Seller's Insurance definition
Examples of Seller's Insurance in a sentence
Seller has received no notices of any Material default or demands to cure from any applicable insurer in respect of Seller's Insurance.
Without limiting the foregoing, Seller's Insurance must be reasonably acceptable to Buyer.
To the extent that Seller's Insurance is on a "claims made" basis, the retroactive date of the policy(ies) shall be the Effective Date of this Agreement or such other date as may be agreed upon to protect the interests of Seller and Buyer.
At a minimum, Seller's Insurance shall contain (a) an endorsement providing coverage, including products liability/completed operations coverage for the Term of this Agreement, and (b) a broad form contractual liability endorsement covering liabilities (i) that might arise under this Agreement or (ii) caused by operation of the Facility or any of Seller's equipment in satisfactory and safe operating condition.
The Seller will procure or cause to be procured and will maintain throughout the entire Term of this Agreement, a policy or policies of liability insurance issued by an insurer acceptable to Buyer on a standard "Insurance Services Office" commercial general liability form (such policy or policies, collectively, the "Seller's Insurance").
To the extent the Seller's Insurance is on an "occurrence" basis, such insurance shall be maintained in effect at all times by the Seller during the Term of this Agreement.
Furthermore, to the extent that Seller's Insurance is on a "claims made" basis, the Seller's duty to provide insurance coverage shall survive the termination of this Agreement until the expiration of the maximum statutory period of limitations in the State of South Carolina for actions based in contract or in tort.
The Seller holding title to any such Owned Car shall retain all rights to receive any casualty proceeds or other payments under the terms of any applicable Sellers Insurance Policies or from any third party or under any third party insurance policy in respect of the Casualty Occurrence (collectively, the "Casualty Proceeds").
The Seller in respect of the Real Property is insured under those policies of casualty and general liability insurance ("Seller's Insurance") described on SCHEDULE 6.3.12 annexed hereto, each of which is in full force and effect as of the date hereof and will remain in full force and effect through the Closing Date.
The Seller shall provide Buyer with a copy of any material communication or notice related to the Seller's Insurance within ten (10) Business Days of the Seller's receipt or issuance thereof.