Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance), and the properties and business of the Restricted Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to such deductibles and self-insurance programs as the Company in its judgment deems reasonable; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance in amounts and with coverages not materially less favorable to the Borrowers or any of the Restricted Subsidiaries as in effect on the date of this Credit Agreement, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage in respect of any such Collateral, 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 and the Canadian Agent, that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled. (b) Cause, and cause each Restricted Subsidiaries to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 shall prevent a Credit Party from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of either Borrower or any of the Restricted Subsidiaries. (c) Cause a summary, set forth in format and detail reasonably acceptable to the Administrative Agent, of the types and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Date.
Appears in 2 contracts
Samples: Credit Agreement (Rock-Tenn CO), Credit Agreement (Rock-Tenn CO)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds kind customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as is customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers each Borrower shall use their its best efforts to maintain, or cause to be maintained, insurance in amounts and with coverages not materially less favorable to the Borrowers or any of the Restricted Subsidiaries Consolidated Company as in effect on the date of this Credit Agreement, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage in respect of any such Collateral, 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 and the Canadian Agent, that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled.
(b) Cause, and cause each Restricted Subsidiaries to cause, Cause all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower the Borrowers as may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 shall prevent times and except where a Credit Party from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of either Borrower or any of the Restricted Subsidiaries.failure to do so could not reasonably be expected to have a Materially Adverse Effect;
(c) Cause a summary, set forth in format and detail reasonably acceptable Net Casualty/Insurance Proceeds must be applied either (i) to the Administrative Agent, payment of the types Olbligations, or (ii) repair and/or restoration of the Collateral within one hundred eighty days (180) days of the recipt of the proceeds of such Casualty or Condemnation. If an Event of Default has occurred and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to is continuing, the Administrative Agent on or before thirty (30) days after at the Closing Datedirection of the Required Lenders, shall determine the manner in which the Net Casualty/Insurance Proceeds are to be applied. If the cost to repair the Collateral exceeds $1,000,000, then, in such event, the Credit Party and the Administrative Agent shall mutually determine the manner in which the Net Casualty/Insurance Proceeds are to be applied; provided that, in the event the Credit Party and Administrative Agent do not come to a mutually satisfactory determination of the manner in which the Net/Casualty/Insurance Proceeds are to be applied the Administrative Agent shall make the determination in its reasonable discretion.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Catalina Lighting Inc), Revolving Credit and Term Loan Agreement (Catalina Lighting Inc)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance the Credit Parties may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as Administrative Agent, Borrower shall file with the Administrative Agent a detailed list of such insurance then in effect on stating the names of the insurance companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Administrative Agent, obtain such additional insurance as the Required Lenders may reasonably request as a result of a material change in the circumstances or conditions affecting Borrower's business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(b) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 6.06 shall prevent a Credit Party Borrower from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyBorrower, desirable in the conduct of its business or the business of either Borrower or any of the Restricted SubsidiariesConsolidated Company.
(c) Cause a summaryMaintain in full force and effect all material patents, set forth in format trademarks, service marks, trade names, copyrights, licenses and detail reasonably acceptable to other such rights, free from burdensome restrictions, which are necessary for the Administrative Agent, operation of the types businesses of the Consolidated Companies as presently conducted, where the result of failure to obtain and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Datehold such benefits would have a Materially Adverse Effect.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Choicepoint Inc), Revolving Credit Agreement (Choicepoint Inc)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to such deductibles and self-insurance programs as the Company in its judgment deems reasonable; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance in amounts and with coverages not materially less favorable to the Borrowers or any of the Restricted Subsidiaries as in effect on the date of this Credit Agreement, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Administrative Agent, in the case of U.S. Collateral, and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage in respect of any such Collateral, 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 and the Canadian AgentAgents, that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled.
(b) Cause, and cause each Restricted Subsidiaries to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 shall prevent a Credit Party from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of either Borrower or any of the Restricted Subsidiaries.
(c) Cause a summary, set forth in format and detail reasonably acceptable to the Administrative Agent, of the types and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Date.
Appears in 1 contract
Samples: Credit Agreement (Rock-Tenn CO)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds kind customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as is customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers each Borrower shall use their its best efforts to maintain, or cause to be maintained, insurance in amounts and with coverages not materially less favorable to the Borrowers or any of the Restricted Subsidiaries Consolidated Company as in effect on the date of this Credit Agreement, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage in respect of any such Collateral, 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 and the Canadian Agent, that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled.
(b) Cause, and cause each Restricted Subsidiaries to cause, Cause all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower the Borrowers as may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 shall prevent times and except where a Credit Party from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of either Borrower or any of the Restricted Subsidiaries.failure to do so could not reasonably be expected to have a Materially Adverse Effect;
(c) Cause a summary, set forth in format and detail reasonably acceptable Net Casualty/Insurance Proceeds must be applied either (i) to the Administrative Agent, payment of the types Obligations, or (ii) to the repair and/or restoration of the Collateral within one hundred eighty days (180) days of the receipt of the proceeds of such Casualty or Condemnation. If an Event of Default has occurred and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to is continuing, the Administrative Agent on or before thirty (30) days after at the Closing Datedirection of the Required Lenders, shall determine the manner in which the Net Casualty/Insurance Proceeds are to be applied. If the cost to repair the Collateral exceeds $1,000,000, then, in such event, the Credit Party and the Administrative Agent shall mutually determine the manner in which the Net Casualty/Insurance Proceeds are to be applied; provided that, in the event the Credit Party and Administrative Agent do not come to a mutually satisfactory determination of the manner in which the Net/Casualty/Insurance Proceeds are to be applied the Administrative Agent shall make the determination in its reasonable discretion.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Catalina Lighting Inc)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to such deductibles and self-insurance programs as the Company Borrower in its judgment deems reasonable; provided, however, that in any event Borrowers Borrower shall use their its best efforts to maintain, or cause to be maintained, insurance in amounts and with coverages not materially less favorable to the Borrowers or any of the Restricted Subsidiaries Consolidated Company as in effect on the date of this Credit Agreement, except where the costs of maintaining such insurance would, in the judgment of the CompanyBorrower, be excessive. The Collateral Agent, in the case of U.S. Collateral, and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage in respect of any such Collateral, 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 and the Canadian Agent, that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled.
(b) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 shall prevent a Credit Party Borrower from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyBorrower, desirable in the conduct of its business or the business of either Borrower or any of the Restricted SubsidiariesConsolidated Company.
(c) Cause a summary, set forth in format and detail reasonably acceptable to the Administrative Agent, of the types and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries Consolidated Companies to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Date.
Appears in 1 contract
Samples: Credit Agreement (Rock Tenn Co)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the its Restricted Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to such deductibles and self-insurance programs as the Company Borrower in its judgment deems reasonable; provided, however, that in any event Borrowers Borrower shall use their its best efforts to maintain, or cause to be maintained, insurance in amounts and with coverages not materially less favorable to the Borrowers Borrower or any of the its Restricted Subsidiaries as in effect on the date of this Credit Agreement, except where the costs of maintaining such insurance would, in the judgment of the CompanyBorrower, be excessive. The Collateral Agent, in the case of U.S. Collateral, and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage in respect of any such Collateral, 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 and the Canadian Agent, that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceled.
(b) Cause, and cause each of the Borrower and its Restricted Subsidiaries to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 shall prevent a Credit Party Borrower from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyBorrower, desirable in the conduct of its business or the business of either the Borrower or any of the its Restricted Subsidiaries.
(c) Cause a summary, set forth in format and detail reasonably acceptable to the Administrative Agent, of the types and amounts of insurance (property and liability) maintained by the Borrowers Borrower and the its Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Date.
Appears in 1 contract
Samples: Credit Agreement (Rock Tenn Co)
Insurance; Maintenance of Properties. (ai) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance ChoicePoint may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as in effect on Agent, ChoicePoint shall file with the Agent a detailed Acord certificate of insurance stating the names of the insxxxxxe companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Agent, obtain such additional insurance as the Required Funding Parties may reasonably request as a result of a material change in the circumstances or conditions affecting ChoicePoint's business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(bii) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower ChoicePoint may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 5.1(f) shall prevent a Credit Party ChoicePoint from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyChoicePoint, desirable in the conduct of its business or the business of either Borrower or any of the Restricted SubsidiariesConsolidated Company.
(ciii) Cause a summaryMaintain in full force and effect all material patents, set forth in format trademarks, service marks, trade names, copyrights, licenses and detail reasonably acceptable to other such rights, free from burdensome restrictions, which are necessary for the Administrative Agent, operation of the types businesses of the Consolidated Companies as presently conducted, where the result of failure to obtain and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Datehold such benefits would have a Material Adverse Effect.
Appears in 1 contract
Samples: Master Agreement (Choicepoint Inc)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance (including business interruption coverage) with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance the Credit Parties may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as Administrative Agent, Parent shall file with the Administrative Agent a detailed list of such insurance then in effect on stating the names of the insurance companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Administrative Agent, obtain such additional insurance as the Required Lenders may reasonably request as a result of a material change in the circumstances or conditions affecting Parent’s business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(b) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower Parent may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 6.06 shall prevent a Credit Party Parent from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyParent, desirable in the conduct of its business or the business of either Borrower or any of the Restricted SubsidiariesConsolidated Company.
(c) Cause a summaryMaintain in full force and effect all material patents, set forth in format trademarks, service marks, trade names, copyrights, licenses and detail reasonably acceptable to other such rights, free from burdensome restrictions, which are necessary for the Administrative Agent, operation of the types businesses of the Consolidated Companies as presently conducted, where the result of failure to obtain and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Datehold such benefits would have a Materially Adverse Effect.
Appears in 1 contract
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance (including business interruption coverage) with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance the Credit Parties may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as Administrative Agent, Parent shall file with the Administrative Agent a detailed list of such insurance then in effect on stating the names of the insurance companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Administrative Agent, obtain such additional insurance as the Required Lenders may reasonably request as a result of a material change in the circumstances or conditions affecting Parent’s business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(b) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower Parent may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 6.06 shall prevent a Credit Party Parent from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyParent, desirable in the conduct of its business or the business of either Borrower or any of the Restricted SubsidiariesConsolidated Company.
(c) Cause a summaryMaintain in full force and effect all material patents, set forth in format trademarks, service marks, trade names, copyrights, licenses and detail reasonably acceptable to other such rights, free from burdensome restrictions, which are necessary for the Administrative Agent, operation of the types businesses of the Consolidated Companies as presently conducted, except where the result of failure to obtain and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Datehold such benefits would not have a Materially Adverse Effect.
Appears in 1 contract
Insurance; Maintenance of Properties. (ai) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance the Lessee may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as in effect on Agent, Lessee shall file with the Agent a detailed Acorx xxxtificate of insurance stating the names of the insurance companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Agent, obtain such additional insurance as the Required Funding Parties may reasonably request as a result of a material change in the circumstances or conditions affecting Lessee's business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(bii) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower the Lessee may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 5.1(f) shall prevent a Credit Party the Lessee from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyLessee, desirable in the conduct of its business or the business of either Borrower or any of the Restricted SubsidiariesConsolidated Company.
(ciii) Cause a summaryMaintain in full force and effect all material patents, set forth in format trademarks, service marks, trade names, copyrights, licenses and detail reasonably acceptable to other such rights, free from burdensome restrictions, which are necessary for the Administrative Agent, operation of the types and amounts businesses of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Date.Consolidated Companies as presently conducted,
Appears in 1 contract
Samples: Master Agreement (Choicepoint Inc)
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance the Credit Parties may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as Administrative Agent, Borrower shall file with the Administrative Agent a detailed list of such insurance then in effect on stating the names of the insurance companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Administrative Agent, obtain such additional insurance as the Required Lenders may reasonably request as a result of a material change in the circumstances or conditions affecting Borrower's business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(b) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 shall prevent a Credit Party from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of either Borrower or any of the Restricted Subsidiaries.
