Insurance Collateral Sample Clauses
The Insurance Collateral clause requires one party to provide evidence of insurance coverage as a form of security for its obligations under the agreement. Typically, this involves furnishing certificates of insurance or naming the other party as an additional insured, ensuring that adequate coverage is maintained throughout the contract term. This clause serves to protect the interests of the parties by mitigating financial risk in the event of loss, damage, or liability arising from the contractual relationship.
Insurance Collateral. Each Assignor hereby covenants and agrees to procure that notice of this Agreement shall be duly given to all insurance brokers, underwriters and protection and indemnity clubs, substantially in the form hereto attached as Exhibit B, and that where the consent of any underwriter or protection and indemnity club is required pursuant to any of the Insurances Collateral assigned hereby that the Assignor shall obtain such consent and evidence thereof shall be given to the Assignee, or, in the alternative, the Assignor shall obtain, with the Assignee’s approval, a letter of undertaking by the underwriters and protection and indemnity clubs, that there shall be duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments issued or to be issued in connection with the insurances assigned hereby such notice of this Agreement and clauses as to loss payees in the form attached to Exhibit B or as the Assignee may require or approve in its sole discretion. In all cases, unless otherwise agreed in writing by the Assignee, such slips, cover notes, notices, certificates of entry or other instruments shall provide that there will be no recourse against the Assignee for payment of premiums, calls or assessments.
Insurance Collateral. Buyer acknowledges that the cash collateral securing certain obligations to the captive insurance company affiliated with Equity Holder is an asset of ▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇▇▇ and not of Equity Holder or the Company. If requested in writing by Equity Holder, Buyer will, within sixty (60) days of such written request, arrange to replace the cash collateral with either cash from Buyer or a letter of credit.
Insurance Collateral. As security for its obligations hereunder, the Guarantor hereby collaterally assigns to the Guaranteed Party all insurance (including casualty) proceeds with respect to the Plainview Real Estate (or any part thereof). In the event of any casualty or other loss with respect to the Plainview Real Estate (or part thereof), the insurance proceeds shall be dealt with and applied in the same manner as insurance proceeds with respect to Collateral (as defined in the Credit Agreement) are dealt with and applied pursuant to Section 4.3 of the Credit Agreement, the provisions of which Section are hereby incorporated by reference as if fully stated herein (with such conforming changes as shall be necessary, for such incorporation by reference including (i) "Collateral" shall mean the Plainview Real Estate (or applicable portion thereof) and (ii) applicable references to "Borrower" or "TFCI", as the case may be, shall refer to the Guarantor).