Common use of Maintenance of Insurance Policies Clause in Contracts

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract and shall ensure that each such Insurance Policy names the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunder; provided that the Servicer, in accordance with its Credit and Collection Policy, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as Servicer, the Servicer agrees to present, on behalf of the Deal Agent as agent for the Purchasers, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Agent as agent for the Purchasers as loss payee and as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract and shall ensure that each such Insurance Policy names in the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunderContracts Pool; provided PROVIDED that the Servicer, in accordance with its Credit and Collection Policycustomary servicing procedures, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contracts Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as ServicerServicer of the Contracts, the Servicer agrees to present, on behalf of itself, the Deal Agent as agent for Trust, the PurchasersIndenture Trustee and the Holders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Agent as agent for the Purchasers as loss payee and Indenture Trustee as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract and shall ensure that each such Insurance Policy names the Deal Agent, as agent for the Purchasers, Servicer as loss payee and as an insured thereunder; provided provided, however, that the Servicer, in accordance with its Credit and Collection Policy, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as Servicer, the Servicer agrees to present, on behalf of the Deal Agent as agent for the PurchasersAdministrator, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Agent as agent for the Purchasers Administrator as loss payee and as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract and shall ensure that each such Insurance Policy names in the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunderContract Pool; provided that the Servicer, in accordance with its Credit and Collection Policycustomary servicing procedures, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contract Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor a Lessee fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as ServicerServicer of the Contracts, the Servicer agrees to present, on behalf of itself, the Deal Agent as agent for Trust, the PurchasersCollateral Agent, the Indenture Trustees and the Holders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Collateral Agent as agent for the Purchasers as loss payee and as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract and shall ensure that each such Insurance Policy names in the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunderContracts Pool; provided that the Servicer, in accordance with its Credit and Collection Policycustomary servicing procedures, may allow Obligors to self-insureself -insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contracts Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as ServicerServicer of the Contracts, the Servicer agrees to present, on behalf of itself, the Deal Agent as agent for Trust, the PurchasersIndenture Trustee and the Holders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Agent as agent for the Purchasers as loss payee and Indenture Trustee as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract and shall ensure that each such Insurance Policy names in the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunderContract Pool; provided that the Servicer, in accordance with its Credit and Collection Policycustomary servicing procedures, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contract Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as ServicerServicer of the Contracts, the Servicer agrees to present, on behalf of itself, the Deal Agent as agent for Trust, the PurchasersIndenture Trustee and the Holders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Agent as agent for the Purchasers as loss payee and Indenture Trustee as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor Lessee maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Lease and Residual Balance of the related Contract and shall ensure that each such Insurance Policy names the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunderIncluded Lease; provided that the Servicer, in accordance with its Credit and Collection Policycustomary servicing procedures, may allow Obligors Lessees to self-insure. Additionally, the Servicer will require that each Obligor Lessee maintain property physical damage and liability insurance during the term of each Contract Included Lease in amounts and against risks customarily insured against by the Obligor Lessee on equipment owned by it. If an Obligor a Lessee fails to maintain property physical damage and liability insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the ObligorLessee. In connection with its activities as ServicerServicer of the Included Leases, the Servicer agrees to present, on behalf of itself, the Deal Agent as agent for Trust and the PurchasersHolders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each ContractIncluded Lease. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Agent as agent for the Purchasers as loss payee and Trustee as an insured thereunder and will contain a breach of warranty clausethereunder.

Maintenance of Insurance Policies. The --------------------------------- Servicer will use its best efforts to ensure that each Obligor Lessee maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Lease and Residual Balance of the related Contract and shall ensure that each such Insurance Policy names the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunderIncluded Lease; provided that the Servicer, in accordance with its Credit and Collection Policycustomary servicing procedures, may allow Obligors Lessees to self-insure. Additionally, the Servicer will require that each Obligor Lessee maintain property physical damage and liability insurance during the term of each Contract Included Lease in amounts and against risks customarily insured against by the Obligor Lessee on equipment owned by it. If an Obligor a Lessee fails to maintain property physical damage and liability insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the ObligorLessee. In connection with its activities as ServicerServicer of the Included Leases, the Servicer agrees to present, on behalf of itself, the Deal Agent as agent for Trust and the PurchasersHolders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each ContractIncluded Lease. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Deal Agent as agent for the Purchasers as loss payee and Trustee as an insured thereunder and will contain a breach of warranty clausethereunder.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment Financed Items in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract and shall ensure that each such Insurance Policy names in the Deal Agent, as agent for the Purchasers, as loss payee and as an insured thereunderContract Pool; provided that the Servicer, in accordance with its Credit and Collection Policycustomary servicing procedures, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contract Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as ServicerServicer of the Contracts, the Servicer agrees to present, on behalf of itself, the Deal Agent as agent for Trust, the PurchasersIndenture Trustee and the Holders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment Financed Items will insure against liability for personal injury and property damage relating to such EquipmentFinanced Items, will name the Deal Agent as agent for the Purchasers as loss payee and Indenture Trustee as an insured thereunder and will contain a breach of warranty clause.