Insurance; Damage to or Destruction of Collateral. (a) Each Credit Party shall, and shall cause each of its Subsidiaries to, (i) maintain or cause to be maintained in full force and effect all policies of insurance of any kind with respect to the property and businesses of the Credit Parties and such Subsidiaries (including policies of fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty, employee fidelity, workers’ compensation, and employee health and welfare insurance) with financially sound and reputable insurance companies or associations (in each case that are not Affiliates of any Borrower) of a nature and providing such coverage as is sufficient and as is customarily carried by businesses of the size and character of the business of the Credit Parties and reasonably acceptable to Agent and (ii) cause all such insurance relating to any property or business of any Credit Party to name Agent as additional insured or loss payee, as appropriate. All policies of insurance on real and personal property of the Credit Parties will contain an endorsement, in form and substance acceptable to Agent, showing loss payable to Agent (Form 438 BFU or equivalent) and extra expense endorsements. Such endorsement, or an independent instrument furnished to Agent, will provide that the insurance companies will give Agent at least thirty (30) days’ prior written notice before any such policy or policies of insurance shall be altered or canceled and that no act or default of any Borrower or any other Person shall affect the right of Agent to recover under such policy or policies of insurance in case of loss or damage. Each Credit Party shall direct all present and future insurers under its “All Risk” policies of insurance to pay all proceeds payable thereunder directly to Agent, which direction shall be effective at such time as Agent has the right to exercise dominion over Borrower’s cash balances pursuant to Section 5.13 hereof. During such time, if any insurance proceeds are paid by check, draft or other instrument payable to any Credit Party and Agent jointly, Agent may endorse such Credit Party’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash. Agent reserves the right at any time, upon review of each Credit Party’s risk profile, to require, in Agent’s reasonable judgment, additional forms and limits of insurance. Notwithstanding the requirements in subsection (i) above, Federal Flood Insurance shall not be required for (x) Real Estate not located in a Special Flood Hazard Area, or (y) Real Estate located in a Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program.
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Insurance; Damage to or Destruction of Collateral. (a) Each Credit Party shall, and shall cause each of its Subsidiaries to, (i) maintain or cause to be maintained in full force and effect all policies of insurance of any kind with respect to the property and businesses of the Credit Parties and such Subsidiaries (including policies of fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty, employee fidelity, workers’ compensation, and employee health and welfare insurance) with financially sound and reputable insurance companies or associations (in each case that are not Affiliates of any Borrower) of a nature and providing such coverage as is sufficient and as is customarily carried by businesses of the size and character of the business of the Credit Parties and reasonably acceptable to Agent and (ii) cause all such insurance relating to any property or business of any Credit Party to name Agent as additional insured or loss payee, as appropriate. All policies of insurance on real and personal property of the Credit Parties will contain an endorsement, in form and substance acceptable to Agent, showing loss payable to Agent (Form 438 BFU or equivalent) and extra expense endorsements. Such endorsement, or an independent instrument furnished to Agent, will provide that the insurance companies will give Agent at least thirty (30) days’ prior written notice before any such policy or policies of insurance shall be altered or canceled and that no act or default of any Borrower or any other Person shall affect the right of Agent to recover under such policy or policies of insurance in case of loss or damage. Each Credit Party shall direct all present and future insurers under its “All Risk” policies of insurance to pay all proceeds payable thereunder directly to Agent, which direction shall be effective at such time as Agent has the right to exercise dominion over Borrower’s cash balances pursuant to Section 5.13 hereof. During such time, if any insurance proceeds are paid by check, draft or other instrument payable to any Credit Party and Agent jointly, Agent may endorse such Credit Party’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash. Agent reserves the right at any time, upon review of each Credit Party’s risk profile, to require, in Agent’s reasonable judgment, additional forms and limits of insurance. Notwithstanding the requirements in subsection (i) above, Federal Flood Insurance shall not be required for (x) Real Estate not located in a Special Flood Hazard Area, or (y) Real Estate located in a Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program.
