Insurance and Insurance Proceeds. (a) The Borrower and each of its Subsidiaries shall maintain insurance with respect to its properties and business and against such casualties and contingencies and in such types and such amounts as shall be in accordance with sound business practices which are standard in the industry and in accordance with any express requirements of Governmental Authorities, where applicable, including the right to self-insure and/or co-insure with respect to any of the insurance required to be maintained by the Borrower pursuant to this paragraph.
Insurance and Insurance Proceeds. If after Closing, Buyer reasonably determines that any Liability that is an Assumed Liability or Loss with respect to any Acquired Asset, Assumed Liability or the Business is covered by any insurance policy of the Company (or any Affiliate of the Company), then Buyer may give a notice to the Company that states such determination and describes the foregoing in reasonable detail. If Buyer gives such a notice, then the following will apply:
Insurance and Insurance Proceeds. Mortgagor's insurance requirements shall be as set forth in Section 11.4 of the Credit Agreement. Mortgagor's rights to insurance proceeds shall be as set forth in Section 7.6 of the Credit Agreement.
Insurance and Insurance Proceeds. The governing instrument may permit the trust to hold one or more policies of insurance on the residence. In addi- tion, the governing instrument may permit the trust to hold, in a separate account, proceeds of insurance payable to the trust as a result of damage to or destruction of the residence. For pur- poses of this paragraph, amounts (other than insurance proceeds payable to the trust as a result of damage to or destruction of the residence) received as a result of the involuntary conver- sion (within the meaning of section 1033) of the residence are treated as proceeds of insurance.
Insurance and Insurance Proceeds. (a) Each Company shall cause the assets, properties and business of the Company Consolidated Group to be insured against such hazards and liabilities, under such coverages and in such amounts, as are customarily maintained by prudent companies similarly situated and under policies issued by insurers of recognized responsibility. Upon request of the Collateral Agent, the Companies shall provide (and shall cause the other Members of the Company Consolidated Group to provide) the Collateral Agent with insurance certificates and copies of insurance policies then in effect (it being agreed that no Member of the Company Consolidated Group shall be required to maintain coverages for (i) products liability insurance on the Companies’ wood treating products, nor (ii) business interruption insurance, except for the Mortgaged Property located in Pueblo, Colorado).
Insurance and Insurance Proceeds. (a) Each Grantor shall maintain in full force and effect the insurance policies and programs listed on Schedule 1 hereto or substantially similar policies and programs or other policies and programs as are acceptable to a majority of the Secured Parties. All such policies and programs shall be maintained with insurers acceptable to a majority of the Secured Parties. Each certificate and policy relating to Property damage, boiler and machinery and/or business interruption coverage shall contain an endorsement, in form and substance acceptable to the Secured Parties, showing loss payable as their interests may appear to the Secured Parties, and naming the Secured Parties as additional insureds under such policy. Each certificate and policy relating to coverage other than the foregoing shall, if required by a majority of the Secured Parties, contain an endorsement naming the Secured Parties as additional insureds under such policy. Such endorsement or an independent instrument furnished to the Secured Parties shall provide that the insurance companies will give the Secured Parties at least thirty (30) days' written notice before any such policy or policies of insurance shall be altered adversely to the interests of the Secured Parties or canceled and that no act, whether willful or negligent, or default of any Grantor or any other Person shall affect the right of the Secured Parties to recover under such policy or policies of insurance in case of loss or damage. In the event any Grantor at any time or times hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole or in part relating thereto, then the Secured Parties, without waiving or releasing any of the Obligations, or resulting Event of Default, may at any time or times thereafter (but shall be under no obligation to do so) obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto which a majority of the Secured Parties deems advisable. All sums so disbursed by the Secured Parties shall be part of the Obligations, secured by the terms of this Agreement.
