Common use of COLLATERAL PROTECTION INSURANCE NOTICE Clause in Contracts

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS REQUIRED TO: (i) KEEP THE BORROWING BASE PROPERTIES INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERAL; (B) THE BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFOR; AND (C) IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (A) OR (B) HEREOF, THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS REQUIRED TO: (i) KEEP THE BORROWING BASE PROPERTIES COLLATERAL INSURED AGAINST DAMAGE AS SPECIFIED IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIESTHIS AGREEMENT; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE A PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOSS; (B) THE BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENTAGENT IN ACCORDANCE WITH THIS AGREEMENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFOR; AND (C) IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (A) OR (B) HEREOF, THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS REQUIRED TO: (i) KEEP THE BORROWING BASE PROPERTIES PROPERTY AND IMPROVEMENTS INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT LENDER SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOSS; (B) THE BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENTLENDER, DELIVER TO THE ADMINISTRATIVE AGENT LENDER A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFOR; AND (C) IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (A) OR (B) HEREOF, THE ADMINISTRATIVE AGENT LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS REQUIRED TO: (i) KEEP THE BORROWING BASE PROPERTIES INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERAL; (B) THE BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFOR; AND (C) IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (A) OR (B) HEREOF, THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S 'S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. TEXAS FINANCE CODE SECTION 307.052 COLLATERAL PROTECTION INSURANCE NOTICE: (A) BORROWER IS REQUIRED TO: TO (i) KEEP THE BORROWING BASE PROPERTIES COLLATERAL INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIESSPECIFIED HEREIN; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR Xxxxx Energy Partners, L.P. 3rd Amended/Restated Credit Agreement AN ELIGIBLE SURPLUS LINES INSURERINSURER OR OTHERWISE AS PROVIDED HEREIN; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALAS PROVIDED HEREIN; (B) SUBJECT TO THE PROVISIONS HEREOF, BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFORPREMIUMS; AND (C) SUBJECT TO THE PROVISIONS HEREOF, IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES THE FOREGOING SUBPARTS (A) OR (B) HEREOF), THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS REQUIRED TO: (i) KEEP THE BORROWING BASE PROPERTIES INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERAL; (B) THE BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFOR; AND (C) IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (A) OR (B) HEREOF, THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS BORROWERS AND THE OTHER LOAN PARTIES ARE REQUIRED TO: TO (i) KEEP THE BORROWING BASE PROPERTIES COLLATERAL INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOSS; (B) BORROWERS AND THE BORROWER OTHER LOAN PARTIES MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFORPREMIUMS; AND (C) IF BORROWERS OR THE BORROWER FAILS OTHER LOAN PARTIES FAIL TO MEET ANY REQUIREMENT LISTED IN CLAUSES THE FOREGOING SUBPARTS (A) OR (B) HEREOF), THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF BORROWER AND THE BORROWER OTHER LOAN PARTIES AT THE BORROWER’S EXPENSEEXPENSE OF BORROWER AND THE OTHER LOAN PARTIES.

COLLATERAL PROTECTION INSURANCE NOTICE. (AI) BORROWER IS CREDIT PARTIES ARE REQUIRED TO: (iA) KEEP THE BORROWING BASE PROPERTIES COLLATERAL INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE APPROPRIATE AGENT SPECIFIES; (iiB) WITH RESPECT TO US CREDIT PARTIES, PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iiiC) NAME THE ADMINISTRATIVE APPROPRIATE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOSS; (BII) THE BORROWER CREDIT PARTIES MUST, IF REQUIRED BY THE ADMINISTRATIVE APPROPRIATE AGENT, DELIVER TO THE ADMINISTRATIVE APPROPRIATE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFOR; AND (CIII) IF THE BORROWER ANY CREDIT PARTY FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (AI) OR (BII) HEREOF, THE ADMINISTRATIVE APPROPRIATE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER APPLICABLE CREDIT PARTY AT THE BORROWER’S CREDIT PARTIES’ EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS REQUIRED TO: (iI) KEEP THE BORROWING BASE PROPERTIES PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT SPECIFIED IN THE ADMINISTRATIVE AGENT SPECIFIESLOAN DOCUMENTS; (iiII) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iiiIII) NAME THE ADMINISTRATIVE AGENT LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS AS AND TO THE EXTENT REQUIRED IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOAN DOCUMENTS; (B) THE BORROWER MUST, IF REQUIRED BY LENDER PURSUANT TO THE ADMINISTRATIVE AGENTLOAN DOCUMENTS, DELIVER TO THE ADMINISTRATIVE AGENT LENDER A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFORPREMIUMS; AND (C) IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES PARAGRAPH (A) OR (B) HEREOF), THE ADMINISTRATIVE AGENT LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSEEXPENSE AS AND TO EXTENT EXPLICITLY PERMITTED BY THE LOAN DOCUMENTS.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS REQUIRED TO: TO (i) KEEP THE BORROWING BASE PROPERTIES PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIESSPECIFIED HEREIN; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURERINSURER OR OTHERWISE AS PROVIDED HEREIN; AND (iii) NAME THE ADMINISTRATIVE AGENT LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALAS PROVIDED HEREIN; (B) SUBJECT TO THE PROVISIONS HEREOF, BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENTLENDER, DELIVER TO THE ADMINISTRATIVE AGENT LENDER A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFORPREMIUMS; AND (C) SUBJECT TO THE PROVISIONS HEREOF, IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES THE FOREGOING SUBPARTS (A) OR (B) HEREOF), THE ADMINISTRATIVE AGENT LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. (A) EACH BORROWER IS REQUIRED TO: (i) KEEP THE BORROWING BASE PROPERTIES AND IMPROVEMENTS INSURED AGAINST DAMAGE IN THE AMOUNT SPECIFIED BY LENDER PURSUANT TO THE ADMINISTRATIVE AGENT SPECIFIESTERMS HEREOF; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE WHERE ANY SUCH PROPERTY IS LOCATED OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOSS; (B) THE BORROWER BORROWERS MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENTLENDER, DELIVER TO THE ADMINISTRATIVE AGENT LENDER A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFOR; AND (C) IF THE BORROWER BORROWERS FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (A) OR (B) HEREOF, THE ADMINISTRATIVE AGENT LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER BORROWERS AT THE BORROWER’S BORROWERS’ EXPENSE.

COLLATERAL PROTECTION INSURANCE NOTICE. WITH RESPECT TO ANY PROPERTY LOCATED IN THE STATE OF TEXAS AS REQUIRED BY THE TEXAS FINANCE CODE SECTION 307.052: (Ai) THE APPLICABLE BORROWER IS REQUIRED TO: (iA) KEEP THE BORROWING BASE PROPERTIES SUCH PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT (OR THE COLLATERAL AGENT AT THE DIRECTION OF THE ADMINISTRATIVE AGENT) SPECIFIES; (iiB) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iiiC) NAME THE ADMINISTRATIVE AGENT COLLATERAL AGENT, ON BEHALF OF THE SECURED PARTIES, AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOSS; (Bii) THE APPLICABLE BORROWER MUSTSHALL, IF REQUIRED REQUESTED BY THE ADMINISTRATIVE AGENT OR THE COLLATERAL AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFORPREMIUMS; AND (Ciii) IF THE APPLICABLE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES (Ai) OR (Bii) HEREOFOF THIS SECTION, THE ADMINISTRATIVE AGENT (OR THE COLLATERAL AGENT AT THE DIRECTION OF THE ADMINISTRATIVE AGENT) MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE APPLICABLE BORROWER AT THE SUCH BORROWER’S EXPENSE.. ​ 191 ​

COLLATERAL PROTECTION INSURANCE NOTICE. (A) BORROWER IS BORROWERS AND THE OTHER LOAN PARTIES ARE REQUIRED TO: TO (i) KEEP THE BORROWING BASE PROPERTIES COLLATERAL INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALLOSS; (B) BORROWERS AND THE BORROWER OTHER LOAN PARTIES MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFORPREMIUMS; AND (C) IF BORROWERS OR THE BORROWER FAILS OTHER LOAN PARTIES FAIL TO MEET ANY REQUIREMENT LISTED IN CLAUSES THE FOREGOING SUBPARTS (A) OR (B) HEREOF), THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF BORROWER AND THE BORROWER OTHER LOAN PARTIES AT THE BORROWER’S EXPENSE.EXPENSE OF BORROWER AND THE OTHER LOAN PARTIES. Credit Agreement and Guaranty – Page 62

COLLATERAL PROTECTION INSURANCE NOTICE. TEXAS FINANCE CODE SECTION 307.052 COLLATERAL PROTECTION INSURANCE NOTICE: (A) BORROWER IS REQUIRED TO: TO (i) KEEP THE BORROWING BASE PROPERTIES COLLATERAL INSURED AGAINST DAMAGE IN THE AMOUNT THE ADMINISTRATIVE AGENT SPECIFIESSPECIFIED HEREIN; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE IN WHICH THE BORROWING BASE PROPERTY IS LOCATED OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURERINSURER OR OTHERWISE AS PROVIDED HEREIN; AND (iii) NAME THE ADMINISTRATIVE AGENT AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS IN THE CASE OF PROPERTIES (IF ANY) THAT CONSTITUTE COLLATERALAS PROVIDED HEREIN; (B) SUBJECT TO THE PROVISIONS HEREOF, BORROWER MUST, IF REQUIRED BY THE ADMINISTRATIVE AGENT, DELIVER TO THE ADMINISTRATIVE AGENT A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS THEREFORPREMIUMS; AND (C) SUBJECT TO THE PROVISIONS HEREOF, IF THE BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN CLAUSES THE FOREGOING SUBPARTS (A) OR (B) HEREOF), THE ADMINISTRATIVE AGENT MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF THE BORROWER AT THE BORROWER’S EXPENSE.