(c) Cause a summary, set forth in format and detail reasonably acceptable to the Administrative Agent, of the types and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Date.connection
Appears in 1 contract
Insurance; Maintenance of Properties. (a) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance the Credit Parties may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as Administrative Agent, Borrower shall file with the Administrative Agent a detailed list of such insurance then in effect on stating the names of the insurance companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Administrative Agent, obtain such additional insurance as the Required Lenders may reasonably request as a result of a material change in the circumstances or conditions affecting Borrower's business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(b) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 6.06 shall prevent a Credit Party Borrower from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of either Borrower or any of the Restricted Subsidiaries.
(c) Cause a summary, set forth in format and detail reasonably acceptable to the Administrative Agent, of the types and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Date.or
Appears in 1 contract
Insurance; Maintenance of Properties. (ai) Maintain or cause to be maintained with financially sound and reputable insurers, insurance with respect to its properties and business (including business interruption insurance)business, and the properties and business of the Restricted its Subsidiaries, against loss or damage of the kinds customarily insured against by reputable companies in the same or similar businesses, such insurance to be of such types and in such amounts and subject to as are customary for such deductibles and self-insurance programs as the Company in its judgment deems reasonablecompanies under similar circumstances; provided, however, that in any event Borrowers shall use their best efforts to maintain, or cause to be maintained, insurance ChoicePoint may self-insure in amounts and with coverages not materially less favorable satisfactory to management. Upon the Borrowers or any request of the Restricted Subsidiaries as in effect on Agent, ChoicePoint shall file with the Agent a detailed Xxxxx certificate of insurance stating the names of the insurance companies, the limits of liability of insurance, the date of this Credit Agreementexpiration thereof, except where the costs of maintaining such insurance would, in the judgment of the Company, be excessive. The Collateral Agent, in the case of U.S. Collateral, Property and risks covered thereby and the Canadian Agent, in the case of Canadian Collateral, shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such insurance providing coverage thereto, and, within 60 days after notice in respect of any such Collateral, and each provider of any such insurance shall agree, by endorsement upon writing from the policy or policies issued by it or by independent instruments furnished to the Collateral Agent and the Canadian Agent, obtain such additional insurance as the Required Funding Parties may reasonably request as a result of a material change in the circumstances or conditions affecting ChoicePoint's business specifically or its type of business generally, provided that it will give the applicable Agent thirty (30) days prior written notice before any such policy or policies shall be altered or canceledadditional insurance is available at a commercially reasonable cost.
(bii) Cause, and cause each Restricted Subsidiaries of the Consolidated Companies to cause, all properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, settlements and improvements thereof, all as in the judgment of Borrower ChoicePoint may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 5.6 5.1(f) shall prevent a Credit Party ChoicePoint from discontinuing the operation or maintenance of any such properties if such discontinuance is, in the judgment of the CompanyChoicePoint, desirable in the conduct of its business or the business of either Borrower or any of the Restricted SubsidiariesConsolidated Company.
(ciii) Cause a summaryMaintain in full force and effect all material patents, set forth in format trademarks, service marks, trade names, copyrights, licenses and detail reasonably acceptable to other such rights, free from burdensome restrictions, which are necessary for the Administrative Agent, operation of the types businesses of the Consolidated Companies as presently conducted, where the result of failure to obtain and amounts of insurance (property and liability) maintained by the Borrowers and the Restricted Subsidiaries to be delivered to the Administrative Agent on or before thirty (30) days after the Closing Datehold such benefits would have a Material Adverse Effect.
Appears in 1 contract
Samples: Master Agreement (Choicepoint Inc)