Insurance and Insurance Proceeds. The Company shall keep, or cause to be kept, all insurance policies of Sellers relating to the Business, or equivalent replacements therefor, in full force and effect through the Cut-Off Date. All proceeds of insurance payable (in excess of any deductible, retention or self insurance amount) in respect of any event that occurs on or before the Cut-Off Date, to the extent that the proceeds are for damaged properties or assets that constitute Assets, shall be received by the Company in trust for Buyer and, to the extent the damage to the Assets to which the proceeds pertain has not been repaired or restored or paid for by Sellers, shall be paid over to Buyer at the Closing, or, if no proceeds have been received before the Closing, the Company shall assign any of its claims thereto to Buyer promptly following the Closing Date. Provided that Sellers comply with Sellers' obligations under this Section 7(e), neither the occurrence of any casualty damage nor the payment, receipt or collection of insurance proceeds shall be included or accounted for in any way under the provisions of Section 4(b) or in the determination of Final Net Assets. Subject to the terms of the Company's liability insurance policies, the Company shall use commercially reasonable efforts so that Buyer will have the right, power and authority, in the name of the Company, to make directly to the insurer any request for payment under the Company's liability insurance policies of any claim relating to or arising from an Assumed Liability. Buyer may make such a request for payment only to the extent that a person of ordinary prudence in like circumstances would make a claim under the person's own insurance policy.
Insurance and Insurance Proceeds. Each policy of insurance or reinsurance required to be maintained pursuant to Appendix II to the MPA (or, if applicable, each global property insurance policy maintained by PDC or any of its Affiliates in satisfaction of the insurance requirements set forth in Sections 8.01 and 8.02 of the MPA) will name the Borrower as the named insured and will be endorsed as contemplated in Appendix II of the MPA (but with respect to any global property insurance policy maintained by PDC or any of its Affiliates only in so far as such policy relates to the Borrower). Any claims payments made under such policy(s) will be made as contemplated in Appendix II of the MPA.
Insurance and Insurance Proceeds. (A) The Companies and Designated Subsidiaries shall keep each of the Insurance Policies presently held by them, or substantially equivalent replacement policies (including coverage types, endorsements thereto, coverage amounts and deductibles, based in each case on the coverages that are then available on commercially reasonable terms), in full force and effect through the Closing. The Stockholders agree to cause Management Holdco to purchase, at Management Holdco’s expense, from a reputable third party insurer, for the express benefit of each Company, each Designated Subsidiary and Management Holdco, a pre-paid irrevocable six-year policy providing “tail” coverage, effective as of the Closing, with respect to claims made during such six-year period alleging Events or Medical Incidents (as defined in the Existing PL/GL Policies) prior to Closing of a type that would have been covered by the PL/GL policies currently issued by RCI Insurance Company, Xxxxxxx Channel Indemnity Inc. or Mystic River Insurance Inc. (the “Existing PL/GL Policies”) as well as the umbrella/excess liability policies currently issued by Lloyds of London, as if such policies had continued in effect during the tail period (“PL/GL Covered Claims”). Additionally, the Stockholders are responsible for causing Management Holdco to maintain the insurance reserves in an amount equal to the reserves that are currently being maintained by the Companies or Company Subsidiaries as of the date of this Agreement (subject to burnoff over time as claims are processed) for the liabilities relating to “GLPL Under $100,000 Deductible” incurred prior to the Closing (“PL/GL Deductible Claims”, and together with PL/GL Covered Claims, the “PL/GL Claims”) for the PL/GL Covered Claims made within such six-year period.
Insurance and Insurance Proceeds. The Borrower shall, and the Borrower shall cause each of its Material Subsidiaries to, maintain insurance with respect to its properties and business and against such casualties and contingencies and in such types and such amounts as shall be in accordance with sound business practices which are standard in the industry and in accordance with any express requirements of LEGAL_1:81779606.19 BMO – BNS - Berkshire –Credit Agreement Governmental Authorities, where applicable, including the right to self-insure or co-insure with respect to any of the insurance required to be maintained by the Borrower pursuant to this paragraph.
