Common use of Risk of Loss; Insurance Clause in Contracts

Risk of Loss; Insurance. The Debtors shall be responsible for any loss of or damage to the Collateral. Each Debtor shall maintain, with financially sound and reputable companies, insurance policies (i) insuring the Collateral against loss by fire, explosion, theft, and such other risks and casualties as are customarily insured against by companies engaged in the same or a similar business, and (ii) insuring such Debtor and the Agent against liability for personal injury and property damage relating to the Collateral, such policies to be in such amounts and covering such risks as are customarily insured against by companies engaged in the same or a similar business, but at least in the amounts specified in the Credit Agreement, with losses payable to such Debtor and the Agent, as their respective interests may appear. All insurance with respect to the Collateral shall provide that no cancellation, reduction in amount, or change in coverage thereof shall be effective unless the Agent has received thirty (30) days prior written notice thereof. Each Debtor shall furnish the Agent with certificates or other evidence satisfactory to the Agent of compliance with the foregoing insurance provisions. Each Debtor shall deliver to the Agent upon demand copies of all insurance policies covering the Collateral or any part thereof.

Appears in 2 contracts

Samples: Credit Agreement (Healthcor Holdings Inc), Credit Agreement (Healthcor Holdings Inc)

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Risk of Loss; Insurance. The Debtors Debtor shall be responsible for any loss of or damage to the Collateral. Each The Debtor shall maintain, with financially sound and reputable companies, insurance policies (i) insuring the Collateral against loss by fire, explosion, theft, and such other risks and casualties as are customarily insured against by companies engaged in the same or a similar business, and (ii) insuring such the Debtor and the Agent against liability for personal injury and property damage relating to the Collateral, such policies to be in such amounts and covering such risks as are customarily insured against by companies engaged in the same or a similar business, but at least in the amounts specified in the Credit Agreement, with losses payable to such the Debtor and the Agent, Agent as their respective interests may appear. All insurance with respect to the Collateral shall provide that no cancellation, reduction in amount, or change in coverage thereof shall be effective unless the Agent has received thirty (30) days prior written notice thereof. Each The Debtor shall furnish the Agent with certificates or other evidence satisfactory to the Agent of compliance with the foregoing insurance provisions. Each The Debtor shall deliver to the Agent upon demand copies of all insurance policies covering the Collateral or any part thereof.

Appears in 1 contract

Samples: Credit Agreement (Healthcor Holdings Inc)

Risk of Loss; Insurance. The Debtors shall be responsible for any loss of or damage to the Collateral. Each Debtor shall maintain, with financially sound and reputable companies, insurance policies (ia) insuring the Collateral against loss by fire, explosion, theft, and such other risks and casualties as are customarily insured against by companies engaged in the same or a similar business, and (iib) insuring such Debtor and the Collateral Agent against liability for personal injury and property damage relating to the Collateral, such policies to be in such amounts and covering such risks as are customarily insured against by companies engaged in the same or a similar business, but at least in the amounts specified in the Credit Agreement, the Note Agreements and the Term Loan Agreement with losses payable to such Debtor and the Collateral Agent, as their respective interests may appear. All insurance with respect to the Collateral shall provide that no cancellation, reduction in amount, or change in coverage thereof shall be effective unless the Collateral Agent has received thirty (30) days prior written notice thereof. Each Debtor shall furnish the Collateral Agent with certificates or other evidence satisfactory to the Collateral Agent of compliance with the foregoing insurance provisions. Each Debtor shall deliver to the Collateral Agent upon demand copies of all insurance policies covering the Collateral or any part thereof.

Appears in 1 contract

Samples: Security Agreement (Spartech Corp)

Risk of Loss; Insurance. The Debtors shall be ----------------------- responsible for any loss of or damage to the Collateral. Each Debtor shall maintain, with financially sound and reputable companies, insurance policies (i) insuring the Collateral against loss by fire, explosion, theft, and such other risks and casualties as are customarily insured against by companies engaged in the same or a similar business, and (ii) insuring such Debtor and the Collateral Agent against liability for personal injury and property damage relating to the Collateral, such policies to be in such amounts and covering such risks as are customarily insured against by companies engaged in the same or a similar business, but at least in the amounts specified in the Credit Agreement, with losses payable to such Debtor and the Collateral Agent, as their respective interests may appear. All insurance with respect to the Collateral shall provide that no cancellation, reduction in amount, or change in coverage thereof shall be effective unless the Collateral Agent has received thirty (30) 30 days prior written notice thereof. Each Debtor shall furnish the Collateral Agent with certificates or other evidence satisfactory to the Collateral Agent of compliance with the foregoing insurance provisions. Each Debtor shall deliver to the Collateral Agent upon demand copies of all insurance policies covering the Collateral or any part thereof.

Appears in 1 contract

Samples: Intercreditor Agreement (Global Industrial Technologies Inc)

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Risk of Loss; Insurance. The Debtors shall be responsible for any loss of or damage to the Collateral. Each Debtor shall maintain, with financially sound and reputable companies, insurance policies (i) insuring the Collateral against loss by fire, explosion, theft, and such other risks and casualties as are customarily insured against by companies engaged in the same or a similar business, and (ii) insuring such Debtor and the Agent against liability for personal injury and property damage relating to the Collateral, such policies to be in such amounts and covering such risks as are customarily insured against by companies engaged in the same or a similar business, but at least in the amounts specified in the Credit Agreement, with losses payable to such Debtor and the Agent, Agent as their respective interests may appear. All insurance with respect to the Collateral shall provide that no cancellation, reduction in amount, or change in coverage thereof shall be effective unless the Agent has received thirty (30) days prior written notice thereof. Each Debtor shall furnish the Agent with certificates or other evidence satisfactory to the Agent of compliance with the foregoing insurance provisions. Each Debtor shall deliver to the Agent upon demand copies of all insurance policies covering the Collateral or any part thereof.

Appears in 1 contract

Samples: Credit Agreement (Healthcor Holdings Inc)

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