Insurance; Payment of Premiums. All policies of insurance on the Collateral or otherwise required under this Agreement shall be in form and amount satisfactory to Agent and with insurers reasonably recognized as adequate by Agent. Borrowers shall deliver to Agent the original (or a certified copy) of each policy of insurance, or, in lieu thereof, certificates of such policies of insurance satisfactory to Agent, and evidence of payment of all premiums therefor and shall deliver renewals of all such policies to Agent at least thirty (30) days prior to their expiration dates. Such policies of insurance shall contain an endorsement, in form and substance acceptable to Agent, showing all losses payable to Agent for the benefit of each Lender. Such endorsement shall provide that the insurance companies will give Agent at least thirty (30) days’ prior written notice before any such policy shall be altered or canceled and that no act or default of Borrowers or any other Person shall affect the right of Agent to recover under such policy in case of loss or damage. Each Borrower hereby directs all insurers under such policies to pay all proceeds directly to Agent after the occurrence of an Event of Default. Each Borrower irrevocably makes, constitutes and appoints Agent (and all officers, employees or agents designated by Agent) as such Borrower’s true and lawful attorney and agent-in-fact for the purpose of making, settling and adjusting claims under such policies (provided that Agent shall consult with such Borrower prior to finally making, settling or adjusting claims under such policies), endorsing the name of such Borrower in writing or by stamp on any check, draft, instrument or other item of payment for the proceeds of such policies and for making all determinations and decisions with respect to such policies. If such Borrower shall fail to obtain or maintain any of the policies required by this Section 7.6 or to pay any premium relating thereto, then Agent or any Lender, without waiving or releasing any obligation or Event of Default by such Borrower hereunder, may (but shall be under no obligation to do so) obtain and maintain such policies of insurance and pay such premiums and take any other action which Agent or such Lender deems advisable. All sums so disbursed by Agent or any Lender, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable by Borrowers to Agent or such Lender upon demand and shall be additional Liabilities.
Insurance; Payment of Premiums. Borrower shall maintain insurance with financially sound and reputable insurers in such amounts and against such liabilities and hazards as customarily is maintained by other companies operating similar businesses and, in any event, in an amount satisfactory to Lender.
Insurance; Payment of Premiums. (a) Borrowers shall, at their sole cost and expense, keep and maintain in respect of the Borrowers’ Property such insurance as is generally kept and maintained by reasonable and prudent operators of oil and gas pipelines, including, but not limited to, worker’s compensation insurance, property insurance and general liability insurance.
Insurance; Payment of Premiums. All policies of insurance on Borrowers and each of their respective Subsidiary's assets or otherwise required under this Agreement shall be in form and amount satisfactory to each Lender and with insurers reasonably recognized as adequate by such Lender. If Borrowers shall fail to obtain or maintain any of the policies required by this Section 5.4 or to pay any premium relating thereto, then any Lender, without waiving or releasing any obligation or Event of Default by Borrowers hereunder, may (but shall be under no obligation to do so) upon five (5) Business Days prior written notice to Borrowers, obtain and maintain such policies of insurance and pay such premiums and take any other action which such Lender deems advisable. All sums so disbursed by such Lender, including reasonable attorneys' fees, court costs, expenses and other charges relating thereto, shall be payable by Borrowers to such Lender upon demand and shall be additional Liabilities.
Insurance; Payment of Premiums. Borrower shall maintain life insurance in the amount of $2,500,000.00 on each of the lives of J. Xxxx Xxxxxx, Xxxxx X.
Insurance; Payment of Premiums. All policies of insurance on the Collateral shall be in form and with insurers recognized as adequate by prudent business persons and all such policies shall be in such amounts as may be satisfactory to the Debentureholders. If requested, the Company shall deliver to the Debentureholders the original (or certified copy) of each policy of insurance and evidence of payment of all premiums therefor.
Insurance; Payment of Premiums. Keep its businesses and properties insured at all times by responsible insurance companies against the risks and to the extent that provision for such insurance is usually made by other corporations engaged in similar businesses similarly situated and consistent with its past practices, and carry such other types and amounts of insurance as are usually carried by corporations engaged in the same or a similar business similarly situated and consistent with its past practices, including without limitation:
Insurance; Payment of Premiums. (a) Maintain insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which it operates.
Insurance; Payment of Premiums. If loss of or damage to Collateral results in recovery during the existence of an Event of Default of insurance proceeds under any policies of insurance under which the Administrative Agent is named as a contingent loss payee, the Administrative Agent shall, in its sole and absolute discretion, maintain possession of such proceeds as Collateral, apply such proceeds to the Secured Obligations in such order and at such times, or release such proceeds or portions thereof to the Grantor, in each case as specified in the Credit Agreement. No such application shall cure or waive any Event of Default (unless the Secured Obligations are paid in full) and no amount released to the Grantor shall be deemed to be a payment of Obligations.
Insurance; Payment of Premiums. (A) Borrower shall, at its sole cost and expense, keep and maintain (i) the tangible Collateral and the records relating to the Accounts insured for their full insurable value against loss or damage by fire (including so-called "extended coverage"), theft, explosion, sprinkler leakage and all other hazards and risks ordinarily insured against by other prudent owners or users of such properties in similar businesses (sometimes referred to herein as "casualty insurance"), and (ii) insurance for liability from personal injury and property damage in such amounts as similar businesses maintain. Without limiting the generality of the foregoing, Borrower shall obtain and maintain casualty insurance, with respect to Inventory in transit, as appropriate, open cargo insurance (including war risk coverage), ship (including steamer and barge), air, motor truck or rail cargo insurance or other cargo transportation insurance, containing such terms, in such form, for such amounts, for such periods and written by such companies as may be satisfactory to Bank. Borrower shall notify Bank promptly of any event or occurrence causing a material loss or decline in value of such Collateral and the estimated (or actual, if available) amount of such loss or decline. All policies of insurance on such Collateral shall be in form and with insurers recognized as adequate by prudent business persons and all such policies shall provide such coverages and be in such amounts as may be reasonably satisfactory to Bank.
