Common use of Insurance of Collateral Clause in Contracts

Insurance of Collateral. Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 3 contracts

Samples: Loan and Security Agreement (Weirton Steel Corp), Loan and Security Agreement (Weirton Steel Corp), Loan and Security Agreement (Weirton Steel Corp)

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Insurance of Collateral. Borrower The Borrowers shall at all times maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiariesthe Borrowers, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Administrative Agent. Borrower The Borrowers shall deliver certified copies of provide that such policies to Agent as promptly as practicable, with shall include satisfactory lender's loss payable endorsements, naming Administrative Agent as a lender loss payee, assignee payable or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Administrative Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Administrative Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its their Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said such policy. Borrower agrees If an Event of Default has occurred and is continuing, all proceeds of business interruption insurance (if any) of the Borrowers shall be remitted to deliver Administrative Agent for application to Agentthe outstanding balance of the Revolving Credit Loans. Upon the occurrence and during the continuance of an Event of Default, promptly as renderedAdministrative Agent shall, true copies subject to the Intercreditor Agreement, have the sole right to file claims under any property and general liability insurance policies in respect of the Collateral, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all reports made in endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any reporting forms to claims under any such insurance companiespolicies. Unless Borrower provides the Borrowers provide Administrative Agent with evidence of the insurance coverage required by this Agreement, Administrative Agent may purchase insurance at Borrower's the Borrowers’ expense to protect Administrative Agent's ’s interests in the Properties of Borrower and its Subsidiariesthe Borrowers. This insurance may, but need not, protect the interests of Borrower and its Subsidiariesthe Borrowers. The coverage that Administrative Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said such Property. Borrower The Borrowers may later cancel any insurance purchased by Administrative Agent, but only after providing Administrative Agent with evidence that Borrower and its Subsidiaries the Borrowers have obtained insurance as required by this Agreement. If Administrative Agent purchases insurance, Borrower the Borrowers will be responsible for the costs of that insurance, including interest and any other charges Administrative Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries the Borrowers may be able to obtain on their own.

Appears in 3 contracts

Samples: Loan, Security and Guaranty Agreement (Quest Resource Holding Corp), Loan, Security and Guaranty Agreement (Quest Resource Holding Corp), Loan, Security and Guaranty Agreement (Quest Resource Holding Corp)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation compensation, business interruption and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds (i) as required under contractual arrangements customary to Borrowers' operations (but not involving Indebtedness for Money Borrowed) or (ii) as otherwise are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. All proceeds of business interruption insurance (if any) of each Borrower agrees and its Subsidiaries shall be remitted to deliver Agent for application to Agentthe outstanding balance of the Revolving Credit Loans, promptly as rendered, true copies of all reports made in any reporting forms to insurance companiesbut shall not permanently reduce the Revolving Loan Commitments. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may may, but need not, purchase insurance at Borrower's Borrowers' joint and several expense to protect Agent's interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 3 contracts

Samples: Loan and Security Agreement (Wabash National Corp /De), Loan and Security Agreement (Wabash National Corp /De), Loan and Security Agreement (Wabash National Corp /De)

Insurance of Collateral. Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its SubsidiariesGuarantors, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee payee on any property insurance or business interruption insurance policies and as an additional insured, as appropriate, as its interest may appearinsured on any liability insurance policies, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' days prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' days prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrower and Guarantors shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its SubsidiariesGuarantors. This insurance may, but need not, protect the interests of Borrower and its SubsidiariesGuarantors. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary Guarantor makes or any claim that is made against Borrower or any such Subsidiary Guarantor in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries Guarantors have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries Guarantors may be able to obtain on their own.

Appears in 3 contracts

Samples: Loan and Security Agreement (Mobile Mini Inc), Loan and Security Agreement (Mobile Mini Inc), Loan and Security Agreement (Mobile Mini Inc)

Insurance of Collateral. Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Co-Borrowers’ expense to protect Agent's ’s interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Co-Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may shall be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 3 contracts

Samples: Loan and Security Agreement (Pw Eagle Inc), Loan and Security Agreement (Pw Eagle Inc), Loan and Security Agreement (Pw Eagle Inc)

Insurance of Collateral. Borrower Each Grantor shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiariessuch Grantor, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Such Grantor shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee payee on any property insurance or business interruption insurance policies and as an additional insured, as appropriate, as its interest may appearinsured on any liability insurance policies, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrowersuch Grantor, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower Such Grantor agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower such Grantor provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrowersuch Grantor's expense to protect Agent's interests in the Properties of Borrower and its Subsidiariessuch Grantor. This insurance may, but need not, protect the interests of Borrower and its Subsidiariessuch Grantor. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary such Grantor makes or any claim that is made against Borrower or any such Subsidiary Grantor in connection with said Property. Borrower Such Grantor may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have such Grantor has obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower such Grantor will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries such Grantor may be able to obtain on their its own.

Appears in 2 contracts

Samples: Subsidiary Security Agreement (Mobile Mini Inc), Subsidiary Security Agreement (Mobile Mini Inc)

Insurance of Collateral. Each Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Representative shall deliver certificates of insurance or certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent, Canadian Agent or U.K. Agent, as applicable, as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any Subsidiary of its Subsidiaries any Borrower or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower Representative agrees to deliver to Agent, promptly as renderedupon request of Agent, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of any Borrower or its Subsidiaries shall be remitted to the applicable Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at the applicable Borrower's expense to protect Agent's Agents' interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, the applicable Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent Agents may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 2 contracts

Samples: Loan Agreement (Katy Industries Inc), Loan Agreement (Katy Industries Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies at least to the same extent as are such insurance is in place as of the Closing Date and as is reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable and mortgagee endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Agent acknowledges that Borrowers' insurance in force on the Closing Date as evidenced by the certificates of insurance delivered by Borrowers to Agent on the Closing Date is acceptable to Agent as of the Closing Date. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' expense to protect Agent's interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may might not pay any claim that Borrower Borrowers or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own. During the 2004 insurance policy year, Borrowers shall use its commercially reasonable best efforts to modify the term of each of Borrowers' umbrella or excess coverage insurance policies so that such terms shall be concurrent with the terms of the corresponding primary insurance policies. To the extent Borrowers are unable to make such policies concurrent in 2004, Borrowers shall use such commercially reasonable efforts in each successive year to achieve such results until successful.

Appears in 2 contracts

Samples: Loan and Security Agreement (Velocity Express Corp), Loan and Security Agreement (Velocity Express Corp)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Restricted Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Restricted Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of each Borrower and its Restricted Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. By its execution of this Agreement, Agent acknowledges that, as of the date hereof, the insurance coverages of Borrowers and the Restricted Subsidiaries are satisfactory to Agent in its reasonable judgment. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' joint and several expense to protect Agent's interests in the Properties of each Borrower and its Restricted Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Restricted Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Restricted Subsidiary makes or any claim that is made against a Borrower or any such Restricted Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Restricted Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Restricted Subsidiaries may be able to obtain on their own.

Appears in 2 contracts

Samples: Loan and Security Agreement (Kinetek Inc), Loan and Security Agreement (Kinetek Inc)

Insurance of Collateral. Each Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of such Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Each Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower Representative agrees to deliver to Agent, as promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of any Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless each Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at such Borrower's expense to protect Agent's interests in the Properties of such Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of such Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that such Borrower or any Subsidiary makes or any claim that is made against such Borrower or any such Subsidiary in connection with said Property. Such Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that such Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, such Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that such Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 2 contracts

Samples: Loan and Security Agreement (D & K Healthcare Resources Inc), Loan and Security Agreement (D & K Healthcare Resources Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 60 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of BorrowerBorrowers, any of its their Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers’ expense to protect Agent's ’s interests in the Properties of Borrower Borrowers and its their Subsidiaries, provided, however that Agent’s purchase of such insurance shall not constitute a cure or waiver of any Event of Default occasioned by Borrowers’ or their Subsidiaries’ failure to comply with the provisions of this Section 6.1.2. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower Borrowers or any Subsidiary makes or any claim that is made against Borrower Borrowers or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own. The Lead Borrower shall advise Agent of each claim in excess of $200,000 made by any Borrower under any policy of insurance which covers the Collateral and will permit Agent, at Agent’s option in each instance, to the exclusion of the Borrowers, to conduct the adjustment of each such claim (and of all claims following the occurrence of any Event of Default). Borrowers hereby appoint Agent as Borrowers’ attorney in fact to obtain, adjust, settle, and cancel any insurance described in this section and to endorse in favor of the Agent any and all drafts and other instruments with respect to such insurance. The within appointment, being coupled with an interest, is irrevocable until this Agreement is terminated by a written instrument executed by a duly authorized officer of Agent. Agent shall not be liable on account of any exercise pursuant to said power except where there has been a final judicial determination (in a proceeding in which Agent had an opportunity to be heard) that such exercise was conducted in a grossly negligent manner or in willful misconduct. Agent shall apply any proceeds of such insurance against the Obligations, whether or not such have matured, as provided in Section 3.3.1 of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Restoration Hardware Inc)

Insurance of Collateral. Borrower The Loan Parties shall at all times maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower the Loan Parties and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Administrative Agent. Borrower The Loan Parties shall deliver certified copies of provide that such policies to Agent as promptly as practicable, with shall include satisfactory lender's loss payable endorsements, naming Administrative Agent as a loss payee, assignee payee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Administrative Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Administrative Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of Borrowerany Loan Party, any of its their Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said such policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides the Loan Parties provide Administrative Agent with evidence of the insurance coverage required by this Agreement, Administrative Agent may purchase insurance at Borrower's the Loan Parties’ expense to protect Administrative Agent's ’s interests in the Properties of Borrower the Loan Parties and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower the Loan Parties and its their Subsidiaries. The coverage that Administrative Agent purchases may not pay any claim that Borrower any Loan Party or any Subsidiary makes or any claim that is made against Borrower any Loan Party or any such Subsidiary in connection with said such Property. Borrower The Loan Parties may later cancel any insurance purchased by Administrative Agent, but only after providing Administrative Agent with evidence that Borrower the Loan Parties and its their Subsidiaries have obtained insurance as required by this Agreement. If Administrative Agent purchases insurance, Borrower the Loan Parties will be responsible for the costs of that insurance, including interest and any other charges Administrative Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower the Loan Parties and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Ani Pharmaceuticals Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall CHICAGO/#1571873.4 not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of any Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers’ expense to protect Agent's ’s interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

Insurance of Collateral. Each Borrower shall maintain and pay for insurance upon all Collateral (including, without limitation, credit insurance for accounts receivable) wherever located and with respect to the business of such Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Each Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 30 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of BorrowerBorrowers, any of its their Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Each Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless each Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at such Borrower's expense to protect Agent's interests in the Properties of such Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower Borrowers or any Subsidiary makes or any claim that is made against Borrower Borrowers or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Financing and Security Agreement (Henry Co)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for ----------------------- insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation compensation, business interruption and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of each Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' joint and several expense to protect Agent's interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Falcon Products Inc /De/)

Insurance of Collateral. Borrower shall maintain and pay ----------------------- for insurance upon all Collateral (other than Pledged Contracts) wherever located and with respect to the business of Borrower and each of its SubsidiariesBorrower's business, covering casualty, hazard, public liability, workers' compensation liability and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to AgentLender. The requirements for such insurance shall be consistent with the insurance that Borrower previously maintained under the terms of the Prior Loan Agreement. In addition, Borrower shall, at its own expense, obtain a security bond covering all of its employees, which are designated by Borrower to deliver to the Custodian and remove from the possession of the Custodian any Pledged Contracts and Auto Titles, in such amounts and with such insurance companies as are reasonably satisfactory to Lender. As with Borrower's insurance, the requirements for a security bond shall be consistent with the security bond that Borrower previously maintained under the terms of the Prior Loan Agreement. Borrower shall deliver certified copies of the originals of such policies to Agent as promptly as practicable, Lender with satisfactory lender's loss payable endorsements, naming Agent Lender as a loss payee, assignee or additional insured, as appropriate, and as its interest Lender's interests may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' 30 days prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent Lender in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent Lender shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries Borrower or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. If Borrower fails to provide and pay for such insurance, Lender may, at its option, but shall not be required to, procure the same at competitive market rates and charge Borrower therefor. Borrower agrees to deliver to AgentLender, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Jayhawk Acceptance Corp)

Insurance of Collateral. Borrower Borrowers shall maintain ----------------------- and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, fire and extended coverage, product liability and recall, property damage, public liability, general liability, workers' compensation compensation, flood insurance, earthquake loss insurance (if required by Agent), environmental liability insurance, business interruption and such other risks in such amounts and with such insurance companies as are reasonably customary for similarly situated companies and are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired impaired, or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of a Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' joint and several expense to protect Agent's interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Falcon Products Inc /De/)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, business interruption, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory customary for companies conducting a Similar Business to Agentthe business of Borrowers. Borrower Borrowers shall deliver certified copies of certificates with respect to such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent or as otherwise contemplated by the Intercreditor Agreement. Upon request by Agent, Borrowers shall deliver to Agent certified copies of such policies. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all material reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers’ expense to protect Agent's ’s interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other third party out-of-pocket charges Agent may impose incur in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Cambium Learning Group, Inc.)

Insurance of Collateral. Each Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Representative shall deliver certificates of insurance or certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent, Canadian Agent or U.K. Agent, as applicable, as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any Subsidiary of its Subsidiaries any Borrower or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower Representative agrees to deliver to Agent, promptly as renderedupon request of Agent, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of any Borrower or its Subsidiaries shall be remitted to the applicable Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at the applicable Borrower's ’s expense to protect Agent's Agents’ interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, the applicable Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent Agents may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan Agreement (Katy Industries Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of any Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' expense to protect Agent's interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay ----------------------- for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its SubsidiariesBorrowers' business, covering casualty, hazard, public liability, workers' compensation liability and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to AgentLender. Borrower Borrowers shall deliver certified copies the originals of such policies to Agent as promptly as practicable, Lender with satisfactory lender's loss payable endorsements, naming Agent Lender as a sole loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' 30 days prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent Lender in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent Lender shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries Borrowers or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees In the event Borrowers, at any time, fail to provide Lender with evidence of the insurance coverage as required by this Agreement, Lender may, but shall not be obligated to, purchase the insurance coverage at Borrowers' expense to protect Lender's interests in the Collateral. Such insurance may, but need not, protect Borrowers' interests. The insurance coverage that Lender purchases on behalf of Borrowers may not pay any claim that Borrowers make or any claim that is made against Borrowers in connection with the Collateral. Borrowers may later cancel any insurance coverage purchased by Lender, but only after providing Lender with evidence that insurance coverage has been obtained as provided for in this Agreement. In the event Lender purchases all or any portion of the insurance coverage for the Collateral or as otherwise required hereunder, Borrowers will be responsible for all costs and expenses of such insurance coverage, with the purchase of the insurance coverage including, but not limited to interest and any other charges imposed by Lender in connection with the purchase of the insurance coverage until the effective date of the cancellation or expiration of the insurance coverage. The costs and expenses of any insurance coverage purchased by Lender shall be added to the Obligations. Borrowers acknowledge that the costs and expenses of the insurance coverage purchased by Lender pursuant hereto may be more than the cost of insurance Borrowers may be able to obtain on their own. Borrowers shall deliver to Lender in kind, all instruments representing proceeds of insurance received by Borrowers. Borrowers agree to deliver to AgentLender, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (D & K Healthcare Resources Inc)

Insurance of Collateral. Each Borrower shall maintain and pay for insurance upon all Collateral Collateral, wherever located and with respect to the business of Borrower and each of its Subsidiarieslocated, covering casualty, hazard, public liability, workers' compensation theft, malicious mischief, and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Agent and Lenders acknowledge that the insurance coverage maintained by Borrowers as of the date hereof is acceptable as of the date hereof based upon Borrowers' current businesses. All proceeds payable under each such policy shall be payable to Agent for application to the Obligations. Each Borrower shall deliver the originals or certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsementsendorsements reasonably satisfactory to Agent, naming Agent as a sole loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' days prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries Borrower or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. If any Borrower fails to provide and pay for such insurance, Agent may, at its option, but shall not be required to, procure the same and charge each Borrower therefor. Each Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless For so long as no Event of Default exists, each Borrower provides Agent shall have the right to settle, adjust and compromise any claim with evidence of respect to any insurance maintained by each Borrower provided that all proceeds thereof are applied in the insurance coverage required by manner specified in this Agreement, and Agent may purchase insurance at Borrower's expense agrees promptly to protect Agent's interests provide any necessary endorsement to any checks or drafts issued in the Properties payment of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection claim. At any time that an Event of Default exists, only Agent shall be authorized to settle, adjust and compromise such claims, Agent shall have all rights and remedies with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained respect to such policies of insurance as required by are provided for in this Agreement. If Agent purchases insurance, Borrower will be responsible for Agreement and the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their ownLoan Documents.

Appears in 1 contract

Samples: Loan and Security Agreement (Tropical Sportswear Co Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all applicable Collateral wherever located and with respect to the business of Borrower Borrowers and each of its Subsidiariestheir Restricted Subsidiaries with financially sound and reputable insurers and against such casualties and contingencies as shall be in accordance with the general practices of businesses engaged in similar activities as the businesses of Borrowers and each of their Restricted Subsidiaries in similar geographic areas and in amounts, covering casualtycontaining such terms, hazard, public liability, workers' compensation and such other risks in such amounts forms, and with for such period as may be reasonable and prudent (it being agreed that Borrowers shall in all events maintain casualty insurance companies as are reasonably satisfactory to Agenton all Collateral customarily covered by casualty insurance). Borrower Representative shall deliver certified copies of such policies to the applicable Collateral Agent as promptly as practicable, with reasonably satisfactory lender's ’s loss payable or other endorsements, naming the applicable Collateral Agent (or the fondé de pouvoir, as the case may be) as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are reasonably satisfactory to Agentthe applicable Collateral Agent (which may include the Trustee under the Senior Secured Notes, provided such endorsements are expressly made subject to the terms of the Intercreditor Agreement or, with respect to any Property secured by a Purchase Money Lien, the holder thereof). Each policy of insurance or endorsement shall contain a clause (in the case of the U.K. Collateral, where available) requiring the insurer to give not less than 10 days' prior written notice to the applicable Collateral Agent (or the fondé de pouvoir, as the case may be) in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to the applicable Collateral Agent (or the fondé de pouvoir, as the case may be) in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of the applicable Collateral Agent (or the fondé de pouvoir, as the case may be) shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower Representative agrees to deliver to the applicable Collateral Agent, promptly as rendered, true copies of all material reports made in any reporting forms to insurance companies. After the occurrence and during the continuance of an Event of Default or a Cash Collection Triggering Event, all proceeds of business interruption insurance (if any) of Borrowers and their Restricted Subsidiaries shall be remitted to the applicable Collateral Agent (or the fondé de pouvoir, as the case may be) for application to the outstanding balance of the Revolving Credit Loans of the affected Borrower. Unless Borrower provides Borrowers provide the applicable Collateral Agent with evidence of the insurance coverage required by this Agreement, the applicable Collateral Agent may purchase insurance at the applicable Borrower's ’s expense to protect the applicable Collateral Agent's ’s (or the fondé de pouvoir, as the case may be) interests in the Properties of Borrower Borrowers and its their Restricted Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Restricted Subsidiaries. The coverage that the applicable Collateral Agent purchases may not pay any claim that Borrower Borrowers or any Restricted Subsidiary makes make or any claim that is made against Borrower Borrowers or any such Restricted Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, any Collateral Agent but only after providing the applicable Collateral Agent with evidence that the applicable Borrower and its Restricted Subsidiaries have obtained insurance as required by this Agreement. If any Collateral Agent purchases such insurance, the applicable Borrower will be responsible for the costs of that insurance, including interest and any other reasonable charges the applicable Collateral Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may shall be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Restricted Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Borden Chemical Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of any Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers’ expense to protect Agent's ’s interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.. 6.1.3

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

Insurance of Collateral. Borrower Borrowers shall maintain ----------------------- and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation compensation, business interruption and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of each Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' joint and several expense to protect Agent's interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Falcon Products Inc /De/)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agentis standard for comparable businesses in Borrowers' industry. Borrower Borrowers shall deliver certified copies of insurance certificates evidencing such policies insurance coverage to Agent as promptly as practicable, with . Borrowers shall obtain satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, to the extent such an endorsement is permitted by law with respect to such policies, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each Unless otherwise accepted by Agent, each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and, with respect to property and casualty insurance, a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Upon the occurrence and during the continuance of an Event of Default and subsequent request by Agent, Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companiescompanies and any insurance policies then in effect. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' expense to protect Agent's interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower any Borrowers or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Truserv Corp)

Insurance of Collateral. Borrower shall maintain and pay for ----------------------- insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation liability and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Borden Chemicals & Plastics Limited Partnership /De/)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation ’ compensation, business interruption and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a mortgagee, loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other mortgagees, loss payees, assignees and additional insureds (i) as required under contractual arrangements customary to Borrowers’ operations (but not involving Indebtedness for Money Borrowed) or (ii) as otherwise are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. All proceeds of business interruption insurance (if any) of each Borrower agrees and its Subsidiaries shall be remitted to deliver Agent for application to Agentthe outstanding balance of the Revolving Credit Loans, promptly as rendered, true copies of all reports made in any reporting forms to insurance companiesbut shall not permanently reduce the Revolving Loan Commitments. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may may, but need not, purchase insurance at Borrower's Borrowers’ joint and several expense to protect Agent's ’s interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. Agent may, in its discretion, provide for the payment of such costs by making appropriate Revolving Credit Loans to one or more Borrowers and changing the appropriate Loan Account or Loan Accounts. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Wabash National Corp /De)

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Insurance of Collateral. Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or (with respect to liability coverage) additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. Agent shall endeavor to provide Borrower with five (5) days prior notice of its intention to purchase such insurance, provided, however, that Agent's failure to provide such notice shall not prohibit Agent from making such purchase. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Bayou Steel Corp)

Insurance of Collateral. Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its SubsidiariesBorrower's business, covering casualty, hazard, public liability, workers' compensation product recall and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to AgentLender. Borrower shall deliver the originals or certified copies of such policies to Agent as promptly as practicable, Lender with satisfactory lender's loss payable endorsements, endorsements naming Agent Lender as a sole loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' thirty (30) days prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent Lender in the event of cancellation of the policy for any other reason whatsoever other than non-payment and ten (10) days prior written notice to Lender in the even of cancellation of the policy for non-payment of premium and a clause specifying that the interest of Agent Lender shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries Borrower or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. If Borrower fails to provide and pay for such insurance, Lender may, at its option, but shall not be required to, procure the same and charge Borrower therefor. Borrower agrees to deliver to AgentLender, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides Agent with evidence of In addition to the insurance coverage required herein with respect to the Collateral, Borrower shall maintain, with financially sound and reputable insurers, insurance with respect to its Property and business against such casualties and contingencies of such type (including product liability, product recall, business interruption, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the business of Borrower, or as otherwise required by this Agreement, Agent may purchase Lender. All proceeds of insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that received by Borrower or Lender on account of any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added casualty to the Obligations. The costs of the insurance may Collateral or other insured risk in which Lender has an insurable interest shall be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.applied as follows:

Appears in 1 contract

Samples: Loan and Security Agreement (Fresh Foods Inc)

Insurance of Collateral. Borrower Company Parties shall maintain and ----------------------- pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiariesbusiness, covering casualty, hazard, fire and extended coverage, product liability and recall, property damage, public liability, general liability, workers' compensation compensation, flood insurance, earthquake loss insurance (if required by Collateral Agent), environmental liability insurance, business interruption and such other risks in such amounts and with such insurance companies as are customary for similarly situated companies and are reasonably satisfactory to Collateral Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent Lenders as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Collateral Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to AgentCollateral Agent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Collateral Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Collateral Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Collateral Agent shall not be impaired impaired, or invalidated by any act or neglect of Borrower, any of its Subsidiaries Company Party or the owner of the Property property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to AgentLenders, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of each Company Party shall be remitted to Collateral Agent for application to the Obligations (subject to the terms of the Intercreditor Agreement). Unless Borrower provides Agent Borrowers provide Lenders with evidence of the insurance coverage required by this Agreement, Collateral Agent or any Lender may purchase insurance at Borrower's Company Parties' joint and several expense to protect Agent's Lenders' interests in the Properties properties of Borrower and its Subsidiarieseach Company Party. This insurance may, but need not, protect the interests of Borrower and its Subsidiarieseach Company Party. The coverage that Collateral Agent or any Lender purchases may not pay any claim that Borrower or any Subsidiary a Company Party makes or any claim that is made against Borrower or any such Subsidiary a Company Party in connection with said Propertyproperty. Borrower Borrowers may later cancel any insurance purchased by AgentCollateral Agent or Lenders, but only after providing Agent Lenders with evidence that Borrower and its Subsidiaries Company Parties have obtained insurance as required by this Agreement. If Collateral Agent or any Lender purchases insurance, Borrower Company Parties will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Collateral Agent or Lenders may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries Company Parties may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Securities Purchase Agreement (Falcon Products Inc /De/)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation ’ compensation, business interruption and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent (on behalf of the Lenders) as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. At any time when a Dominion Period is in effect, all net proceeds of business interruption insurance (if any) of each Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans (subject to the third sentence of subsection 3.4.1). By its execution of this Agreement, Agent acknowledges that, as of the date hereof, the insurance coverages of Borrowers and its Subsidiaries and the insurance companies providing such coverages are satisfactory to Agent in its reasonable judgment. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers’ joint and several expense to protect Agent's ’s interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Neenah Foundry Co)

Insurance of Collateral. Borrower shall maintain and pay for insurance upon all Collateral (other than Pledged Contracts and the Deposit Accounts) wherever located and with respect to the business of Borrower and each of its SubsidiariesBorrower's business, covering casualty, hazard, public liability, workers' compensation liability and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to AgentLender. The requirements for such insurance shall be consistent with the insurance that Borrower previously maintained under the terms of the Prior Loan Agreement. In addition, Borrower shall, at its own expense, obtain a security bond covering all of its employees, which are designated by Borrower to deliver to the Custodian and remove from the possession of the Custodian any Pledged Contracts and Auto Titles, in such amounts and with such insurance companies as are reasonably satisfactory to Lender. As with Borrower's insurance, the requirements for a security bond shall be consistent with the security bond that Borrower previously maintained under the terms of the Prior Loan Agreement. Borrower shall deliver certified copies of the originals of such policies to Agent as promptly as practicable, Lender with satisfactory lender's loss payable endorsements, naming Agent Lender as a loss payee, assignee or additional insured, as appropriate, and as its interest Lender's interests may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' 30 days prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent Lender in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent Lender shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries Borrower or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. If Borrower fails to provide and pay for such insurance, Lender may, at its option, but shall not be required to, procure the same at competitive market rates and charge Borrower therefor. Borrower agrees to deliver to AgentLender, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Jayhawk Acceptance Corp)

Insurance of Collateral. Borrowers shall bear the full risk of any loss of any nature whatsoever with respect to the Collateral. Each Borrower shall agrees to maintain and pay for insurance upon all Collateral (other than Accounts) wherever located and with respect to the business of Borrower and each of its Subsidiarieslocated, in storage or in transit in vehicles, including goods evidenced by documents, covering casualty, hazard, public liability, workers' compensation liability and such other risks and in such amounts as are described in this Section 4.7 and with such insurance companies as are shall be reasonably satisfactory to AgentLender to insure Lender's interest in the Collateral. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lenderLender's loss payable endorsements, endorsements naming Agent Lender Loss Payee to Lender as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agentrequested by Lender. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' thirty (30) days prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent Lender in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent Lender in the Collateral owned by Borrowers shall not be impaired or invalidated by any an act or neglect of Borrower, any of its Subsidiaries Borrowers or the owner of the Property or nor by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees If Borrowers fail to provide and pay for such insurance, Lender may, at Borrowers' expense, procure the same, but shall not be required to do so. Borrowers agree to deliver to AgentLender, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Each Borrower provides Agent shall (a) keep all of its insurable properties in which such Borrower has an interest insured against the hazards of fire, sprinkler leakage, those hazards covered by extended coverage insurance and such other hazards, and for such amounts, as is customary in the case of companies engaged in businesses similar to such Borrower's including, but not limited to, business interruption insurance; (b) maintain a bond in such amounts, if any, as is customary in the case of companies engaged in businesses similar to such Borrower's insuring against larceny, embezzlement or other criminal misappropriation of insured's officers and employees who may either singly or jointly with others at any time have access to the assets or funds of such Borrower either directly or through authority to draw upon such funds or to direct generally the disposition of such assets; (c) maintain public and product liability insurance against claims for personal injury, death or property damage suffered by others; (d) maintain all such workmen's compensation or similar insurance as may be required under the laws of any jurisdiction in which such Borrower is engaged in business; and (e) furnish Lender with (i) copies, as requested by Lender, of all policies and evidence of the maintenance of such policies by the renewal thereof at least fifteen (15) days before any expiration 38 date, and (ii) appropriate loss payable endorsements in form and substance reasonably satisfactory to Lender, naming Lender as loss payee (and a mortgagee with respect to the Real Property) as its interest may appear with respect to the property coverage described in clause 4.7(a) above and the property coverage shall provide (A) that, except as provided below, all proceeds thereunder otherwise payable to any Borrower shall be payable to Lender, (B) no such insurance shall be affected by any act or neglect of the insured or owner of the property described in such policy or by the occupation of the premises for purposes more hazardous than are permitted by said policy and (C) that such policy and loss payable clauses may not be cancelled, amended or terminated unless at least thirty (30) days' prior written notice is given to Lender and (i) a certificate of insurance or other endorsement indicating, among other things, the Lender has been named as an additional or co-insured with respect to each Borrower's liability insurance policies. In the event of any loss thereunder, except as provided below, the property coverage carriers named therein hereby are directed by Lender and each Borrower to make payment for such loss to Lender and not to such Borrower and Lender jointly. If any such insurance losses are paid by check, draft or other instrument payable to any Borrower and Lender jointly, Lender may endorse such Borrower's name thereon and do such other things as Lender may deem advisable to reduce the same to cash. If an Event of Default shall have occurred and is continuing, (x) Lender is hereby authorized to adjust and compromise claims under insurance coverage required referred to in clauses (a) and (b) above and (y) all insurance recoveries received by Lender upon any such insurance shall be applied to the Obligations, in such order as Lender in its sole discretion shall determine. If an Event of Default shall not exist, then any insurance recovery arising out of any theft, destruction or other loss of any property of Borrowers shall be applied in accordance with the applicable provisions in Section 2.2(B). If Borrowers elect to apply such insurance proceeds to the replacement, restoration or repair of such property, then, pending such application, such proceeds shall be held by Lender in an interest-bearing cash collateral account until disbursed as directed by such Borrower. At any Borrower's option, any proceeds held for application to replacement, restoration or repair of property may be applied to repay Revolving Credit Loans and, upon the terms and subject to the conditions of this Agreement, Agent such Borrower shall be entitled to reborrow the amount so repaid for purposes of such replacement, restoration or repair. Insurance recoveries received by Lender arising out of theft, destruction or other loss of any property of such Borrower for which specific application is not provided as aforesaid shall be paid by Lender to such Borrower. Any surplus in insurance recoveries, in excess of the then outstanding Obligations, shall be paid by Lender to Borrowers or applied as may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as be otherwise required by this Agreementlaw. If Agent purchases insuranceall Obligations hereunder are required to be repaid as a result of any casualty, Borrower will any deficiency thereon shall be responsible for the costs of that insurancepaid by Borrowers to Lender, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their owndemand.

Appears in 1 contract

Samples: Loan and Security Agreement (CFP Holdings Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation compensation, business interruption and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent (on behalf of the Lenders) as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. At any time when a Dominion Period is in effect, all net proceeds of business interruption insurance (if any) of each Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans (subject to the third sentence of subsection 3.4.1). By its execution of this Agreement, Agent acknowledges that, as of the date hereof, the insurance coverages of Borrowers and its Subsidiaries and the insurance companies providing such coverages are satisfactory to Agent in its reasonable judgment. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' joint and several expense to protect Agent's interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. Agreement If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Deeter Foundry Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of each Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation ’ compensation, business interruption and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a mortgagee, loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other mortgagees, loss payees, assignees and additional insureds (i) as required under contractual arrangements customary to Borrowers’ operations (but not involving Indebtedness for Money Borrowed) or (ii) as otherwise are satisfactory to AgentAgent and with respect to business interruption insurance, an executed collateral assignment thereof. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. All proceeds of business interruption insurance (if any) of each Borrower agrees and its Subsidiaries shall be remitted to deliver Agent for application to Agentthe outstanding balance of the Revolving Credit Loans, promptly as rendered, true copies of all reports made in any reporting forms to insurance companiesbut shall not permanently reduce the Revolving Loan Commitments. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may may, but need not, purchase insurance at Borrower's Borrowers’ joint and several expense to protect Agent's ’s interests in the Properties of each Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of each Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that a Borrower or any Subsidiary of such Borrower makes or any claim that is made against a Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its the Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Wabash National Corp /De)

