Common use of VSI POLICIES Clause in Contracts

VSI POLICIES. Borrower has obtained each VSI Policy and as of the Cutoff Date, one or more of such policies is in full force and effect with respect to each Receivable. Borrower shall not (a) replace any such VSI Policy with a substitute insurance policy unless (i) the insurer issuing such replacement policy has a rating by A.M. Best of "A-" or higher and (ii) such replacement shall not adversely affect the Collateral or Lender's rights under this Agreement, the Promissory Note or the Guaranty, and (b) except as provided in clause (a) above, Borrower will not cancel or otherwise terminate any VSI Policy (or any replacement insurance policy) unless Lender has given its prior written consent to such cancellation or termination.

VSI POLICIES. Borrower has obtained each VSI Policy and as of the Cutoff Date, one or more of such policies is in full force and effect with respect to each Receivable. Borrower shall not (a) replace any such VSI Policy with a substitute insurance policy unless (i) the insurer issuing such replacement policy has a rating by A.M. Best of "A-" or higher and (ii) such replacement shall not adversely affect the Collateral or Lender's rights under this Agreement, the Promissory Note or the GuarantyGuarantee, and (b) except as provided in clause (a) above, Borrower will not cancel or otherwise terminate any VSI Policy (or any replacement insurance policy) unless Lender has given its prior written consent to such cancellation or termination.