Common use of Rating Guide Clause in Contracts

Rating Guide. All proceeds under each policy relating to Collateral shall be payable to Collateral Agent. From time to time upon reasonable request, Obligors, shall deliver to Collateral Agent the originals or certified copies of its insurance policies. Unless Collateral Agent shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Collateral Agent as loss payee or additional insured, as appropriate; (ii) requiring 10 days prior written notice to Collateral Agent in the event of cancellation of the policy for non-payment of premium and requiring 30 days prior written notice to Collateral Agent in the event of cancellation of the policy for any other reason; and (iii) specifying that the interest of Collateral Agent shall not be impaired or invalidated by any act or neglect of any Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Obligor fails to provide and pay for such insurance, Collateral Agent may, at its option, but shall not be required to, procure the insurance and charge Obligors therefor. Each Obligor agrees to deliver to Collateral Agent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Obligors may settle, adjust or compromise any insurance claim. If an Event of Default exists, only Collateral Agent (subject to the Intercreditor Agreement) shall be authorized to settle, adjust and compromise such claims.