Insurance on Collateral. Borrower further warrants and agrees that it will pay for and maintain insurance in the amounts and of the types required pursuant to Section 5.12 of the Loan Agreement.
Insurance on Collateral. Guarantors further warrant and agree that in each case where the terms of any such Accounts require the Guarantor or the account debtor named in such Account to place or carry insurance in respect of the property to which such Account relates, the Guarantor or the account debtor will pay for and maintain such insurance.
Insurance on Collateral. The Collateral will be insured at the Debtor’s expense against all risks and in such amounts as commonly insured by owners of like property and to the extent Debtor can obtain such insurance at commercially reasonable rates and terms. The Debtor agrees to pay or cause to be paid, when due, all premiums for such insurance and all taxes, license fees and other charges in connection with the Collateral.
Insurance on Collateral. The Borrower will (a) maintain hazard insurance with fire and extended coverage and naming the Lender as an additional insured with loss payable to the Lender as its interest may appear on the Equipment and Inventory in an amount at least equal to the lesser amount of the outstanding principal amount of the Obligations or the fair market value of the Equipment and Inventory (but in any event sufficient to avoid any co-insurance obligations) and with a specific endorsement to each such insurance policy pursuant to which the insurer agrees to give the Lender at least thirty (30) days written notice before any alteration or termination of such insurance policy and that no act or default of the Borrower shall affect the right of the Lender to recover under such policy in the event of loss or damage; (b) file with the Lender, upon its request, a detailed list of the insurance then in effect and stating the names of the insurance companies, the amounts and rates of the insurance, dates of the expiration thereof and the properties and risks covered thereby; and (c) within thirty (30) days after notice in writing from the Lender, obtain such additional insurance as the Lender may reasonably request.
Insurance on Collateral. Debtor further warrants and agrees that in each case where the terms of any such Accounts require Debtor or the account debtor named in such Account to place or carry insurance in respect of the property to which such Account relates, Debtor or the account debtor will pay for and maintain such insurance.
Insurance on Collateral. (a) At the request of any Obligor, or if any Obligor fails to maintain insurance in respect of any of the Collateral as required by Paragraph 8.2(c) of Section 8, or fails to provide the Administrative Agent with timely evidence, acceptable to the Administrative Agent, of its maintenance of such insurance coverage, the Administrative Agent may purchase, at the Borrowers' or, in the case where such Obligor is a Guarantor, the Guarantors', expense (as contemplated in subparagraph (d) of this Paragraph 7.7), arrange for and acquire insurance to protect the Administrative Agent's interests in the Collateral, but at the Borrowers' or, in the case where such Obligor is a Guarantor, the Guarantors', expense and without any responsibility on the Administrative Agent's part for: (i) obtaining the insurance; (ii) the solvency of the insurance companies; (iii) the adequacy of the coverage; or (iv) the collection of claims. Upon the occurrence of an Event of Default which is not waived in writing by the Required Revolving Facility Lenders, the Administrative Agent shall, subject to the rights of any holders of Permitted Encumbrances holding claims senior to the Administrative Agent and subject to any requirement of notice in the Orders, have the sole right and at its option, in the name of the Administrative Agent or the Obligors or any of them, to file claims under any insurance policies, to receive, receipt and give acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any claims under any such insurance policies.
(b) In the event of any loss or damage by fire or other casualty, Insurance Proceeds relating to the Obligors' or an Obligor's Inventory shall be applied to reduce the Obligations as provided by and in accordance with Paragraph 6.4 of Section 6 or otherwise as provided therein. Upon the occurrence of a Default or Event of Default, such Insurance Proceeds may be applied to the Obligations in such order as the Administrative Agent may elect.
(c) In the event any part of the Obligors' or an Obligor's Real Estate or Equipment is damaged by fire or other casualty and the Insurance Proceeds for such damage or other casualty is less than or equal to $100,000.00, the Administrative Agent shall promptly apply such proceeds in accordance with Paragraph 6.4 of Section 6. Upon the ...
Insurance on Collateral. 65 8.8 Taxes Relating to Collateral.....................................................................67 8.9 Mortgages........................................................................................67 SECTION 9. Representations; Warranties and Covenants....................................................67
Insurance on Collateral. La-Man further warrants and agrees that in ----------------------- each case where the terms of any such Accounts require La-Man or the account debtor named in such Account to place or carry insurance in respect of the property to which such Account relates, La-Man or the account debtor will pay for and maintain such insurance.
Insurance on Collateral. Indemnitors shall maintain insurance on all Collateral that is customarily insured, including but not limited to all real property and certain equipment, and Indemnitors, upon request, shall provide Surety with evidence, satisfactory to the Surety, thereof.
Insurance on Collateral. Borrowers shall maintain and pay for insurance upon all Collateral wherever located and with respect to each Borrower's business, covering casualty, hazard, public liability and such other risks in such amounts and with such insurance companies as are customary for Persons of established reputation engaged in similar business and which are reasonably satisfactory to Agent. Borrowers shall also maintain business interruption insurance in an amount not less than $4,000,000. Borrowers shall deliver certified copies of such policies to Agent with satisfactory lender's loss payable endorsements, naming Agent and Lenders as sole loss payee, assignee or additional insured, as appropriate. 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 failure to pay any premium with respect thereto and not less than 30 days prior written notice to Agent in the event of cancellation of the policy for any other reason and a clause specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of any Property or by the occupation of the premises for purposes more hazardous than are permitted by said policy. If any insured loss occurs and no Default then exists, the respective Borrowers shall have the right to adjust such loss and Agent will permit Borrowers to use the proceeds of insurance of such loss to repair or replace the Collateral that was damaged, destroyed or lost, provided that if any Term Loan balance then exists, any excess insurance proceeds are paid to Agent for application to the Term Loans. If 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 Borrowers therefor. 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 each Borrower's business interruption insurance (if any) shall be remitted to Agent for application to the outstanding balance of the Revolving Credit Loans; provided that, unless a Default or an Event of Default is then in existence, the respective Borrowers may settle or adjust any claim with respect to such insurance and Agent shall remit such proceeds to Borrowers for use in the ordinary course of their respective businesses.
