Common use of Maintenance of Insurance Policies Clause in Contracts

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract in the Contracts Pool; PROVIDED that the Servicer, in accordance with its customary servicing procedures, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contracts Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as Servicer of the Contracts, the Servicer agrees to present, on behalf of itself, the Trust, the Indenture Trustee and the Holders, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Indenture Trustee as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract in and shall ensure that each such Insurance Policy names the Contracts PoolDeal Agent, as agent for the Purchasers, as loss payee and as an insured thereunder; PROVIDED provided that the Servicer, in accordance with its customary servicing proceduresCredit and Collection Policy, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contracts Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as Servicer of the ContractsServicer, the Servicer agrees to present, on behalf of itself, the Trust, Deal Agent as agent for the Indenture Trustee and the HoldersPurchasers, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Indenture Trustee Deal Agent as agent for the Purchasers as loss payee and as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract in and shall ensure that each such Insurance Policy names the Contracts PoolServicer as loss payee and as an insured thereunder; PROVIDED provided, however, that the Servicer, in accordance with its customary servicing proceduresCredit and Collection Policy, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contracts Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as Servicer of the ContractsServicer, the Servicer agrees to present, on behalf of itself, the Trust, the Indenture Trustee and the HoldersAdministrator, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Indenture Trustee Administrator as loss payee and as an insured thereunder and will contain a breach of warranty clause.

Maintenance of Insurance Policies. The Servicer will use its best efforts to ensure that each Obligor maintains an Insurance Policy with respect to the related Equipment in an amount at least equal to the sum of the Discounted Contract Balance of the related Contract in and shall ensure that each such Insurance Policy names the Contracts PoolDeal Agent, as agent for the Secured Parties, as loss payee and as an insured thereunder; PROVIDED provided that the Servicer, in accordance with its customary servicing proceduresCredit and Collection Policy, may allow Obligors to self-insure. Additionally, the Servicer will require that each Obligor maintain property damage liability insurance during the term of each Contract in the Contracts Pool in amounts and against risks customarily insured against by the Obligor on equipment owned by it. If an Obligor fails to maintain property damage insurance, the Servicer may purchase and maintain such insurance on behalf of, and at the expense of, the Obligor. In connection with its activities as Servicer of the ContractsServicer, the Servicer agrees to present, on behalf of itself, the Trust, Deal Agent as agent for the Indenture Trustee and the HoldersSecured Parties, claims to the insurer under each Insurance Policy and any such liability policy, and to settle, adjust and compromise such claims, in each case, consistent with the terms of each Contract. The Servicer's Insurance Policies with respect to the related Equipment will insure against liability for personal injury and property damage relating to such Equipment, will name the Indenture Trustee Deal Agent as agent for the Secured Parties as loss payee and as an insured thereunder and will contain a breach of warranty clause.