Collateral Insurance Amount definition

Collateral Insurance Amount against all loss or damage under an "all risk" Policy with companies mutually acceptable to IBM Credit and Customer, with a lender's loss payable endorsement or mortgagee clause in form and substance reasonably satisfactory to IBM Credit designating that any loss payable thereunder with respect to such Collateral shall be payable to IBM Credit. Upon receipt of proceeds by IBM Credit the same shall be applied on account of the Customer's Outstanding Product Advances first, then to the Outstanding A/R Advances. Customer agrees to instruct each insurer to give IBM Credit, by endorsement upon the Policy issued by it or by independent instruments furnished to IBM Credit, at least ten (10) days written notice before any Policy shall be altered or cancelled and that no act or default of Customer or any other person shall affect the right of IBM Credit to recover under the Policies. Customer hereby agrees to direct all insurers under the Policies to pay all proceeds with respect to the Collateral directly to IBM Credit. If Customer fails to pay any cost, charges or premiums, or if Customer fails to insure the Collateral, IBM Credit may pay such costs, charges or premiums. Any amounts paid by IBM Credit hereunder shall be considered an additional debt owed by Customer to IBM Credit and are due and payable immediately upon receipt of an invoice by IBM Credit.

Collateral Insurance Amount. Seventy Million Dollars ($70,000,000).

Collateral Insurance Amount. Forty Million Dollars ($40,000,000.00). Such insurance shall also include coverage against earthquake peril for at least 30% of the value of inventory stored in California.

Examples of Collateral Insurance Amount in a sentence

• IBM Credit may modify the Product Financing Period set forth in Attachment A from time to time if on at least two occasions during any three-month period a Shortfall Amount has become due and payable and may modify the Collateral Insurance Amount set forth in Attachment A from time to time, in each case, by providing Customer with a new Attachment A.

• IBM Credit may modify the Product Financing Period set forth in Attachment A from time to time if on at least two occasions during any three-month period a Shortfall Amount has become due and payable and may modify the Collateral Insurance Amount set forth in Attachment A from time to time, in each case, by providing each Loan Party with a new Attachment A.

• IBM Credit may modify the Collateral Insurance Amount set forth in Attachment A from time to time by providing Customer with a new Attachment A.

• IBM Credit may modify the Product Advance Term set forth in Attachment A from time to time if on at least two occasions during any three-month period a Shortfall Amount has become due and payable and may modify the Collateral Insurance Amount set forth in Attachment A from time to time, in each case, by providing Customer with a new Attachment A.

• Such Revised Attachment A contains, among other changes, (1) a permantent increase to the Credit Line contained in Section I(A) to $395,000,000; (2) a reformatted and revised definition of Borrowing Base contained in Section I(B); (3) an increase in the Collateral Insurance Amount contained in Section I(D) to $387,000,000; (4) a change to the Maximum OVN Advance Total in Section I(K); (5) deletion of the Back-up Liquidity Adjustment Fee in Section I(J)(iii); and (6) deletion of Section V.

More Definitions of Collateral Insurance Amount

Collateral Insurance Amount. Thirty Million Dollars ($30,000,000.00)

Collateral Insurance Amount. Seven Million Dollars ($7,000,000.00)

Collateral Insurance Amount against all loss or damage under an "all risk" Policy with companies mutually acceptable to IBM Credit and Borrower, with a lender's loss payable endorsement or mortgagee clause in form and substance reasonably satisfactory to IBM Credit designating that any loss payable thereunder with respect to such Collateral shall be payable to IBM Credit. Upon receipt of proceeds by IBM Credit the same shall be deposited in the Lockbox or, if an Event of Default then exists and is continuing, applied on account of the Borrower's Outstanding Product Advances first, then to the Outstanding A/R Advances. Borrower agrees to instruct each insurer to give IBM Credit, by endorsement upon the Policy issued by it or by independent instruments furnished to IBM Credit, at least ten (10) days written notice before any Policy shall be altered or cancelled and that no act or default of any Loan Party or any other person shall affect the right of IBM Credit to recover under the Policies. Borrower hereby agrees to direct all insurers under the Policies to pay all proceeds with respect to the Collateral directly to IBM Credit to be applied as set forth herein. If any Borrower fails to pay any cost, charges or premiums, or if Borrower fails to insure the Collateral, IBM Credit may pay such costs, charges or premiums. Any amounts paid by IBM Credit hereunder shall be considered an additional debt owed by Borrower to IBM Credit and are due and payable immediately upon receipt of an invoice by IBM Credit.

Collateral Insurance Amount. Seven Million Dollars ($7,000,000.00) IWCF ATTACHMENT A TO INVENTORY AND WORKING CAPITAL FINANCING AGREEMENT ("IWCF AGREEMENT")

Collateral Insurance Amount. Fifteen Million Dollars ($15,000,000.00)

Collateral Insurance Amount against all loss or damage under an "all risk" Policy with companies mutually acceptable to Applicable Lender and each Customer, with a lender's loss payable endorsement or mortgagee clause in form and substance reasonably satisfactory to Applicable Lender designating that any loss payable thereunder with respect to such Collateral (and the collateral granted pursuant to the Other Documents) shall be payable to Applicable Lender. Customer agrees to instruct each insurer to give Applicable Lender, by endorsement upon the Policy issued by it or by independent instruments furnished to Applicable Lender, at least ten (10) days written notice before any Policy shall be altered or cancelled and that no act or default of Customer or any other person shall affect the right of Applicable Lender to recover under the Policies. Customer hereby agrees to direct all insurers under the Policies to pay all proceeds with respect to the Collateral (and the collateral granted pursuant to the Other Documents) directly to Applicable Lender. If a Customer fails to pay any cost, charges or premiums, or if a Customer fails to insure the Collateral, Applicable Lender may pay such costs, charges or premiums. Any amounts paid by Applicable Lender hereunder shall be considered an additional debt owed by such Customer to Applicable Lender and are due and payable immediately upon receipt of an invoice by Applicable Lender.

Collateral Insurance Amount. Seventy Million Dollars ($70,000,000). (D) Applicable Margin: Prime Rate plus 3.50%. (E) Delinquency Fee Rate: Prime Rate plus 6.500%. (F) Shortfall Transaction Fee: Shortfall Amount multiplied by 0.30%. (G) Other Charges: