Overstock Insurance Clause Samples

Overstock Insurance. Notwithstanding the foregoing provisions of this Section 7.1, and subject to the satisfaction of the conditions set forth below, Borrower may rely on Overstock maintaining all or a portion of the insurance coverage required by this Section to the extent (i) the Overstock Lease is in full force and effect and no default has occurred thereunder, (ii) Overstock has provided third-party insurance which satisfies the provisions of this Section, (iii) the Overstock Lease provides it will remain in full force and effect following a Casualty or to the extent such Overstock Lease is terminated following any Casualty, the applicable insurance proceeds will be deposited with Borrower and/or Lender, (iv) (A) Lender is named as a mortgagee and a loss payee, as required pursuant to this Section, on Overstock’s property policies and as additional insured on Overstock’s general liability and umbrella liability coverages required pursuant to this Section, and (B) Borrower is named as an additional named insured on each of the property, general liability and umbrella liability Policies maintained by Overstock, and (v) Borrower shall have provided to Lender no less frequently than annually prior to renewal of such coverage maintained by Overstock evidence satisfactory to Lender in its sole discretion that Overstock maintains insurance in accordance with this Section. For purposes of clarification, if the conditions above are not satisfied, Borrower shall, at its sole cost and expense, promptly procure and maintain either (x) “primary” insurance coverage in the event that Overstock, under the Overstock Lease does not provide the applicable insurance coverage required herein this Section or (y) “excess and contingent” insurance coverage, in the event that Overstock under the Overstock Lease does not have sufficient insurance coverage to meet the requirements in this Section, in each case, over and above any other valid and collectible coverage then in existence, as shall be necessary to bring the insurance coverage for the Property into full compliance with all of the terms and conditions of this Section. In evaluating the sufficiency of all insurance provided with respect to the requirements of this Section, whether such insurance is provided by Borrower or Overstock, Lender (or the loan servicer) shall have the discretion, but not the obligation, to allow that Borrower only maintain “excess and contingent” insurance coverage over and above any other valid and collectible cov...