Insurance of Collateral. 6.3.1 Borrower shall promptly notify Agent of the failure of any Account Debtor under a Collateral Loan to maintain the insurance coverage required under such Collateral Loan and, as to Collateral Loans having an Allocated Loan Amount of greater than $100,000, except as otherwise agreed to by Agent in writing, the Borrower shall procure the required coverage. Borrower agrees to maintain and pay for (or cause the respective REO Affiliate to maintain and pay for) insurance upon all Collateral wherever located and with respect to the business REO Properties having an Allocated Loan Amount of Borrower and each in excess of its Subsidiaries, $100,000 covering casualty, hazard, public liability, workers' compensation liability and such other risks and in such amounts and with such insurance companies as are shall be reasonably satisfactory to Agent; provided, however, as long as Borrower maintains casualty and hazard coverage in amounts sufficient to avoid the application of any applicable co-insurance provision, Borrower shall not be required to maintain such coverage in excess of the lesser of the replacement cost or the Release Price of an Asset owned by Borrower. In addition, upon Agent’s request, (i) Borrower will maintain and pay for such insurance upon REO Properties having an Allocated Loan Amount of less than $100,000 upon Agent’s request on a case by case basis, and (ii) Borrower will maintain and pay for insurance covering Borrower for casualty loss with respect to any Collateral where the Account Debtor under a Collateral Loan has failed to maintain such insurance coverage. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, endorsements naming Agent as a loss payee, assignee or additional insured, as appropriate, loss payee and as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory mortgagee pursuant to Agenta standard mortgagee clause. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' thirty (30) days prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, Borrower or any of its Subsidiaries or the owner of the Property or insured property nor by the occupation of the premises for purposes more hazardous than are permitted by said policy. If Borrower agrees fails to provide and pay for such insurance, Agent or Lenders may, at Borrower’s expense, procure the same, but Agent and Lenders shall not be required to do so. Upon Agent’s request, Borrower shall deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan Agreement (Firstcity Financial Corp)

Insurance of Collateral. Borrower Issuer shall, and shall cause each Guarantor to, maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower the Issuer and each of its SubsidiariesGuarantor, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to AgentTrustee. Borrower The Issuer shall, and shall cause each Guarantor to, deliver certified copies of such policies to Agent Trustee as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent Trustee as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to AgentTrustee. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent Trustee in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent Trustee in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent Trustee shall not be impaired or invalidated by any act or neglect of Borrowerthe Issuer, any of its Subsidiaries Guarantor or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees The Issuer agrees, and shall cause each Guarantor to agree, to deliver to AgentTrustee, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. Unless Borrower provides Agent Issuer or Guarantors provide Trustee with evidence of the insurance coverage required by this Agreement, Agent Trustee may purchase insurance at Borrowerthe Issuer's expense to protect AgentTrustee's interests in the Properties of Borrower the Issuer and its SubsidiariesGuarantors. This insurance may, but need not, protect the interests of Borrower the Issuer and its Subsidiarieseach of the Guarantors. The coverage that Agent Trustee purchases may not pay any claim that Borrower the Issuer or any Subsidiary Guarantor makes or any claim that is made against Borrower the Issuer or any such Subsidiary Guarantor in connection with said Property. Borrower The Issuer or Guarantors may later cancel any insurance purchased by AgentTrustee, but only after providing Agent Trustee with evidence that Borrower and its Subsidiaries the Issuer or Guarantors have obtained insurance as required by this Agreement. If Agent Trustee purchases insurance, Borrower the Issuer and Guarantors will be jointly and severally responsible for the costs of that insurance, including interest and any other charges Agent Trustee may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower the Issuer and its Subsidiaries each of the Guarantors may be able to obtain on their own.

Appears in 1 contract

Samples: Security Agreement (Kinetek Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts as is customary for companies similarly situated and with the insurance companies used by Borrowers on the Closing Date or such other insurance companies as are reasonably satisfactory to Administrative Agent. Borrower Borrowers shall deliver certified copies of such policies to Administrative Agent as promptly as practicable, with reasonably satisfactory lender's ’s loss payable endorsements, naming Administrative Agent and Lenders as a loss payeepayees, assignee assignees or additional insuredinsureds, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are reasonably satisfactory to Administrative Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Administrative Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Administrative Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Administrative Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Administrative Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Administrative Agent with evidence of the insurance coverage required by this Agreement, Administrative Agent may purchase insurance at Borrower's Borrowers’ expense to protect Administrative Agent's ’s interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Administrative Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Administrative Agent, but only after providing Administrative Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Administrative Agent purchases insurance, Borrower Borrowers will be responsible for the reasonable costs of that insurance, including interest and any other charges Administrative Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Nes Rentals Holdings Inc)

Insurance of Collateral. Borrower shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's ’s expense to protect Agent's ’s interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Pw Eagle Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' expense to protect Agent's interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Pw Eagle Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies certificates of insurance with respect to such policies to Agent as promptly as practicable, with satisfactory lender's ’s loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are reasonably satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers’ expense to protect Agent's ’s interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower any Borrowers or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Rewards Network Inc)

Insurance of Collateral. Borrower Borrowers shall maintain and pay for ----------------------- insurance upon all Collateral wherever located and with respect to the business of Borrower Borrowers and each of its their Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower Borrowers shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable and mortgagee endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees Borrowers agree to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrowers and their Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Agent acknowledges that Borrowers' insurance in force on the Closing Date as evidenced by the certificates of insurance delivered by Borrowers to Agent on the Closing Date is acceptable to Agent as of the Closing Date. Unless Borrower provides Borrowers provide Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's Borrowers' expense to protect Agent's interests in the Properties of Borrower Borrowers and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Borrowers and its their Subsidiaries. The coverage that Agent purchases may might not pay any claim that Borrower Borrowers or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said Property. Borrower Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower Borrowers and its their Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower Borrowers will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Borrowers and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Velocity Express Corp)

