Section Insurance. The Company will provide insurance coverage for loss of mechanics' tools taken from Company's premises in the case of a proven burglary. The premiums shall be borne by the Company and claims paid to the mechanic in the case of a loss of his tools. Coverage will also be provided for loss due to fire. In order to claim under this clause the mechanic must have filed annually an inventory of his tools with the Company.
Section Insurance. Schedule 3.15 contains a description of --------- ------------- all insurance which such Credit Party maintains or has maintained on its behalf as of the Closing Date. All of such insurance is in full force and effect.
Section Insurance. (a) Schedule 5.20(a) sets forth (i) an accurate and complete list of all ---------------- material insurance policies and programs of insurance providing coverage for the Companies, including the amount of coverage and any retention or deductible of the Companies, and (ii) the aggregate claims and all individual claims in excess of $25,000 made under each such policy or program (or any predecessor policy or program) during the last two (2) years.
(b) To the Knowledge of the Sellers, (i) no written notice of cancellation, termination or reduction in coverage has been received with respect to any policy listed on Schedule 5.20
(a) other than as set forth on ---------------- Schedule 5.20(b), and (ii) none of the Companies has been refused any insurance ---------------- with respect to its assets or operations, nor has its coverage been limited, by any insurance carrier to which it has applied for any such insurance or with which it has carried insurance during the last two (2) years other than as set forth on Schedule 5.20(b). ----------------
Section Insurance. The Borrower will at all times keep all tangible Collateral insured against risks of fire (including so-called extended coverage), theft, collision (for Collateral consisting of motor vehicles) and such other risks and in such amounts as the Lender may reasonably request, with a lender's loss payable clause in favor of Lender to the extent of its interest.
Section Insurance. The Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its subsidiaries are engaged. Neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings, business or operations of the Company and its subsidiaries, taken as a whole. Section Regulatory Permits. The Company and its subsidiaries possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, and neither the Company nor any such subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit.
Section Insurance. The Borrower currently maintains insurance at 100% replacement cost insurance coverage (subject to customary deductibles) in respect of each of its Real Property Assets, as well as commercial general liability insurance (including, without limitation, "builders' risk" where applicable) against claims for personal, and bodily injury and/or death, to one or more persons, or property damage, as well as workers' compensation insurance, in each case with respect to liability and casualty insurance with insurers having an A.M. Best policyholders' rating of not less than A-VII in amounts that prudent owners of assets such as Borrower's directly or indirectly owned Real Property Assets would maintain.
Section Insurance. (a) Each Grantor (or the Borrower, on behalf of each Grantor) shall, at its own expense, maintain insurance with respect to the Equipment and Inventory of such Grantor with financially sound and reputable insurers in such amounts, covering such risks and in such form as is consistent with past practice and as is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which such Grantor operates. Each policy for property damage insurance shall provide for all losses to be paid directly to the Agent. Each such policy shall in addition: (i) name such Grantor (or the Borrower) as insured thereunder and the Agent as an additional insured thereunder (without any representation or warranty by or obligation upon the Agent) as their interests may appear, (ii) in the case of property damage insurance, contain the agreement by the insurer that any loss thereunder shall be payable to the Agent, (iii) not contain any provision providing for recourse against the Agent for payment of premiums or other amounts with respect thereto and (iv) provide that at least 10 days' prior written notice of cancellation or of lapse shall be given to the Agent by the insurer. Each Grantor (or the Borrower) shall, if so requested by the Agent, deliver to the Agent original or duplicate policies of such insurance and, as often as the Agent may reasonably request, a report of a reputable insurance broker with respect to such insurance. Further, each Grantor (or the Borrower) shall, at the request of the Agent, duly exercise and deliver instruments of assignment of such insurance policies to comply with the requirements of this Section 8 and use reasonable efforts to cause the insurers to acknowledge notice of such assignment.
(b) Reimbursement under any liability insurance maintained by such Grantor pursuant to this Section 8 may be paid directly to the Person who shall have incurred liability covered by such insurance. In case of any loss involving damage to Equipment or Inventory when clause (c) of this Section 8 is not applicable, such Grantor shall make or cause to be made the necessary repairs to or replacements of such Equipment or Inventory, and any proceeds of insurance maintained by such Grantor pursuant to this Section 8 and received by the Agent shall be released to such Grantor as reimbursement for the costs of such repairs or replacements.
(c) At the request of the Agent, upon the occurrence and during the continuan...
Section Insurance. The Borrower shall, and shall cause each of its Restricted Subsidiaries to, maintain with financially sound and reputable insurers such insurance as may be required by law and such other insurance (including self-insurance) to such extent and against such hazards and liabilities as Borrower determines to be reasonably prudent. E.
Section Insurance. Each of the Loan Parties will, and will cause each of its Subsidiaries to, keep insured by financially sound and reputable insurers all Property of a character usually insured by responsible corporations or other entities engaged in the same or a similar business similarly situated against loss or damage of the kinds and in the amounts customarily insured against by such corporations or other entities and carry such other insurance as is usually carried by such corporations or other entities, provided that in any event each Loan Party will (if and to the extent applicable) maintain:
Section Insurance. Upon the Closing of the financing transactions contemplated by the Promissory Note of even date herewith issued to Xxxxxxxxxx Equity Partners, the Company and each of its subsidiaries will be insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its subsidiaries are engaged. Neither the Company nor any such subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not materially and adversely affect the condition, financial or otherwise, or the earnings, business or operations of the Company and its subsidiaries, taken as a whole. Section Regulatory Permits The Company and its subsidiaries possess all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, and neither the Company nor any such subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit.