Common use of Insurance of Collateral; Condemnation Proceeds Clause in Contracts

Insurance of Collateral; Condemnation Proceeds. (a) Each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating of at least A7, unless otherwise approved by Lender) reasonably satisfactory to Lender. All proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to Lender. From time to time upon request, Borrowers shall deliver to Lender the originals or certified copies of its insurance policies and updated flood plain searches. Unless Lender shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Lender as sole loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets); (ii) requiring 30 days prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Lender shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7, Lender may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Lender, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to Lender. If an Event of Default exists, only Lender shall be authorized to settle, adjust and compromise such claims (except claims in respect of Excluded Assets).

Insurance of Collateral; Condemnation Proceeds. (a) Each Borrower shall maintain and pay for insurance with respect to the upon all Collateral, wherever located, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and such other risks, risks in amounts, with endorsements such amounts and with insurers (with a Best Rating of at least A7, unless otherwise approved by Lender) such insurance companies as are reasonably satisfactory to Lender. All proceeds payable under each such policy (other than proceeds constituting Excluded Assets) shall be payable to LenderLender for application to the Obligations. From time to time upon request, Borrowers Borrower shall deliver to Lender the originals or certified copies of its insurance such policies and updated flood plain searches. Unless to Lender shall agree otherwise, each policy shall include with satisfactory lender's loss payable endorsements reasonably satisfactory endorsements (i) showing to Lender naming Lender as sole loss payee payee, assignee or additional insured, as appropriate (except with respect appropriate. Each policy of insurance or endorsement shall contain a clause requiring the insurer to insurance proceeds constituting Excluded Assets); (ii) requiring give not less than 30 days prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever; whatsoever and (iii) a clause specifying that the interest of Lender shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor Property or by the occupation of the premises for purposes more hazardous than are permitted by the said policy. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7such insurance, Lender may, at its option, but shall not be required to, procure the insurance same and charge Borrowers Borrower therefor. Each Borrower agrees to deliver to Lender, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. While For so long as no Event of Default exists, Borrowers may Borrower shall have the right to settle, adjust or and compromise any claim with respect to any insurance maintained by Borrower provided that all proceeds thereof are applied in the manner specified in this Agreement, and Lender agrees promptly to provide any necessary endorsement to any checks or drafts issued in payment of any such claim, as long as the proceeds are delivered to Lender. If At any time that an Event of Default exists, only Lender shall be authorized to settle, adjust and compromise such claims (except claims claims, and Lender shall have all rights and remedies with respect to such policies of insurance as are provided for in respect of Excluded Assets)this Agreement and the other Loan Documents.

Insurance of Collateral; Condemnation Proceeds. (a) Each Subject to the provisions of Section 7.8 hereof, each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating rating of at least A7A+, unless otherwise approved by LenderLender in its discretion) reasonably satisfactory to Lender. All Subject to the provisions of Section 7.8 hereof, proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to Lender. From time to time upon request, Borrowers shall deliver to Lender the originals or certified copies of its insurance policies and updated flood plain searches. Unless Lender shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Lender as sole loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets)payee; (ii) requiring 30 days days’ (or 10 days’ in the case of non-payment of premium) prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Lender shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Lender, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to Lender. If Subject to the provisions of Section 7.8 hereof, if an Event of Default exists, only Lender shall be authorized to settle, adjust and compromise such claims (except claims in respect of Excluded Assets)claims.

