Insurance and Risk of Loss definition

Insurance and Risk of Loss. All risk of loss, damage or destruction of the Equipment will at all times be on Buyer. Buyer agrees to maintain, at Buyer’s expense: (a) property insurance, or other insurance acceptable to Lender, protecting the Equipment from loss or damage by fire, theft and other customary risks for the greater of the Equipment’s replacement cost or the Indebtedness with a deductible not to exceed $2,500 per item of Equipment, naming Lender as a loss payee on a “Lender’s Loss Payable” endorsement; and (b) liability insurance in an amount not less than $1,000,000 per occurrence (collectively “Required Insurance”). Buyer must provide Lender satisfactory written evidence of Required Insurance within thirty (30) days of the commencement date of this agreement, the cancellation or expiration of such Required Insurance, or of any subsequent written request from Lender. If Buyer does not do so, Lender may obtain insurance from an insurer of Lender’s choosing in such forms and amounts as Lender deems reasonable to protect Lender’s interests (collectively, “Lender’s Insurance”). Lender’s Insurance will cover the Equipment and the Lender; it will not name Buyer as an insured and may not cover all of the Buyer’s interest in the Equipment. Buyer agrees to pay Lender periodic charges for Lender’s Insurance (collectively, “Insurance Charges”) that include: a premium that may be higher than if the Buyer maintained the Required Insurance separately; a finance charge of up to 1.5% per month on any advances made by Lender or Lender’s agents; and commissions, and billing and origination fees; any or all of which may generate a profit to Lender and Lenders agents. If Buyer fails to provide satisfactory evidence of Required Insurance by the due date, Lender may pay Insurance Charges by debiting Buyer’s account under any previously authorized automatic payment. Lender shall discontinue billing or debiting Insurance Charges upon receipt of satisfactory evidence of Required Insurance. Buyer shall immediately notify Lender of any loss or damage to Equipment which makes any item of Equipment unfit for continued or repairable use. Buyer hereby irrevocably appoints Lender as Buyer’s attorney-in-fact to execute and endorse all checks or drafts in Buyer’s name to collect under any insurance covering Equipment. Lender may apply insurance proceeds to the indebtedness or any other obligation of Buyer to Lender as Lender deems appropriate. Duty to Pay: Any warranty, service contract, Insurance policy,...
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Insurance and Risk of Loss. All risk of loss, damage or destruction of the Units will at all times be on Buyer. Buyer will keep the Units insured at Buyers expense against (i) liability for not less than $1,000,000 per occurrence, and (ii) loss or damage by fire, theft and other customary risks for the greater of the Units' full insurable value or the Indebtedness. with a deductible not to exceed $2,500 per Unit. Coverage and insurer will be subject to Seller's reasonable approval (with the insurer being rated not less than B+ by A. M. Best. with a financial class size of at least VIII, with Seller being named an additional insured and/or loss payee on the policies, as applicable. Each policy will further provide that Seller's interest can not be invalidated by any act, omissions or neglect of any party other than Seller and that the insurer will give Seller thirty days advance written notice of any policy cancellation or non-renewal, whether such cancellation or non-renewal is at the direction of Buyer or insurer. Buyer will promptly deliver a copy of each policy or insurance certificate to Seller and proof of renewal at least 30 days prior to expiration or cancellation. If Buyer fails to so insure the Units, Seller may purchase such insurance at Buyer's expense. purchase of which need not include liability or protection of Buyer's interest. Buyer hereby irrevocably appoints Seller as Buyer's attorney-in-fact to execute and endorse all documents, checks, or drafts in Buyer's name and to submit any proof of loss to collect such insurance.
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Examples of Insurance and Risk of Loss in a sentence

  • Except as otherwise provided in Attachment 2 Insurance and Risk of Loss, in the event that an indemnitor shall be obligated to indemnify an indemnitee pursuant to any provision of this Agreement, the indemnitor shall, upon payment of such indemnity in full, be subrogated to all rights of the indemnitee with respect to the claims to which such indemnification relates.

  • The Service Component Provider may also submit a Disaster Recovery declaration fee to DIR for review and approval to include incremental labor and supplemental hardware costs, outside of insurance costs, to replace equipment as per Exhibit 24, Insurance and Risk of Loss, necessary to restore normal operations.

  • Successful Respondent shall continuously maintain the insurance coverages set forth in Attachment 2 Insurance and Risk of Loss.

  • Successful Respondent shall continuously maintain the insurance coverages set forth in Attachment B Insurance and Risk of Loss.

  • Upon declaration of a disaster, the Service Provider will submit a Disaster Recovery declaration fee to include labor and any supplemental costs outside of insurance costs to replace equipment as per Exhibit 24, Insurance and Risk of Loss, to restore normal operations.

  • Except as otherwise provided in Attachment B Insurance and Risk of Loss, in the event that an indemnitor shall be obligated to indemnify an indemnitee pursuant to any provision of this Agreement, the indemnitor shall, upon payment of such indemnity in full, be subrogated to all rights of the indemnitee with respect to the claims to which such indemnification relates.

  • CSC shall provide Sears with certificates of insurance evidencing compliance with this Section 19 (Insurance and Risk of Loss) (including evidence of renewal of insurance) signed by authorized representatives of the respective carriers for each year that this Agreement is in effect.

  • Any Claim, other than an indemnification Claim or a Claim pursuant to Section 19 (Insurance and Risk of Loss) under this Agreement, initiated by Sears’ Affiliates or by Sears’ and its Affiliates’ Subcontractors asserting rights in connection with this Agreement or any Services to be provided under this Agreement; provided, however, that this provision shall not apply to Claims brought by Sears on behalf of the other Eligible Recipients.

  • Update Methodology for Exhibit 24 The following update methodology is incorporated as part of Exhibit 24: Exhibit 24 Insurance and Risk of Loss Exhibit 24 may only be modified by formal amendment, in accordance with Section 21.7 of the MSA.

  • Event of Loss Has the meaning given in MSA Attachment 2 Insurance and Risk of Loss.