Common use of Insurance of Collateral Clause in Contracts

Insurance of Collateral. Borrower agrees to maintain and pay for insurance upon all Collateral wherever located, in storage or in transit in vehicles, including goods evidenced by documents, covering casualty, hazard, public liability and such other risks and in such amounts and with recognized insurance companies satisfactory to Lender, with allowances for self insurance and/or deductibles as are common for companies in similar businesses, similarly situated. Borrower shall deliver the originals of such policies to Lender with satisfactory endorsements naming Lender as loss payee and as mortgagee pursuant to a standard mortgagee clause. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 30 days prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever and a clause that the interest of Lender shall not be impaired or invalidated by any act or neglect of Borrower or owner of the Property nor 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 Borrower's expense, procure the same, but shall not be required to do so. Borrower agrees to deliver to Lender, promptly upon Lender's request, true copies of all reports made in any reporting forms to insurance companies. Borrower will maintain, with financially sound and reputable insurers, insurance with respect to its Properties and business against such casualties and contingencies of such type (including public liability, product liability, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the business or as otherwise agreed to by Lender and Borrower, but in no event shall the amount of Borrower's casualty and hazard insurance as to its Properties be less than the sum of (i) the outstanding amount of the Term Loan, plus (ii) the aggregate outstanding amount of all Revolving Loans advanced against Eligible Inventory.

Insurance of Collateral. Borrower agrees to Borrowers shall maintain and pay for insurance upon all Collateral wherever located, in storage or in transit in vehicles, including goods evidenced by documentslocated and with respect to each Borrower's business, covering casualty, hazard, public liability liability, flood and such other risks and in such amounts and with recognized such insurance companies as are reasonably satisfactory to Lender, with allowances for self insurance and/or deductibles as are common for companies in similar businesses, similarly situated. Borrower Borrowers shall deliver the originals of such policies to Lender with satisfactory endorsements lender's loss payable endorsements, naming Lender as lender loss payee payee, assignee, mortgagee and/or additional insured, as appropriate and as mortgagee pursuant providing that all such insurance proceeds are paid to a standard mortgagee clauseLender. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 30 days prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever and a clause specifying that the interest of Lender shall not be impaired or invalidated by any act or neglect of either Borrower or the owner of the Property nor or by the occupation of the premises for purposes more hazardous than are permitted by said policy. If Borrower fails Borrowers fail to provide and pay for such insurance, Lender may, at Borrower's expense, procure the sameits option, but shall not be required to do soto, procure the same and charge Borrowers therefor. Borrower agrees Borrowers agree to deliver to Lender, promptly upon Lender's requestas rendered, true copies of all reports made in any reporting forms to insurance companies. Borrower will maintain, with financially sound and reputable insurers, insurance with respect to its Properties and business against such casualties and contingencies of such type (including public liability, product liability, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the business or as otherwise agreed to by Lender and Borrower, but in no event shall the amount of Borrower's casualty and hazard insurance as to its Properties be less than the sum of (i) the outstanding amount of the Term Loan, plus (ii) the aggregate outstanding amount of all Revolving Loans advanced against Eligible Inventory.

Insurance of Collateral. Borrower agrees to shall maintain and pay for insurance upon all Collateral owned by it wherever located, in storage or in transit in vehicles, including goods evidenced by documentslocated and with respect to Borrower's business, covering casualty, hazard, public liability and such other risks and in such amounts and with recognized such insurance companies as are reasonably satisfactory to Lender, with allowances for self insurance and/or deductibles as are common for companies in similar businesses, similarly situatedAgent. Borrower shall deliver the originals of such policies or copies of the originals of such policies with original certificates of insurance to Lender Agent with satisfactory lender's loss payable endorsements or collateral assignments thereof, naming Lender Agent for its benefit and the ratable benefit of Lenders as loss payee and payee, assignee or additional insured, as mortgagee pursuant to a standard mortgagee clauseappropriate. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 30 days prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever and a clause specifying that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of Borrower or the owner of the Property nor 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 Agent may, at Borrower's expense, procure the same, its option but shall not be required to do soto, procure the same and charge Borrower therefor. Borrower agrees to deliver to LenderAgent, promptly upon Lender's requestas rendered, true copies of all material reports made in any reporting forms to insurance companies. The foregoing notwithstanding, the provisions of this Section 6.1.2 shall not apply to the life insurance policies Borrower will maintain, maintains on the lives of certain of its highly compensated employees in connection with financially sound and reputable insurers, insurance with respect deferred compensation obligations owed to its Properties and business against such casualties and contingencies of such type (including public liability, product liability, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the business or as otherwise agreed to by Lender and Borrower, but in no event shall the amount of Borrower's casualty and hazard insurance as to its Properties be less than the sum of (i) the outstanding amount of the Term Loan, plus (ii) the aggregate outstanding amount of all Revolving Loans advanced against Eligible Inventory.employees. VPCHI01/#254442.6 2/2/98 18

Insurance of Collateral. Borrower agrees to maintain and pay for insurance upon all Collateral (other than Offshore Platforms) wherever located, in storage or in transit in vehiclestransit, including goods evidenced by documents, covering casualty, hazard, public liability and such other risks and in such amounts and with recognized insurance companies satisfactory acceptable to Lender, with allowances for self insurance and/or deductibles as are common for companies in similar businesses, similarly situatedAgent. Borrower shall deliver to Agent certificates regarding such insurance and the originals of such policies to Lender when available, with satisfactory endorsements naming Lender Agent as loss payee or co-insured and as mortgagee pursuant to a standard mortgagee clauseclause without liability for premiums, club calls or assessments. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 30 thirty (30) days prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever and a clause that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of Borrower or owner of the Property nor 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 Agent may, at Borrower's expense, procure the same, but shall not be required to do so. Borrower agrees to deliver to LenderAgent, promptly upon Lender's requestas rendered, true copies of all reports made in any reporting forms to insurance companies. Borrower will maintain, with financially sound and reputable insurers, insurance with respect to its Properties and business against such casualties and contingencies of such type (including public liability, product liability, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the business or as otherwise agreed to required by Lender and Borrower, but in no event shall the amount of Borrower's casualty and hazard insurance as to its Properties be less than the sum of (i) the outstanding amount of the Term Loan, plus (ii) the aggregate outstanding amount of all Revolving Loans advanced against Eligible InventoryAgent.

Insurance of Collateral. Each Borrower agrees to shall maintain and pay for insurance upon all of its Collateral wherever located, in storage or in transit in vehicles, including goods evidenced by documents, covering casualty, hazard, public liability and such other risks and in such amounts and with recognized such insurance companies as is to be satisfactory to Lender, with allowances for self insurance and/or deductibles as are common for companies Agent to insure Agent's interest in similar businesses, similarly situatedthe Collateral. Each Borrower shall is to deliver the originals evidence of such policies (including, without limitation, if Agent so requests, complete copies of such policies) to Lender Agent with satisfactory lender's loss payable endorsements naming Lender as Agent loss payee and as mortgagee pursuant to a standard mortgagee clauseadditional insured. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 30 thirty (30) days prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever and a clause that the interest of Lender shall Agent is not to be impaired or invalidated by any act or neglect of a Borrower or owner of the Property nor by the occupation of the premises for purposes more hazardous than are permitted by said policy. If a Borrower fails to provide and pay for such insurance, Lender Agent may, at such Borrower's expense, procure the same, but shall is not to be required to do so. Each Borrower agrees to deliver to LenderAgent, promptly upon Lender's requestas rendered, true copies of all reports made in any reporting forms to insurance companies. In addition to the insurance required herein with respect to the Collateral, each Borrower will shall maintain, with financially sound and reputable insurers, insurance with respect to its Properties and business against such casualties and contingencies of such type (including public liability, product liability, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the business or as otherwise agreed to required by Lender and Borrower, but in no event shall the amount of Borrower's casualty and hazard insurance as to its Properties be less than the sum of (i) the outstanding amount of the Term Loan, plus (ii) the aggregate outstanding amount of all Revolving Loans advanced against Eligible InventoryAgent.

Insurance of Collateral. Borrower agrees Borrowers agree to maintain and pay for insurance upon all Collateral Inventory and Equipment wherever located, in storage or in transit in vehicles, including goods evidenced by documents, covering casualty, hazard, public liability and such other risks and in such amounts and with recognized such insurance companies as shall be reasonably satisfactory to LenderAgent to insure Agent's interest in the Collateral. In respect to casualty and hazard insurance policies, with allowances for self insurance and/or deductibles as are common for companies in similar businesses, similarly situated. Borrower Borrowers shall deliver the originals or certified copies of such policies to Lender Agent with satisfactory lender's loss payable endorsements naming Lender as Agent loss payee payee, for the ratable benefit of Lenders. In respect to public liability and as mortgagee pursuant other insurance policies, Borrowers shall deliver a certificate of insurance in respect to a standard mortgagee clauseeach such policy. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 30 thirty (30) days prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever and a clause that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of Borrower either Borrowers or owner of the Property nor by the occupation of the premises for purposes more hazardous than are permitted by said policy. If Borrower fails Borrowers fail to provide and pay for such insurance, Lender Agent may, at Borrower's Borrowers' expense, procure the same, but shall not be required to do so. Borrower agrees Borrowers agree to deliver to Lender, promptly upon Lender's requestAgent, true copies of all reports (which relate to any matter which could reasonably be expected to involve $100,000 or more) made in any reporting forms to casualty and hazard insurance companies. Borrower Borrowers will maintain, with financially sound and reputable insurers, insurance with respect to its their respective Properties and business against such casualties and contingencies of such type (including public liability, product liability, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the business or as otherwise agreed to reasonably required by Lender and Borrower, but in no event shall the amount of Borrower's casualty and hazard insurance as to its Properties be less than the sum of (i) the outstanding amount of the Term Loan, plus (ii) the aggregate outstanding amount of all Revolving Loans advanced against Eligible InventoryAgent.

Insurance of Collateral. Borrower agrees to maintain and pay for insurance upon all Collateral covered by Section 4.1 above wherever located, in storage or in transit in vehicles, including goods evidenced by documents, covering casualty, hazard, public liability and such other risks and in such amounts and with recognized such insurance companies as shall be reasonably satisfactory to Lender to insure Lender, with allowances for self insurance and/or deductibles as are common for companies 's interest in similar businesses, similarly situatedsuch Collateral. Borrower shall deliver the originals of the certificates of insurance for such policies to Lender with satisfactory lender's loss payable endorsements naming Lender as loss payee and as mortgagee pursuant to a standard mortgagee clausepayee. Each policy of insurance or endorsement shall contain a clause requiring the insurer to give not less than 30 thirty (30) days prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever and a clause that the interest of Lender shall not be impaired or invalidated by any act or neglect of Borrower or owner of the Property nor 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 Borrower's expense, procure the same, but shall not be required to do so. Borrower agrees to deliver to Lender, promptly upon Lender's requestas rendered, true copies of all reports made in any reporting forms to insurance companies. Borrower will maintain, with financially sound and reputable insurers, insurance with respect to its Properties and business against such casualties and contingencies of such type (including public liability, product liability, larceny, embezzlement, or other criminal misappropriation insurance) and in such amounts as is customary in the its business or as otherwise agreed to reasonably required by Lender and Borrower, but in no event shall the amount of Borrower's casualty and hazard insurance as to its Properties be less than the sum of (i) the outstanding amount of the Term Loan, plus (ii) the aggregate outstanding amount of all Revolving Loans advanced against Eligible InventoryLender.