Insurance of Collateral; Condemnation Proceeds. (ai) Each Borrower shall maintain and pay for insurance with respect to the upon all Collateral, wherever located, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and such other risks, risks in amounts, with endorsements such amounts as are usually insured against by companies engaged in similar businesses in the same geographic area and with insurers (with a Best Rating such insurance companies of at least A7, unless standing and reputation no less favorable than those companies reflected on Schedule 7.1.2 or are otherwise approved by Lender) reasonably satisfactory to LenderAdministrative Agent. Schedule 7.1.2 describes all insurance of Borrowers in effect on the date hereof. All proceeds payable under each such policy (other than proceeds constituting Excluded Assets) shall be payable to LenderAdministrative Agent for application to the Obligations. From time to time upon request, Borrowers shall deliver to Lender the originals or certified copies of its insurance such policies and updated flood plain searches. Unless Lender shall agree otherwise, each policy shall include to Administrative Agent with satisfactory lender’s loss payable endorsements reasonably satisfactory endorsements (i) showing Lender to Administrative Agent naming Administrative Agent as sole lender’s loss payee payee, mortgagee, assignee or additional insured, as appropriate (except with respect appropriate. Each policy of insurance or endorsement shall contain a clause requiring the insurer to insurance proceeds constituting Excluded Assets); (ii) requiring give not less than 30 days prior written notice to Lender Administrative Agent in the event of cancellation of the policy for any reason whatsoever; whatsoever other than non-payment of premiums (in which case 10 days prior written notice shall be required) and (iii) specifying that otherwise including those provisions contained in the interest form of Lender shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor endorsement provided to Borrowers by the occupation of Administrative Agent on the premises for purposes more hazardous than are permitted by the policyClosing Date. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7such insurance, Lender Administrative Agent may, at its option, but shall not be required to, procure the insurance same and charge Borrowers therefor. Each Borrower agrees to deliver to LenderAdministrative Agent, promptly as rendered, true copies of all material reports made in any reporting forms to insurance companies. While For so long as no Event of Default exists, Borrowers may each Borrower shall have the right to settle, adjust or and compromise any claim with respect to any insurance maintained by such Borrower; provided, that all proceeds thereof are applied in the manner specified in this Agreement, and Administrative Agent agrees promptly to provide any necessary endorsement to any checks or drafts issued in payment of any such claim, as long as the proceeds are delivered to Lender. If At any time that an Event of Default exists, only Lender Administrative Agent shall be authorized to settle, adjust and compromise such claims (except claims claims, Administrative Agent shall have all rights and remedies with respect to such policies of insurance as are provided for in respect of Excluded Assets)this Agreement and the other Loan Documents.

Insurance of Collateral; Condemnation Proceeds. (ai) Each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessaryto the extent reasonably required by Agent) and other risks, in amounts, with endorsements and with insurers (with a Best Rating of at least A7, unless otherwise approved by LenderAgent) reasonably satisfactory to LenderAgent. All proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to LenderAgent (subject to the terms of the Intercreditor Agreement). From time to time upon requestAgent’s request therefor, Borrowers Borrower shall deliver to Lender Agent the originals or certified copies of its insurance policies and any updated flood plain searchessearches conducted by Borrower or at Borrower’s request, if any. Unless Lender Agent shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Lender Agent as sole loss payee or additional insured, as appropriate Sport Chalet: Term Loan Agreement (except with respect and subject to insurance proceeds constituting Excluded Assetsthe terms of the Intercreditor Agreement); (ii) requiring 30 days prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers Borrower therefor. Each Borrower agrees to deliver to LenderAgent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers Borrower may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to LenderAgent. If an Event of Default exists, only Lender Agent shall be authorized to settle, adjust and compromise such claims (except claims in respect of Excluded Assets)claims.

Insurance of Collateral; Condemnation Proceeds. (a) Each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating of at least A7, unless otherwise approved by LenderAgent) reasonably satisfactory to LenderAgent (it being understood and agreed that the insurance of the Borrowers in place on the Closing Date and insurers providing it are satisfactory to Agent). All proceeds under each such policy (other than proceeds constituting Excluded Assets) in respect of Collateral shall be payable to LenderAgent. From time to time upon request, Borrowers shall deliver to Lender Agent the originals or certified copies of its insurance policies and updated flood plain searchespolicies. Unless Lender Agent shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Lender Agent as sole loss payee or in respect of the property insurance policies relating to the Collateral and additional insuredinsured in respect of the liability insurance policies, as appropriate (except with respect to insurance proceeds constituting Excluded Assets)applicable; (ii) requiring 30 days prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to LenderAgent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claimclaim relating to Collateral, as long as the proceeds are delivered to LenderAgent. If an Event of Default exists, only Lender Agent shall be authorized to settle, adjust and compromise such claims (except claims in respect of Excluded Assets)relating to Collateral.

Insurance of Collateral; Condemnation Proceeds. (a) Each Borrower Obligor shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating rating of at least A7A+, unless otherwise approved by LenderAgent in its discretion) reasonably satisfactory to LenderAgent (it being agreed that, as of the Closing Date, the Borrowers’ existing insurance providers as set forth in the certificates of insurance delivered to Agent on or about the Closing Date shall be deemed to be acceptable to Agent); provided, that if Real Estate secures any Obligations, flood hazard diligence, documentation and insurance for such Real Estate shall comply with all Flood Laws or shall otherwise be satisfactory to all Lenders. All proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to LenderAgent, subject to clause (c) below. From time to time upon request, Borrowers Obligors shall deliver to Lender Agent the originals or certified copies of its insurance policies and updated flood plain searches. Unless Lender shall agree otherwise, each Each policy shall include reasonably endorsements satisfactory endorsements to Agent (i) showing Lender Agent as sole lender’s loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets)payee; (ii) requiring 30 days prior written notice to Lender in the event Agent of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of any Borrower Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower Obligor fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender Agent may, at in its option, but shall not be required todiscretion, procure the insurance and charge Borrowers Obligors therefor. Each Borrower Obligor agrees to deliver to LenderAgent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers Obligors may settle, adjust or compromise any insurance claim, as long as provided the proceeds are delivered to LenderAgent, subject to clause (c) below. If an Event of Default exists, only Lender shall be authorized to Agent may settle, adjust and compromise such claims (except claims in respect of Excluded Assets)claims.

Insurance of Collateral; Condemnation Proceeds. (ai) Each Borrower Grantor shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating of at least A7, unless otherwise approved by Lenderthe Collateral Agent) reasonably satisfactory to Lenderthe Collateral Agent. The Collateral Agent agrees that the insurance maintained by each Grantor on the date hereof satisfies this Section 3.5(b). All proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to Lenderthe Collateral Agent. From time to time upon request, Borrowers the Grantors shall promptly following such request, deliver to Lender the originals or Collateral Agent the certified copies of its their respective insurance policies and updated flood plain searches. Unless Lender the Collateral Agent shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Lender the Collateral Agent as sole loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets)payee; (ii) to the extent available requiring 30 days prior written notice to Lender the Collateral Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) to the extent available specifying that the interest of Lender the Collateral Agent shall not be impaired or invalidated by any act or neglect of any Borrower Grantor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower Grantor fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender the Collateral Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers the Grantors therefor. Each Borrower Grantor agrees to deliver to Lenderthe Collateral Agent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers any Grantor may settle, adjust or compromise any insurance claim, claim as long as the proceeds are delivered to Lenderthe Collateral Agent to the extent and as required by Section 4.06 of the Indenture. If an Event of Default exists, only Lender the Collateral Agent shall be authorized to settle, adjust and compromise such claims (except claims in respect of Excluded Assets)claims.

Insurance of Collateral; Condemnation Proceeds. (a) Each Subject to the provisions of Section 7.8 hereof, each Borrower shall maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating rating of at least A7A+, unless otherwise approved by LenderLender in its discretion) reasonably satisfactory to Lender. All Subject to the provisions of Section 7.8 hereof proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to Lender. From time to time upon request, Borrowers shall deliver to Lender the originals or certified copies of its insurance policies and updated flood plain searches. Unless Lender shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Lender as sole loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets)payee; (ii) requiring 30 days days’ (or 10 days’ in the case of non-payment of premium) prior written notice to Lender in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Lender shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Lender, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim, as long as the proceeds are delivered to Lender. If Subject to the provisions of Section 7.8 hereof, if an Event of Default exists, only Lender shall be authorized to settle, adjust and compromise such claims (except claims in respect of Excluded Assets)claims.

Insurance of Collateral; Condemnation Proceeds. (a) Each Borrower Obligor shall maintain maintain, with financially sound and reputable insurance companies, insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating rating of at least A7A-, unless otherwise approved by LenderAgent in its Permitted Discretion) reasonably satisfactory to LenderAgent. All proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to LenderAgent, subject to the rights of the Term Agent with respect to Term Priority Collateral in accordance with the Intercreditor Agreement. From time to time upon reasonable request, Borrowers Obligors shall deliver to Lender the originals or Agent certified copies of its insurance policies and updated flood plain searchespolicies. Unless Lender Agent shall agree otherwise, each policy shall include customary endorsements reasonably satisfactory endorsements to Agent (i) showing Lender Agent as sole loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets)payee; (ii) requiring 30 days (or 10 days with respect to failure to pay premiums) prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) where customary, specifying that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of any Borrower Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower Obligor fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to Lender, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers Obligors may settle, adjust or compromise any insurance claim, as long as the proceeds of any Term Priority Collateral (other than proceeds from workers' compensation or D&O insurance, if applicable) are delivered to LenderAgent. If an Event of Default exists, only Lender Agent shall be authorized to settle, adjust and compromise such claims (except other than claims with respect to workers' compensation or D&O insurance, if applicable), subject to the rights of the Revolving Loan Agent in respect of Excluded Assets)ABL Priority Collateral in accordance with the Intercreditor Agreement.

Insurance of Collateral; Condemnation Proceeds. (a) Each Borrower shall, and shall cause each other Obligor to, maintain insurance with respect to the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood (if necessary) and other risks, in amounts, with endorsements and with insurers (with a Best Rating rating of at least A7A+, unless otherwise approved by Lenderthe Administrative Agent in its discretion) reasonably satisfactory to Lenderthe Administrative Agent. All proceeds with respect to Collateral under each such policy (other than proceeds constituting Excluded Assets) shall be payable to Lenderthe Administrative Agent. From time to time upon request, Borrowers shall, and shall cause each other Obligor to, deliver to Lender the Administrative Agent the originals or certified copies of its insurance policies and updated flood plain searches. Unless Lender the Administrative Agent shall agree otherwise, each policy shall include reasonably satisfactory endorsements (i) showing Lender the Administrative Agent as sole additional loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets)payee; (ii) requiring 30 days days’ prior written notice to Lender the Administrative Agent in the event of cancellation of the policy for any reason whatsoever; and (iii) specifying that the interest of Lender the Administrative Agent shall not be impaired or invalidated by any act or neglect of any Borrower Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower Obligor fails to provide and pay for any insurance required hereunder or under Section 10.1.7insurance, Lender the Administrative Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver deliver, and shall cause each other Obligor to Lenderdeliver, to the Administrative Agent, promptly as rendered, copies of all reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust or compromise any insurance claim, as long as the proceeds of any insurance with respect to Collateral are delivered to Lenderthe Administrative Agent. If an Event of Default exists, only Lender the Administrative Agent shall be authorized to settle, adjust and compromise such claims (except claims in respect of Excluded Assets)regarding Collateral.

Insurance of Collateral; Condemnation Proceeds. (a) Each Borrower shall maintain property, casualty and liability insurance with respect insurers rated A+ or better by Best Rating Guide, or with insurers that such Borrower believes (in its business judgment) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance) as such Borrower believes is reasonable and prudent in light of the Collateral, covering casualty, hazard, public liability, theft, malicious mischief, flood size and nature of its business and against at least such risks (if necessary) and other risks, in amounts, with endorsements and with insurers such risk retentions) as such Borrower believes (with a Best Rating in its business judgment) are reasonable and prudent in light of at least A7, unless otherwise approved by Lender) reasonably satisfactory to Lenderthe size and nature of its business. All proceeds under each such policy (other than proceeds constituting Excluded Assets) shall be payable to LenderAgent subject to Section 8.6.2(c) below. From time to time upon reasonable request, Borrowers shall deliver to Lender the originals or certified copies of its insurance policies and updated flood plain searchesto Agent. Unless Lender Agent shall agree otherwise, each policy (other than policies with respect to which such endorsements are not customary) shall include reasonably satisfactory endorsements (i) showing Lender Agent as sole loss payee or additional insured, as appropriate (except with respect to insurance proceeds constituting Excluded Assets); appropriate, (ii) requiring 30 days prior written notice to Lender Agent in the event of cancellation of the policy for any reason whatsoever; , and (iii) specifying that the interest of Lender Agent shall not be impaired or invalidated by any act or neglect of any Borrower or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the policy. If any Borrower fails to provide and pay for any insurance required hereunder or under Section 10.1.7such insurance, Lender Agent may, at its option, but shall not be required to, procure the insurance and charge Borrowers therefor. Each Borrower agrees to deliver to LenderAgent, promptly as rendered, copies of all material reports made to insurance companies. While no Event of Default exists, Borrowers may settle, adjust adjust, or compromise any insurance claim, as long as the proceeds are delivered to LenderAgent. If an Event of Default exists, only Lender Agent shall be authorized to settle, adjust adjust, and compromise such claims (except claims in respect claims. Agent acknowledges and agrees that the insurance currently maintained by Borrowers, as evidenced by the certificates or policies provided by Borrowers to Agent, satisfied the requirements of Excluded Assets)this Section 8.6.2(a) as of the Closing Date.