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Insurance; Damage to or Destruction of Collateral. (a) Each The Credit Party Parties shall, at their sole cost and shall cause each of its Subsidiaries toexpense, (i) maintain or cause to be maintained in full force and effect all policies of insurance of any kind with respect to the property and businesses of the Credit Parties and such Subsidiaries (including policies of fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty, employee fidelity, workers’ compensation, and employee health and welfare insurance) with financially sound and reputable insurance companies or associations (against such risks and in each case that are not Affiliates of any Borrower) of a nature and providing such coverage as is sufficient and amounts as is customarily carried maintained by businesses similar businesses. If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the size policies of insurance required above or to pay all premiums relating thereto, Agent may at any time or times thereafter obtain and character maintain such policies of the business insurance and pay such premiums and take any other action with respect thereto which Agent deems advisable. Agent shall have no obligation to obtain insurance for any Credit Party or pay any premiums therefor. By doing so, Agent shall not be deemed to have waived any Default or Event of the Default arising from any Credit Parties Party's failure to maintain such insurance or pay any premiums therefor. All sums so disbursed, including attorneys' fees, court costs and reasonably acceptable other charges related thereto, shall be payable on demand by Borrower to Agent and (ii) cause all such insurance relating to any property or business of any shall be additional Obligations hereunder secured by the Collateral. Each Credit Party shall deliver to name Agent as additional insured or loss payee, as appropriate. All policies of insurance on real and personal property of the Credit Parties will contain an endorsementAgent, in form and substance acceptable satisfactory to Agent, showing endorsements to (i) all "All Risk" and business interruption insurance naming Agent, on behalf of itself and Lenders, as loss payable payee, and (ii) all general liability and other liability policies naming Agent, on behalf of itself and Lenders, as additional insured; provided that Borrower shall deliver to Agent (Form 438 BFU or equivalent) and extra expense endorsements. Such endorsement, or an independent instrument furnished to Agent, will provide that the insurance companies will give Agent at least not later than thirty (30) days’ prior written notice before any such policy days after the closing date appropriate evidence showing loss payable and/or additional insured clauses or endorsements with respect to its existing business interruption, general liability and other liability policies in favor of insurance shall be altered or canceled and that no act or default Agent, on behalf of any Borrower or any other Person shall affect the right of Agent to recover under such policy or policies of insurance in case of loss or damageLenders. Each Credit Party irrevocably makes, constitutes and appoints Agent (and all officers, employees or agents designated by Agent), so long as any Default or Event of Default shall direct all present have occurred and future insurers under its “All Risk” policies of insurance to pay all proceeds payable thereunder directly to Agentbe continuing, which direction shall be effective at such time as Agent has the right to exercise dominion over Borrower’s cash balances pursuant to Section 5.13 hereof. During such time, if any insurance proceeds are paid by check, draft or other instrument payable to any Credit Party and Agent jointly, Agent may endorse such Credit Party’s name thereon and do such other things as Agent may deem advisable to reduce the same to cash. Agent reserves the right at any time, upon review of each Credit Party’s risk profile, to require, in Agent’s reasonable judgment, additional forms 's true and limits of insurance. Notwithstanding the requirements in subsection (i) above, Federal Flood Insurance shall not be required for (x) Real Estate not located in a Special Flood Hazard Area, or (y) Real Estate located in a Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program.lawful agent and
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Insurance; Damage to or Destruction of Collateral. (a) Each Credit Party shall, and shall cause each of its Subsidiaries to, (i) maintain or cause to be maintained in full force and effect all policies of insurance of any kind with respect to the property and businesses of the Credit Parties and such Subsidiaries (including policies of life, fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty, employee fidelity, workers’ compensation, business interruption and employee health and welfare insurance) with financially sound and reputable insurance companies or associations (in each case that are not Affiliates of any Borrowerthe Credit Parties except to the extent set forth on Disclosure Schedule 5.4) of a nature and providing such coverage as is sufficient and as is customarily carried by businesses of the size and character of the business of the Credit Parties Parties; provided, however, that any such insurance shall, unless otherwise agreed by the Collateral Agent, at least (1)(A) cover the same risks as, (B) be in the same amounts with deductibles no greater than, (C) contain no additional exclusions or other limiting policy elements than, and reasonably acceptable to Agent (D) include the same endorsements as, the insurance in effect on the Closing Date and (2) be issued by an insurance company or insurance companies with ratings no lower than the insurance company or companies that issued the insurance policies in effect on the Closing Date, and (ii) cause all such insurance relating to any property or business of any Credit Party to name Agent the Senior Agents as additional insured or and the Collateral Agent as loss payee, as appropriate. All If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance on real and personal property of the Credit Parties will contain an endorsement, in form and substance acceptable to Agent, showing loss payable to Agent (Form 438 BFU or equivalent) and extra expense endorsements. Such endorsementrequired above, or an independent instrument furnished to Agentpay all premiums relating thereto, will provide (except with respect to premium payments that are the insurance companies will give subject of a good faith dispute and where such policies remain in effect) the Collateral Agent may at least thirty (30) days’ prior written notice before any time or times thereafter obtain and maintain such policy or policies of insurance shall be altered or canceled and that no act or default of any Borrower or pay such premiums and take any other Person action with respect thereto that the Senior Agents deem advisable. No Senior Agent shall affect the right of Agent have any obligation to recover under such policy or policies of obtain insurance in case of loss or damage. Each Credit Party shall direct all present and future insurers under its “All Risk” policies of insurance to pay all proceeds payable thereunder directly to Agent, which direction shall be effective at such time as Agent has the right to exercise dominion over Borrower’s cash balances pursuant to Section 5.13 hereof. During such time, if any insurance proceeds are paid by check, draft or other instrument payable to for any Credit Party and Agent jointlyor pay any premiums therefor. By doing so, Agent may endorse such Senior Agents shall not be deemed to have waived any Default or Event of Default arising from any Credit Party’s name thereon failure to maintain such insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys’ fees, court costs and do such other things as charges related thereto, shall be payable on demand by Borrower to Collateral Agent may deem advisable to reduce and shall be additional Obligations hereunder secured by the same to cash. Agent reserves the right at any time, upon review of each Credit Party’s risk profile, to require, in Agent’s reasonable judgment, additional forms and limits of insuranceCollateral. Notwithstanding the requirements requirement in subsection (i) above, Federal Flood Insurance shall not be required for (x) Real Estate not located in a Special Flood Hazard Area, or (y) Real Estate located in a Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program.
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Samples: Credit Agreement (Northland Cable Properties Seven Limited Partnership)
