Common use of Assignment of Insurance Clause in Contracts

Assignment of Insurance. As additional security for the Obligations, each Loan Party hereby assigns to Lender for the benefit of Lender and each Bank Product Provider all rights of such Loan Party under every policy of insurance covering the Collateral and all other assets and property of each Loan Party (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and each Loan Party hereby directs the issuer of each policy to pay all such monies directly and solely to Lender. At any time, (i) upon the occurrence and during the continuance of a Default or an Event of Default, or (ii) otherwise upon Lender’s request, Lender may (but need not), in Lender’s or any Loan Party’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Lender, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, in each case, in excess of $250,000, shall be paid to Lender and, as determined by Lender in its sole discretion, either be applied to prepayment of the Obligations or disbursed to Loan Parties under payment terms reasonably satisfactory to Lender for application to the cost of repairs, replacements, or restorations of the affected Collateral which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Obligations, each Borrower and each other Loan Party hereby assigns to Lender for the benefit of Lender and each Bank Product Provider all rights of such Borrower and such Loan Party under every policy of insurance covering the Collateral and all other assets and property of each Borrower and each other Loan Party (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and each Borrower and each other Loan Party hereby directs the issuer of each policy to pay all such monies directly and solely to Lender. At any time, (i) time upon the occurrence and during the continuance continuation of a Default or an Event of Default, or (ii) otherwise upon Lender’s request, Lender may (but need not), in Lender’s or any Borrower’s or any other Loan Party’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Lender, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, in each case, in excess of $250,000, shall be paid to Lender and, as determined by Lender in its sole discretion, either be applied to prepayment of the Obligations or disbursed to Loan Parties Borrowers under payment terms reasonably satisfactory to Lender for application to the cost of repairs, replacements, or restorations of the affected Collateral or other property of the Borrower which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Obligations, Borrower and each other Loan Party hereby assigns to Lender for the benefit of Lender and each Bank Product Provider all rights of Borrower and such Loan Party under every policy of insurance covering the Collateral and all other assets and property of Borrower and each other Loan Party (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and Borrower and each other Loan Party hereby directs the issuer of each policy to pay all such monies directly and solely to Lender. At any time, (i) upon the occurrence and during the continuance of whether or not a Default or an Event of Default, or (ii) otherwise upon Lender’s requestDefault shall have occurred, Lender may (but need not), in Lender’s or Borrower’s or any other Loan Party’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Lender, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, in each case, in excess of $250,000, shall be paid to Lender and, as determined by Lender in its sole discretionPermitted Discretion, either may be applied to prepayment of the Obligations or disbursed to Loan Parties Borrower under payment terms reasonably satisfactory to Lender for application to the cost of repairs, replacements, or restorations of the affected Collateral which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the payment and performance of the Obligations, each Loan Party Borrower hereby assigns to the Lender for the benefit of Lender and each Bank Product Provider all rights of such Loan Party under every policy of insurance covering the Collateral and all other assets and property of each Loan Party (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, any and all monies (including proceeds of insurance and refundsrefunds of unearned premiums) that may be payable under due or to become due under, and all other rights of such Borrower with respect to, any policyand all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business records or valuable papers pertaining thereto, and each Loan Party Borrower hereby directs the issuer of each any such policy to pay all such monies directly and solely to Lenderthe Lender (subject to Borrowers’ rights in such monies under Section 2.07(f)(iii)). At any time, (i) upon the occurrence and during the continuance of whether or not a Default or an Event of DefaultPeriod exists, or (ii) otherwise upon Lender’s request, the Lender may (but need not), in the Lender’s name or any Loan Partyin the applicable Borrower’s name, execute and deliver proofs proof of claim, receive payment of proceeds and all such monies, endorse checks and other instruments representing payment of the policy of insurancesuch monies, and adjust, litigate, compromise or release claims any claim against the issuer of any such policy. Any monies received as payment for any loss under any insurance policy assigned to Lender, mentioned above (other than liability insurance policies, ) or received as payment of any award or compensation for condemnation or taking by eminent domain, in each case, in excess of $250,000, shall be paid over to the Lender and, as determined by Lender in its sole discretion, either to be applied to prepayment of the Obligations or disbursed to Loan Parties under payment terms reasonably satisfactory to Lender for application released to the cost of applicable Borrower pursuant to Section 2.07(f)(iii). Any such repairs, replacements, or restorations of the affected Collateral which shall be effected with reasonable promptness in a timely manner and Borrowers shall be of make all required repairs, replacements and restorations in a value at least equal to manner that Borrowers reasonably believe will cause the operating efficiency and the value of the items or property destroyedthereof to be preserved and maintained in all material respects.

Assignment of Insurance. As additional security for the Obligations, each Borrower and each other Loan Party hereby assigns to Lender for the benefit of Lender and each Bank Product Provider all rights of such Borrower and such Loan Party under every policy of insurance covering the Collateral and all other assets and property of each Borrower and each other Loan Party (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and each Borrower and each other Loan Party hereby directs the issuer of each policy to pay all such monies directly and solely to Lender. At any time, (i) upon the occurrence and during the continuance of whether or not a Default or an Event of Default, or (ii) otherwise upon Lender’s requestDefault shall have occurred, Lender may (but need not), in Lender’s or any Borrower’s or any other Loan Party’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any monies received under any insurance policy assigned to Lender, other than liability insurance policies, or received as payment of any award or compensation for condemnation or taking by eminent domain, in each case, in excess of $250,000, shall be paid to Lender and, as determined by Lender in its sole discretion, either be applied to prepayment of the Obligations or disbursed to Loan Parties Borrowers under payment terms reasonably satisfactory to Lender for application to the cost of repairs, replacements, or restorations of the affected Collateral which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property destroyed.

Assignment of Insurance. As additional security for the Obligations, each Borrower and each other Loan Party hereby assigns to Lender for the benefit of Lender and each Bank Product Provider all rights of such Borrower and such Loan Party under every policy of insurance covering the Collateral and all other assets and property of each Borrower and each other Loan Party (including, without limitation business interruption insurance and proceeds thereof) and all business records and other documents relating to it, and all monies (including proceeds and refunds) that may be payable under any policy, and each Borrower and each other Loan Party hereby directs the issuer of each policy to pay all such monies directly and solely to Lender. At any time, (i) upon the occurrence and during the continuance of whether or not a Default or an Event of Default, or (ii) otherwise upon Lender’s requestDefault shall have occurred, Lender may (but need not), in Lender’s or any Borrower’s or any other Loan Party’s name, execute and deliver proofs of claim, receive payment of proceeds and endorse checks and other instruments representing payment of the policy of insurance, and adjust, litigate, compromise or release claims against the issuer of any policy. Any If a Default or Event of Default has occurred and is continuing or if the aggregate amount of any monies received under any insurance policy assigned to LenderLender or received as payment of any award or compensation for condemnation or taking by eminent domain exceeds $250,000 with respect to a single casualty or occurrence, other than liability any monies received under any insurance policies, policy assigned to Lender or received as payment of any award or compensation for condemnation or taking by eminent domain, in each case, in excess of $250,000, shall be paid to Lender andshall, as determined by Lender in its sole discretion, either be applied to prepayment of the Obligations or disbursed to Loan Parties Borrowers under payment terms reasonably satisfactory to Lender for application to the cost of repairs, replacements, or restorations of the affected Collateral which shall be effected with reasonable promptness and shall be of a value at least equal to the value of the items or property damaged or destroyed.. If no Default or Event of Default has occurred and is continuing and the aggregate amount of any monies received under any insurance policy assigned to Lender or received as payment of any award or compensation for condemnation or taking by eminent domain is $250,000 or less with respect to a single casualty or occurrence: