Common use of Insure Collateral Clause in Contracts

Insure Collateral. To insure the Collateral as follows: (a) throughout the Term; (b) for full replacement value not being less than the amount, if any, specified by us; (c) for loss or damage by accident, fire, theft (and in the case of a motor vehicle liability to third parties for bodily injury, death or damage to property) and any other risk required by us; (d) with an insurance company approved by us; (e) in our joint names for our respective interests; and not to do or omit to do anything which could result in the insurance company declining any claim. You agree that any amount payable under any insurance policy will be paid to us to be applied as we think fit either in making good any damage to the Collateral or towards payment of all amounts outstanding under this Agreement whether or not the time for payment has arrived.

Insure Collateral. To insure the Collateral as follows: (a) throughout the Term; (b) for full replacement value not being less than the amount, if any, specified by us; (c) for loss or damage by accident, fire, theft (and in the case of a motor vehicle liability to third parties for bodily injury, death or damage to property) and any other risk required by us; (d) with an insurance company approved by us; (e) in our joint names for our respective interests; and not to do or omit to do anything which could result in the insurance company declining any claim. You agree that any amount payable amountpayable under any insurance policy will be paid to us to be applied as we think fit either in making good any damage to the Collateral or towards payment of all amounts outstanding under this Agreement thisAgreement whether or not the time for payment has arrived.