Insurance of Collateral. Borrower shall maintain and pay for ----------------------- insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiaries, covering casualty, hazard, public liability, workers' worker's compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall deliver certified copies of such policies to Agent as promptly as practicable, with satisfactory lender's loss payable endorsements, naming Agent as a loss payee, assignee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of Borrower, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of Borrower and its Subsidiaries shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans. Unless Borrower provides Agent with evidence of the insurance coverage required by this Agreement, Agent may purchase insurance at Borrower's expense to protect Agent's interests in the Properties of Borrower and its Subsidiaries. This insurance may, but need not, protect the interests of Borrower and its Subsidiaries. The coverage that Agent purchases may not pay any claim that Borrower or any Subsidiary makes or any claim that is made against Borrower or any such Subsidiary in connection with said Property. Borrower may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrower and its Subsidiaries have obtained insurance as required by this Agreement. If Agent purchases insurance, Borrower will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Woods Equipment Co)

Insurance of Collateral. Borrower Each Credit Party shall maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower such Credit Party and each of its Subsidiaries, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts as is customary for companies similarly situated and with the insurance companies used by Credit Parties on the Closing Date or such other insurance companies as are reasonably satisfactory to Administrative Agent. Borrower shall deliver certified copies of such policies to Administrative Agent as promptly as practicable, with reasonably satisfactory lender's ’s loss payable endorsements, naming the First Lien Debt Agent for so long as a any First Lien Debt remains outstanding and thereafter naming Administrative Agent and Lenders as loss payeepayees, assignee assignees or additional insuredinsureds, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are reasonably satisfactory to Administrative Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 days' prior written notice to Administrative Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 days' prior written notice to Administrative Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of Borrowerany Credit Party, any of its Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. Borrower agrees to deliver to Administrative Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. All proceeds of business interruption insurance (if any) of each Credit Party and its Subsidiaries shall be remitted to Administrative Agent for application to the outstanding balance of the Term Loans unless required to be applied to the obligations under the First Lien Debt Documents. Unless Borrower provides Administrative Agent with evidence of the insurance coverage required by this Agreement, Administrative Agent may purchase insurance at Borrower's ’s expense to protect Administrative Agent's ’s interests in the Properties of Borrower Credit Parties and its their Subsidiaries. This insurance may, but need not, protect the interests of Borrower Credit Parties and its their Subsidiaries. The coverage that Administrative Agent purchases may not pay any claim that Borrower any Credit Party or any Subsidiary of its Subsidiaries makes or any claim that is made against Borrower any Credit Party or any such Subsidiary in connection with said Property. Borrower Credit Parties may later cancel any insurance purchased by Administrative Agent, but only after providing Administrative Agent with evidence that Borrower Credit Parties and its their Subsidiaries have obtained insurance as required by this Agreement. If Administrative Agent purchases insurance, Borrower will be responsible for the reasonable costs of that insurance, including interest and any other charges Administrative Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower Credit Parties and its their Subsidiaries may be able to obtain on their own.

Appears in 1 contract

Samples: Loan and Security Agreement (Nes Rentals Holdings Inc)

Insurance of Collateral. Borrower The Borrowers shall at all times maintain and pay for insurance upon all Collateral wherever located and with respect to the business of Borrower and each of its Subsidiariesthe Borrowers, covering casualty, hazard, public liability, workers' compensation and such other risks in such amounts and with such insurance companies as are reasonably satisfactory to Administrative Agent. Borrower The Borrowers shall deliver certified copies of provide that such policies to Agent as promptly as practicable, with shall include satisfactory lender's loss payable endorsements, naming Administrative Agent as a loss payee, assignee payee or additional insured, as appropriate, as its interest may appear, and showing only such other loss payees, assignees and additional insureds as are satisfactory to Agent. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 10 ten (10) days' prior written notice to Administrative Agent in the event of cancellation of the policy for nonpayment of premium and not less than 30 thirty (30) days' prior written notice to Administrative Agent in the event of cancellation of the policy for any other reason whatsoever and a clause specifying that the interest of Administrative Agent shall not be impaired or invalidated by any act or neglect of any Borrower, any of its their Subsidiaries or the owner of the Property or by the occupation of the premises for purposes more hazardous than are permitted by said such policy. Borrower agrees All proceeds of business interruption insurance (if any) of the Borrowers shall be remitted to deliver Administrative Agent for application to Agent, promptly as rendered, true copies the outstanding balance of all reports made in any reporting forms to insurance companiesthe Revolving Credit Loans. Unless Borrower provides the Borrowers provide Administrative Agent with evidence of the insurance coverage required by this Agreement, Administrative Agent may purchase insurance at Borrower's the Borrowers’ expense to protect Administrative Agent's ’s interests in the Properties of Borrower and its Subsidiariesthe Borrowers. This insurance may, but need not, protect the interests of Borrower and its Subsidiariesthe Borrowers. The coverage that Administrative Agent purchases may not pay any claim that any Borrower or any Subsidiary makes or any claim that is made against any Borrower or any such Subsidiary in connection with said such Property. Borrower The Borrowers may later cancel any insurance purchased by Administrative Agent, but only after providing Administrative Agent with evidence that Borrower and its Subsidiaries the Borrowers have obtained insurance as required by this Agreement. If Administrative Agent purchases insurance, Borrower the Borrowers will be responsible for the costs of that insurance, including interest and any other charges Administrative Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance that Borrower and its Subsidiaries the Borrowers may be able to obtain on their own.

Appears in 1 contract

Samples: Loan, Security and Guaranty Agreement (Quest Resource Holding Corp)

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