Common use of Insurance Covering Collateral Clause in Contracts

Insurance Covering Collateral. Promptly upon request therefor, deliver or cause to be delivered to the Agent originals or duplicate originals of all such policies of insurance covering the Collateral. All such insurance policies in respect of property insurance and business interruption insurance shall contain a standard loss payable clause and shall be endorsed to provide that, in respect of the interests of the Agent, the Issuing Bank and the Lenders: (i) the Agent shall be an additional insured, (ii) 30 days' prior written notice of any cancellation, reduction of amounts payable, or any changes and amendments shall be given to the Agent, and (iii) the Agent shall have the right, but not the obligation, to pay any premiums due or to acquire other such insurance upon the failure of a Borrower or such Subsidiary to pay the same or to so insure. All property insurance policies shall name the Agent as sole loss payee in respect of each claim relating to the Collateral and resulting in a payment under any such insurance policy exceeding $1,000,000. Provided that no Default or Event of Default shall exist, the Agent agrees, promptly upon its receipt thereof, to pay over to the Parent, the applicable Credit Party or the applicable Foreign Subsidiary that owns the applicable Property the proceeds of such payment to enable the Parent, the applicable Credit Party or the applicable Foreign Subsidiary to repair, restore or replace the Property subject to such claim. To the extent that such the Parent, the Credit Party or the Foreign Subsidiary fails to repair, restore or replace such Property subject to a claim, subject to Section 2.2(c), an amount equal to such proceeds shall be immediately applied as a permanent reduction of the Aggregate Parent Commitment Amount and/or Aggregate GP Canada Credit Exposure, as the case may be, pursuant to Section 2.4(b). If a Default or Event of Default shall then exist, the Agent shall (i) hold the proceeds of such payment as Collateral until such Default or Event of Default shall no longer exist and then pay over the same to such Borrower or Credit Party to enable such Borrower or Credit Party to repair, restore or replace or cause to be repaired, restored or replaced the Property subject to the claim which resulted in such payment or (ii) hold such proceeds as Collateral and apply the same to the obligations of the Parent or Credit Party under the Loan Documents in such order, in such amounts and at such times as the Agent, with the consent of Required Lenders, shall decide.

Insurance Covering Collateral. Promptly upon request therefor, deliver or cause to be delivered to the Agent originals or duplicate originals of all such policies of insurance covering the Collateralinsurance. All such insurance policies in respect of property insurance and business interruption insurance shall contain a standard loss payable clause and shall be endorsed to provide that, in respect of the interests of the Agent, the Issuing Bank Agent and the Lenders: (i) the Agent shall be an additional insured, (ii) 30 days' prior written notice of any cancellation, reduction of amounts payable, or any changes and amendments shall be given to the Agent, and (iii) the Agent shall have the right, but not the obligation, to pay any premiums due or to acquire other such insurance upon the failure of a the Borrower or such Subsidiary to pay the same or to so insure. All property insurance policies shall name the Agent as sole loss payee in respect of each claim relating to the Collateral and resulting in a payment under any such insurance policy exceeding $1,000,000. Provided that no Default or Event of Default shall exist, the Agent agrees, promptly upon its receipt thereof, to pay over to the Parent, the applicable Credit Party or the applicable Foreign Subsidiary that owns the applicable Property Borrower the proceeds of such payment to enable the Parent, the applicable Credit Party or the applicable Foreign Subsidiary Borrower to repair, restore or replace the Property subject to such claim. To the extent that such the Parent, the Credit Party or the Foreign Subsidiary fails Borrower elects not to repair, restore or replace such Property subject to a claim, subject to Section 2.2(c), an amount equal to such proceeds shall be immediately applied as a permanent reduction of the Aggregate Parent Commitment Amount and/or Aggregate GP Canada Credit Exposure, as the case may be, pursuant to Section 2.4(b2.5(e). If a Default or Event of Default shall then exist, the Agent shall (i) hold the proceeds of such payment as Collateral until such Default or Event of Default shall no longer exist and then pay over the same to such the Borrower or Credit Party to enable such the Borrower or Credit Party to repair, restore or replace or cause to be repaired, restored or replaced the Property subject to the claim which resulted in such payment or (ii) hold such proceeds as Collateral and apply the same to the obligations of the Parent or Credit Party Borrower under the Loan Documents in such order, in such amounts and at such times as the Agent, with the consent of Required Lenders, shall decide.

