Common use of Risk of Loss; Insurance Clause in Contracts

Risk of Loss; Insurance. Risk of loss of, damage to or destruction of the Collateral is and shall remain upon Obligor. If Obligor fails to obtain and keep in force insurance covering the Collateral as required by Section 4 of this Agreement, or fails to pay the premiums on such insurance when due, Collateral Agent may, but is not obligated to, do so for the account of Obligor and the cost of so doing shall thereupon become an Obligation. Such amounts shall be payable by Obligor upon demand by Collateral Agent and following demand shall bear interest at a variable rate equal to 3% above Collateral Agent’s reference lending rate applicable to domestic commercial loans as established by Collateral Agent from time to time, but in no event shall such rate exceed the maximum rate allowed by law. Collateral Agent, acting through its officers, employees and authorized agents, is hereby irrevocably appointed the attorney-in-fact of Obligor to endorse any draft or check that may be payable to Obligor in order to collect the proceeds of such insurance or any return or unearned premiums.

Risk of Loss; Insurance. Risk of loss of, damage to or destruction of the Collateral is and shall remain upon Obligor. If Obligor fails to obtain and keep in force insurance covering the Collateral as required by Section 4 of this Agreement, or fails to pay the premiums on such insurance when due, Collateral Agent may, but is not obligated to, do so for the account of Obligor and the cost of so doing shall thereupon become an Obligation. Such amounts shall be payable by Obligor upon demand by Collateral Agent and following demand shall bear interest at a variable rate equal to 3% above Collateral Agent’s reference lending rate applicable to domestic commercial loans as established by Collateral Agent from time to time, but in no event shall such rate exceed the maximum rate allowed by law. Collateral Agent, acting through its officers, employees and authorized agents, is hereby irrevocably appointed the attorney-in-fact of Obligor to endorse any draft or check that may be payable to Obligor in order to collect the proceeds of such insurance or any return or unearned premiums.. ​

Risk of Loss; Insurance. Risk of loss of, damage to or destruction of the Collateral is and shall remain upon the Obligor. If the Obligor fails to obtain and keep in force insurance covering the Collateral as required by Section 4 3 of this Agreement, or fails to pay the premiums on such insurance when due, Collateral Agent Bank may, but is not obligated to, do so for the account of the Obligor and the cost of so doing shall thereupon become an Obligation. Such amounts shall be payable by the Obligor upon demand by Collateral Agent the Bank and following demand shall bear interest at a variable rate equal to 34% above Collateral Agent’s the Bank's reference lending rate applicable to domestic commercial loans as established by Collateral Agent Bank from time to time, but in no event shall such rate exceed the maximum rate allowed by law. Collateral AgentBank, acting through its officers, employees and authorized agents, is hereby irrevocably appointed the attorney-in-fact of the Obligor to endorse any draft or check that may be payable to the Obligor in order to collect the proceeds of such insurance or any return or unearned premiums.

Risk of Loss; Insurance. Risk of loss ofloss, damage to or destruction of the Collateral is and shall remain upon the Obligor. If the Obligor fails to obtain and keep in force insurance covering the Collateral as required by Section 4 3 of this Agreement, or fails to pay the premiums on such insurance when due, Collateral Agent Bank may, but is not obligated to, to do so for the account of the Obligor and the cost of so doing shall thereupon become an Obligation. Such amounts shall be payable by the Obligor upon demand by Collateral Agent the Bank and following demand shall bear interest at a variable rate equal to 34 % above Collateral Agent’s the Bank's reference lending rate applicable to domestic commercial loans as established by Collateral Agent Bank from time to time, but in no event shall such rate exceed the maximum rate allowed by law. Collateral AgentBank, acting through its officers, employees and authorized agents, is hereby irrevocably appointed the attorney-in-fact of the Obligor to endorse any draft or check that may be payable to the Obligor in order to collect the proceeds of such insurance or any return or unearned premiums.