Common use of Insurance; Net Casualty/Insurance Proceeds Clause in Contracts

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower will maintain, and will cause each of the Subsidiaries to maintain (either in the name of the Borrower or in such Subsidiary's own name), with financially sound and reputable insurance companies acceptable to the Collateral Agent and with a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar business. The Borrower shall deliver the originals or copies (which copies shall be certified if requested by the Collateral Agent) of such policies to the Collateral Agent with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent for the other Agents and the Lenders, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement shall contain a clause (i) not permitting cancellation by a Borrower without the prior written consent of the Collateral Agent, (ii) requiring the insurer to give not less than thirty (30) days prior written notice to the Collateral Agent in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever, and (iii) specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the Borrower or the owner of the property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. On the Closing Date, and from time to time thereafter upon the Collateral Agent's request, the Borrower shall provide the Collateral Agent with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the Borrower fails to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds must be applied to the payment of the Obligations.

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower Borrowers will maintain, and will cause each of the Subsidiaries to maintain (either in the name of the Borrower Borrowers or in such Subsidiary's own name), with financially sound and reputable insurance companies acceptable to the Collateral Agent and with a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its their property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar businessbusiness and as required by the Security Documents. The Borrower Borrowers shall deliver the originals or copies (which copies shall be certified if requested by the Collateral Agent) of such policies to the Collateral Agent with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent for the other Agents and the Lenders, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement shall contain a clause (i) not permitting cancellation by a Borrower without the prior written consent of the Collateral Agent, (ii) requiring the insurer to give not less than thirty (30) 30 days prior written notice to the Collateral Agent in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever. In addition, and (iii) the Borrower will exercise commercially reasonable efforts to obtain, within 90 days of the Closing Date, a further endorsement to each such policy specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the Borrower Borrowers or the owner of the property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. On Upon the Closing Datedate of this Agreement, and from time to time thereafter upon the Collateral Agent's request, the Borrower Borrowers shall provide the Collateral Agent with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the Borrower fails Borrowers fail to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower Borrowers therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds must be applied to the payment of the Obligations.

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower Borrowers and the Guarantors will maintain, and will cause each of the other Subsidiaries to maintain (either in the name of the Borrower such Borrower, or in such Guarantor's or other Subsidiary's own name), with financially sound and reputable insurance companies acceptable to the Collateral Agent and with a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar business. The Borrower Borrowers shall deliver the originals or copies (which copies shall be certified if requested by the Collateral Agent) of such policies to the Collateral Agent Agent, and as to such policies insuring the Borrowers or any of the Guarantors, with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent for the other Agents and the Lenders, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement pertaining to the Borrowers or any of the Guarantors shall contain a clause (i) not permitting cancellation by a the Borrower or such Guarantor without the prior written consent of the Collateral Agent, (ii) requiring the insurer to give not less than thirty (30) 30 days prior written notice to the Collateral Agent in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever, and (iii) specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the any Borrower or such Guarantor or the owner of the property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. On Upon the Closing Datedate of this Agreement, and from time to time thereafter upon the Collateral Agent's request, the Borrower Borrowers and the Guarantors shall provide the Collateral Agent with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the Borrower fails Borrowers and/or the Guarantors fail to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower Borrowers therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds must be applied to the payment of the Obligations.

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower will maintain, and will cause each of the Subsidiaries to maintain (either in the name of the Borrower or in such Subsidiary's own name), with financially sound and reputable insurance companies acceptable to the Collateral Agent and with a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar business. The Borrower shall deliver the originals or copies (which copies shall be certified if requested by the Collateral Agent) of such policies to the Collateral Agent with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent for the other Agents Agents, the Issuers and the Lenders, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement shall contain a clause (i) not permitting cancellation by a Borrower without the prior written consent of the Collateral Agent, (ii) requiring the insurer to give not less than thirty (30) days prior written notice to the Collateral Agent in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever, and (iii) specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the Borrower or the owner of the property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. On the Closing Date, and from time to time thereafter upon the Collateral Agent's request, the Borrower shall provide the Collateral Agent with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the Borrower fails to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds must be applied to the payment of the Obligations.

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower Borrowers and the Guarantors will maintain, and will cause each of the Subsidiaries to maintain (either in the name of the Borrower Borrowers or in such Subsidiary's own namethe Guarantors), with financially sound and reputable insurance companies acceptable to the Collateral Agent and with a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar business, subject to deductibles and self insurance retentions acceptable to the Agent in its commercially reasonable judgment. The Borrower Agent agrees that such deductibles and self insurance retention amounts currently in place are acceptable and agrees that it will not unreasonably withhold its approval of future modifications to such amounts. The Borrowers shall deliver the originals or copies (which copies shall be certified if requested by the Collateral Agent) of such policies to the Collateral Agent and with respect to any property insurance policy related to the Collateral, with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent for the other Agents and the Lenders, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement shall contain a clause (i) not permitting cancellation by a Borrower or Guarantor without the prior written consent of the Collateral Agent, (ii) requiring the insurer to give not less than thirty (30) days 30 days' prior written notice to the Collateral Agent in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever, and (iii) specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the Borrower Borrowers or the Guarantors or the owner of the property or by property. Upon the occupation date of the premises for purposes more hazardous than are permitted by said policy. On the Closing Datethis Agreement, and from time to time thereafter upon the Collateral Agent's reasonable request, the Borrower Borrowers and the Guarantors shall provide within a reasonable time after such request the Collateral Agent with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the any Borrower or any Guarantor fails to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower Borrowers therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds must be applied to the payment of the Obligations.

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower Company will maintain, and will cause each of the Subsidiaries to maintain (either in the name of the Borrower Company or in such Subsidiary's own name), with financially sound and reputable insurance companies acceptable to the Collateral Agent Required Holders and with a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar businessbusiness and as required by the Security Documents. The Borrower Company shall deliver the originals or copies (which copies shall be certified if requested by the Collateral AgentRequired Holders) of such policies to the Collateral Agent Required Holders with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent Agent for the other Agents and the LendersPurchasers, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement shall contain a clause (i) not permitting cancellation by a Borrower the Company without the prior written consent of the Collateral AgentRequired Holders, and (ii) requiring the insurer to give not less than thirty (30) 30 days prior written notice to the Collateral Agent Required Holders in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever. In addition, and (iii) the Company will exercise commercially reasonable efforts to obtain, within 90 days of the Closing Date, a further endorsement to each such policy specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the Borrower Obligors or the owner of the property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. On Upon the Closing Datedate of this Agreement, and from time to time thereafter upon the Collateral Agent's Required Holders request, the Borrower Company shall provide the Collateral Agent Required Holders with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the Borrower fails to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds must be applied to the payment of the Obligations.Collateral

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower and the Guarantors will maintain, and will cause each of the other Subsidiaries to maintain (either in the name of the Borrower Borrower, or in such Guarantor's or other Subsidiary's own name), with financially sound and reputable insurance companies acceptable to the Collateral Agent and with a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar business. The Borrower shall deliver the originals or copies (which copies shall be certified if requested by the Collateral Agent) of such policies to the Collateral Agent Agent, and as to such policies insuring the Borrower or any of the Guarantors, with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent for the other Agents and the Lenders, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement pertaining to the Borrower or any of the Guarantors shall contain a clause (i) not permitting cancellation by a the Borrower or such Guarantor without the prior written consent of the Collateral Agent, (ii) requiring the insurer to give not less than thirty (30) 30 days prior written notice to the Collateral Agent in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever, and (iii) specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the Borrower or such Guarantor or the owner of the property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. On Upon the Closing Datedate of this Agreement, and from time to time thereafter upon the Collateral Agent's request, the Borrower and the Guarantors shall provide the Collateral Agent with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the Borrower fails and/or the Guarantors fail to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds must be applied to the payment of the Obligations.

Insurance; Net Casualty/Insurance Proceeds. (a) The Borrower will maintain, and will cause each of the Subsidiaries Subsidiary Guarantors to maintain (either in the name of the Borrower or in such SubsidiarySubsidiary Guarantor's own name), with financially sound and reputable insurance companies acceptable to the Collateral Agent and with having a Best's Rating of at least "A", insurance on all of their property in at least such amounts and against at least such risks (including on all its property, public liability and worker's compensation (but solely with respect to worker's compensation, only to the extent not self-insured), and business interruption insurance) as are usually insured against in the same general area by companies of established repute engaged in the same or similar business. The Borrower shall deliver the originals or copies (which copies shall be certified if requested by the Collateral Agent) of such policies to the Collateral Agent with satisfactory lender's loss payable endorsements naming the Collateral Agent, as agent for the other Agents and the Lenders, as sole loss payee, assignee and additional insured, as its interests may appear. Each policy of insurance or endorsement shall contain a clause (i) not permitting cancellation by a the Borrower without the prior written consent of the Collateral Agent, (ii) requiring the insurer to give not less than thirty (30) days prior written notice to the Collateral Agent in the event of cancellation or non-renewal by the insurance company of the policy for any reason whatsoever, and (iii) specifying that the interest of the Collateral Agent shall not be impaired or invalidated by any act or neglect of the Borrower or the owner of the property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. On Upon the Closing Datedate of this Agreement, and from time to time thereafter upon the Collateral Agent's request, the Borrower shall provide the Collateral Agent with a statement from each insurance company providing the foregoing coverage, acknowledging in favor of the Collateral Agent the continued effectiveness of the foregoing insurance clauses. If the Borrower fails to provide and pay for such insurance, the Collateral Agent may, at its option, but shall not be required to, procure the same and charge the Borrower therefor as a part of the Obligations. (b) Net Casualty/Insurance Proceeds in excess of $2,500,000 in the aggregate in any given Fiscal Year must be either (i) applied to the payment of the Obligations, (ii) applied to the repair, restoration or replacement of the Collateral, or (iii) if the Borrower elects not to repair, restore or replace such Collateral within 180 days after the receipt of such Net Casualty/Insurance Proceeds, then so long as there has occurred or is continuing no Default or Event of Default, the Borrower shall so notify the Agent and thereafter may use such amounts in the ordinary course of operation of its business, and the most recently determined Borrowing Base shall be reduced by the amount of such Net Casualty/Insurance Proceeds. The Borrower shall notify the Agent within thirty (30) days of the occurrence of any casualty event or series of events for which the Borrower could file a claim for Net Casualty/Insurance Proceeds in excess of $2,500,000 in the aggregate together with any other such claims in any given Fiscal Year. If an Event of Default has occurred, then, in such event, the Agent, at the direction of the Required Lenders, shall determine the manner in which Net Casualty/Insurance Proceeds are to be applied. If no Event of Default has occurred and the cost to repair or restore the Collateral is $2,500,000 or less, the Borrower shall determine the manner in which Net Casualty/Insurance Proceeds are to be applied. Notwithstanding anything to the contrary contained in this SECTION 5.08, Net Casualty/Insurance Proceeds received by the Borrower with respect to shareholder litigation may 57 be used to satisfy any judgment rendered in such action or to pay amounts due under any settlement agreement with respect thereto, or to reimburse the Borrower for any such payments made by the Borrower after the Closing Date with funds other than funds constituting proceeds of any of the Loans, to the extent of any such judgment or settlement.