appear, with respect to all such property and casualty policies and additional insured with respect to all such other policies (other than workers’ compensation and employee health policies and marine insurance policies), and each provider of any such insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Collateral Agent, that if the insurance carrier shall have received written notice from the Collateral Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise payable to the Consolidated Parties under such policies directly to the Collateral Agent (which agreement shall be evidenced by a “standard” or “New York” lender’s loss payable endorsement in the name of the Collateral Agent on Accord Form 27 or other customary form) and that it will give the Collateral Agent twenty days’ prior written notice before any such policy or policies shall be altered or canceled, and, other than with respect to the marine policies, that no act or default of any Consolidated Party or any other Person shall affect the rights of the Collateral Agent, or the Lenders under such policy or policies.
Insurance; Certain Proceeds
