Endorsements, Cancellation or Modification. Obligors shall cause Bank to be named as lender’s loss payee (with a lender’s loss payable endorsement) with respect to all Collateral, and additional insured with respect to all liability insurance, as its interests may appear. Every policy of insurance referred to in this Section shall contain an agreement by the insurer that thirty (30) days’ written notice will be given Bank by the insurer prior to cancellation or material modification of such insurance coverage. Any modification of any insurance policy or coverage involving any decrease in the amount or scope of coverage, must be approved by Bank in writing prior to the effective date of such modification.
Endorsements, Cancellation or Modification. Each Obligor shall cause the Collateral Agent to be named as loss payee (with a lender’s loss payable endorsement) with respect to all Collateral, and additional insured with respect to all liability insurance, as its interests may appear. Every policy of insurance referred to in this Section shall contain an agreement by the insurer that thirty (30) days’ written notice will be given the Collateral Agent by the insurer prior to cancellation or material modification of such insurance coverage. Any modification of any insurance policy or coverage involving any decrease in the amount or scope of coverage, must be approved by the Collateral Agent in writing prior to the effective date of such modification.
Endorsements, Cancellation or Modification. Borrower and Guarantors shall cause Agent (for the pro rata benefit of the Lenders) to be named as insured mortgagee with respect to all Real Property Collateral, loss payee (with a lender's loss payable endorsement) with respect to all Personal Property Collateral, and additional insured with respect to all liability insurance, as its interests may appear. Every policy of insurance referred to in this Section shall contain an agreement by the insurer that thirty (30) days' written notice will be given Agent by the insurer prior to cancellation or material and adverse modification of the scope or amount of such insurance coverage. Any modification of any insurance policy or coverage involving any decrease in the amount or scope of coverage, must be approved by Agent in writing prior to the effective date of such modification.