Insurance Covering Collateral. Promptly upon request therefor, deliver or cause to be delivered to the Agent originals or duplicate originals of all such policies of insurance covering the Collateral. All such insurance policies in respect of property insurance and business interruption insurance shall contain a standard loss payable clause and shall be endorsed to provide that, in respect of the interests of the Agent, the Issuing Bank Bank, and the Lenders: (i) the Agent shall be an additional insured, (ii) 30 days' prior written notice of any cancellation, reduction of amounts payable, or any changes and amendments shall be given to the Agent, and (iii) the Agent shall have the right, but not the obligation, to pay any premiums due or to acquire other such insurance upon the failure of a such Borrower or such Subsidiary to pay the same or to so insure. All property insurance policies shall name the Agent as sole loss payee in respect of each claim relating to the Collateral and resulting in a payment under any such insurance policy exceeding $1,000,000. Provided that no Default or Event of Default shall exist, the Agent agrees, promptly upon its receipt thereof, to pay over to the ParentBorrowers, the applicable Credit Party Obligor or the applicable Foreign Subsidiary that owns the applicable Property the proceeds of such payment to enable the ParentBorrowers, the applicable Credit Party Obligor or the applicable Foreign Subsidiary to repair, restore or replace the Property subject to such claim. To the extent that such the ParentBorrowers, the Credit Party any Obligor or the Foreign Subsidiary fails to repair, restore or replace such Property subject to a claim, subject to Section 2.2(c), an amount equal to such proceeds shall be immediately applied as a permanent reduction of the Aggregate Parent Revolving Loan Commitment Amount and/or Aggregate GP Canada Credit Exposure, as the case may be, pursuant to Section 2.4(b). If a Default or Event of Default shall then exist, the Agent shall (i) hold the proceeds of such payment as Collateral until such Default or Event of Default shall no longer exist and then pay over the same to such Borrower the Borrowers or Credit Party Obligor to enable such Borrower the Borrowers or Credit Party Obligor to repair, restore or replace or cause to be repaired, restored or replaced the Property subject to the claim which resulted in such payment or (ii) hold such proceeds as Collateral and apply the same to the obligations of the Parent Borrowers or Credit Party Obligor under the Loan Documents in such order, in such amounts and at such times as the Agent, with the consent of Required Lenders, shall decide.

Insurance Covering Collateral. Promptly upon request therefor, deliver or cause to be delivered to the Agent originals or duplicate originals of all such policies of insurance covering the Collateral. All such insurance policies in respect of property insurance and business interruption insurance shall contain a standard loss payable clause and shall be endorsed to provide that, in respect of the interests of the Agent, the Issuing Bank and the LendersLender: (i) the Agent Lender shall be an additional insured, (ii) 30 days' prior written notice of any cancellation, reduction of amounts payable, or any changes and amendments shall be given to the AgentLender, and (iii) the Agent Lender shall have the right, but not the obligation, to pay any premiums due or to acquire other such insurance upon the failure of a Borrower or such Subsidiary to pay the same or to so insure. All property insurance policies shall name the Agent Lender as sole loss payee in respect of each claim relating to the Collateral and resulting in a payment under any such payee. All other insurance policy exceeding $1,000,000policies shall name Lender as additional insured. Provided that no Event of Default or Potential Event of Default shall exist, the Agent Lender agrees, promptly upon its receipt thereof, to pay over to the Parent, the applicable Credit Party or the applicable Foreign Subsidiary that owns the applicable Property Borrower the proceeds of such payment to enable the Parent, the applicable Credit Party or the applicable Foreign Subsidiary Borrower to repair, restore or replace the Property property subject to such claim. To the extent that such the Parent, the Credit Party or the Foreign Subsidiary fails Borrower elects not to repair, restore or replace such Property subject to a claim, subject to Section 2.2(c)property, an amount equal to such proceeds shall be immediately applied as a permanent reduction of the Aggregate Parent Commitment Amount and/or Aggregate GP Canada Credit Exposure, as the case may be, Mandatory Prepayment pursuant to Section 2.4(b)and in accordance with subsections 2.4(c)(iii)(C) and 2.4(c)(iv) hereof. If a an Event of Default or Potential Event of Default shall then exist, the Agent Lender shall (iA) hold the proceeds of such payment as Collateral until such Event of Default or Potential Event of Default shall no longer exist and then pay over the same to such Borrower or Credit Party to enable such Borrower or Credit Party to repair, restore or replace or cause to be repaired, restored or replaced the Property property subject to the claim which resulted in such payment or (iiB) hold such proceeds as Collateral and apply the same to the obligations of the Parent or Credit Party Borrower under the Loan Documents in such order, in such amounts and at such times as the Agent, with the consent of Required Lenders, Lender shall decideelect.

Insurance Covering Collateral. Promptly upon request therefor, deliver or cause to be delivered to the Agent originals or duplicate originals of all such policies of insurance covering the Collateralinsurance. All such insurance policies in respect of property insurance and business interruption insurance shall contain a standard loss payable clause and shall be endorsed to provide that, in respect of the interests of the Agent, the Issuing Bank Agent and the Lenders: (i) the Agent shall be an additional insured, (ii) 30 days' prior written notice of any cancellation, reduction of amounts payable, or any changes and amendments shall be given to the Agent, and (iii) the Agent shall have the right, but not the obligation, to pay any premiums due or to acquire other such insurance upon the failure of a the Borrower or such Subsidiary to pay the same or to so insure. All property insurance policies shall name the Agent as sole a co- loss payee in respect of each claim relating to the Collateral and resulting in a payment under any such insurance policy exceeding $1,000,000500,000. Provided that no Default or Event of Default shall exist, the Agent agrees, promptly upon its receipt thereof, to pay over to the Parent, the applicable Credit Party or the applicable Foreign Subsidiary that owns the applicable Property Borrower the proceeds of such payment to enable the Parent, the applicable Credit Party or the applicable Foreign Subsidiary Borrower to repair, restore or replace the Property subject to such claim. To the extent that such the Parent, the Credit Party or the Foreign Subsidiary fails Borrower elects not to repair, restore or replace such Property subject to a claimProperty, subject to Section 2.2(c)such proceeds, an amount equal to such together with any Condemnation proceeds which the Borrower or any Subsidiary may receive, shall be immediately applied as a permanent reduction to the prepayment of the Aggregate Parent Commitment Amount and/or Aggregate GP Canada Credit Exposure, as the case may be, pursuant to Loans in accordance with Section 2.4(b). If a Default or Event of Default shall then exist, the Agent shall (i) hold the proceeds of such payment as Collateral until such Default or Event of Default shall no longer exist and then pay over the same to such the Borrower or Credit Party to enable such the Borrower or Credit Party to repair, restore or replace or cause to be repaired, restored or replaced the Property subject to the claim which resulted in such payment or (ii) hold such proceeds as Collateral and apply the same to the obligations of the Parent or Credit Party Borrower under the Loan Documents in such order, in such amounts and at such times as the Agent, with the consent of Required Lenders, shall decide.

Insurance Covering Collateral. At all times insure all of the tangible Collateral against all risks as are customarily insured against by companies engaged in similar businesses, and maintain at all times general public liability insurance with respect to all of the tangible Collateral against damage resulting from bodily injury, including death or damage to Property of others, all such insurance being in amounts equal to no less than that customarily carried by com- panies engaged in similar businesses, with deductibles not exceeding $5,000 per occurrence. Promptly upon request thereforthere- for, the Borrower will deliver or cause to be delivered to the Agent Bank originals or duplicate originals of all such policies of insurance covering the Collateralinsurance. All such insurance policies in respect of property insurance and business interruption insurance shall contain a standard loss payable clause and shall be endorsed to provide that, in respect of the interests of the Agent, the Issuing Bank and the LendersBank: (i) the Agent Bank shall be an additional insured, (iii) 30 twenty days' prior written notice of any cancellation, reduction of amounts payablepay- able, or any changes and amendments shall be given to the AgentBank, and (iii) the Agent Bank shall have the right, but not the obligation, to pay any premiums due or to acquire other such insurance upon the failure of a the Borrower or such Subsidiary to pay the same or to so insure. All property insurance policies shall name the Agent Bank as sole loss payee in respect of each claim relating to the tangible Collateral and resulting in a payment under any such insurance policy exceeding $1,000,000100,000. Provided that no Default or Event of Default shall exist, the Agent Bank agrees, promptly upon its receipt thereof, to pay over to the Parent, the applicable Credit Party or the applicable Foreign Subsidiary that owns the applicable Property Borrower the proceeds of such payment to enable the Parent, the applicable Credit Party or the applicable Foreign Subsidiary Borrower to repair, restore or replace the Property subject to such claim. To the extent that such the Parent, the Credit Party or the Foreign Subsidiary fails to repair, restore or replace such Property subject to a claim, subject to Section 2.2(c), an amount equal to such proceeds shall be immediately applied as a permanent reduction of the Aggregate Parent Commitment Amount and/or Aggregate GP Canada Credit Exposure, as the case may be, pursuant to Section 2.4(b). If a Default or Event of Default shall then exist, the Agent Bank shall (i) hold the proceeds of such payment as Collateral until such Default or Event of Default shall no longer exist and then pay over the same to such the Borrower or Credit Party to enable such the Borrower or Credit Party to repairre- pair, restore or replace or cause to be repaired, restored or replaced the Property subject to the claim which resulted in such payment or (ii) hold such proceeds as Collateral and apply ap- ply the same to the obligations of the Parent or Credit Party Borrower under the Loan Documents in such order, in such amounts and at such times as the Agent, with the consent of Required Lenders, Bank shall decide.

Insurance Covering Collateral. Promptly upon request therefor, deliver or cause to be delivered to the Agent originals or duplicate originals of all such policies of insurance covering the Collateralinsurance. All such insurance policies in respect of property insurance and business interruption insurance shall contain a standard loss payable clause and shall be endorsed to provide that, in respect of the interests of the Agent, the Issuing Bank and the Lenders: (i) the Agent Agent, on behalf of the Lenders, shall be an additional insured, (ii) 30 days' prior written notice of any cancellation, reduction of amounts payable, or any changes and amendments shall be given to the Agent, and (iii) the Agent shall have the right, but not the obligation, to pay any premiums due or to acquire other such insurance upon the failure of a the Borrower or such Restricted Subsidiary to pay the same or to so insure. All property insurance policies shall name the Agent Agent, on behalf of the Lenders, as sole loss payee in respect of each claim relating to the Collateral and resulting in a payment under any such insurance policy exceeding $1,000,000100,000. Provided that no Default or Event of Default shall exist, the Agent agrees, promptly upon its receipt thereof, to pay over to the Parent, the applicable Credit Party or the applicable Foreign Subsidiary that owns the applicable Property Borrower the proceeds of such payment to enable the Parent, the applicable Credit Party or the applicable Foreign Subsidiary Borrower to repair, restore or replace the Property subject to such claim. To If the extent that such the Parent, the Credit Party or the Foreign Subsidiary fails Borrower elects not to repair, restore or replace Property in respect of which it receives insurance proceeds, upon the 270th day after such Property subject to a claim, subject to Section 2.2(c), receipt the Aggregate Commitment Amount shall be reduced automatically by an amount equal to such proceeds shall be immediately applied as a permanent reduction of the Aggregate Parent Commitment Amount and/or Aggregate GP Canada Credit Exposure, as the case may be, pursuant to Section 2.4(b)proceeds. If a Default or Event of Default shall then exist, the Agent shall (i) hold the proceeds of such payment as Collateral until such Default or Event of Default shall no longer exist and then pay over the same to such the Borrower or Credit Party to enable such the Borrower or Credit Party to repair, restore or replace or cause to be repaired, restored or replaced the Property subject to the claim which resulted in such payment or (ii) hold such proceeds as Collateral and apply the same to the obligations of the Parent or Credit Party Borrower under the Loan Documents in such order, in such amounts and at such times as the Agent, with the consent of Required Lenders, shall decide.