COLLATERAL INSURANCE Sample Clauses

COLLATERAL INSURANCE. 12 4.4 Books and Records; Account Verification.................... 13 4.5 Preservation and Disposition of Collateral................. 13 4.6 Extensions and Compromises................................. 14 4.7

COLLATERAL INSURANCE. The Collateral Insurance is in full force and effect.

COLLATERAL INSURANCE. The Borrower shall have and maintain insurance at all times with respect to all Property, Inventory and Equipment insuring against risks of fire (including so-called extended coverage), explosion, theft, sprinkler leakage and such other casualties as the Huntington may designate, containing such terms, in such form, for such amounts, for such periods and written by such companies as may be satisfactory to the Huntington, and each such policy shall contain a clause or endorsement satisfactory to the Huntington that names the Huntington as additional insured and loss payee, as its interests may appear, and that provides that no act, default or breach of warranty or condition of the Borrower or any other person shall affect the right of the Huntington to recover under such policy or policies of insurance or to pay any premium in whole or in part relating thereto. All policies of insurance shall provide for thirty (30) days' written minimum notice of cancellation or alteration to the Huntington. The Borrower shall deliver to the Huntington certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Huntington (and any of the Huntington's officers, employees or agents designated by the Huntington) as attorney for the Borrower in obtaining and cancelling such insurance and in making, settling and adjusting all claims under such policies of insurance, endorsing the name of the Borrower on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect to such policies of insurance; provided however, the Borrower shall have the right to settle claims of less than $5,000.00 in total. In the event of failure to provide insurance as herein provided, the Huntington may, at its option, provide such insurance, and the Borrower shall pay to the Huntington, upon demand, the cost thereof. Should the Borrower fail to pay said sum to the Huntington upon demand, interest shall accrue thereon from the date of demand until paid in full at the highest rate set forth in any document or instrument evidencing any of the Obligations.

COLLATERAL INSURANCE. Each Borrower shall have and maintain insurance at all times with respect to all Inventory and Equipment insuring against risks of fire (including so-called extended coverage), explosion, theft, sprinkler leakage and such other casualties as Lender may reasonably require, including, without limitation, hazard and liability insurance, containing such terms, in such form, for such amounts, for such periods and written by such insurance companies as are substantially similar to that reflected on the insurance certificate submitted to Lender on or before the Closing Date, and each such policy shall (i) contain a clause or endorsement satisfactory to Lender that names Lender as lender loss payee, as its interests may appear, (ii) provide that no act, default or breach of warranty or condition of the insured or any other person shall affect the right of Lender to recover under such policy or policies of insurance or to pay any premium in whole or in part relating thereto, and (iii) provide for thirty (30) days' written minimum notice of cancellation or alteration to Lender. Each Borrower shall deliver to Lender evidence of the payment of all premiums of all policies of insurance. In the event of failure to provide insurance as provided herein or in Section 7.4 below, Lender may, at its option, provide such insurance, and each Borrower shall pay to Lender, upon demand, the cost thereof. Should said sum not be paid to Lender upon demand, interest shall accrue thereon from the date of demand until paid in full at the highest rate set forth in any document or instrument evidencing any of the Obligations.

COLLATERAL INSURANCE. Unless otherwise indicated by the Bank, I hereby agree to provide the facility constructed or installed with the credit executed under this agreement as collateral to the Bank along with the land/building on which it is installed and other facilities therein, if requested by the Bank, I agree to subscribe to insurance of a type and amount agreed upon by the Bank and to establish a pledge right for the Bank on the right to claim the insurance money.

COLLATERAL INSURANCE. The Borrower shall have and maintain insurance at all times with respect to all Inventory insuring against risks of fire (including so-called extended coverage), explosion, theft, sprinkler leakage and such other casualties as the Bank may designate, containing such terms, in such form, for such amounts, for such periods and written by such companies as may be satisfactory to the Bank, and each such policy shall contain a clause or endorsement satisfactory to the Bank that names the Bank as additional insured and lender loss payee, as its interests may appear, that provides that no act, default or breach of warranty or condition of the insured or any other person shall affect the right of the Bank to recover under such policy or policies of insurance or to pay any premium in whole or in part relating thereto, and that provides for thirty (30) days’ written minimum notice of cancellation or alteration to the Bank. The Borrower shall deliver to the Bank certified copies of all policies of insurance and evidence of the payment of all premiums therefor. The Borrower hereby irrevocably appoints the Bank (and any of the Bank’s officers, employees or agents designated by the Bank) as attorney-in-fact in obtaining and canceling such insurance and in making, settling and adjusting all claims under such policies of insurance, endorsing any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect to such policies of insurance; provided, however, that the Bank shall not exercise the power of attorney granted by this section until and unless (a) an Event of Default shall have occurred or (b) an event of loss shall have occurred and the Bank in good xxxxx xxxxx that the Borrower is not diligently pursuing its claims. In the event of failure to provide insurance as herein provided, the Bank may, at its option, provide such insurance, and the Borrower shall pay to the Bank, upon demand, the cost thereof. Should said sum not be paid to the Bank upon demand, interest shall accrue thereon from the date of demand until paid in full at the highest rate set forth in any document or instrument evidencing any of the Obligations.

COLLATERAL INSURANCE. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer.

COLLATERAL INSURANCE. Section 1.1

COLLATERAL INSURANCE. The Company shall have and maintain insurance at all times with respect to all Inventory and Equipment (a) insuring against risks of fire (including so-called extended coverage), explosion, theft, sprinkler leakage, and such other casualties as the Bank may reasonably designate, and (b) insuring against liability for personal injury and property damage, containing such terms, in such form, for such periods and written by such companies as may be reasonably satisfactory to the Bank, such insurance to be payable to the Bank and the Company as loss payee as their interests may appear. All policies of insurance, other than as described below with respect to errors and omissions insurance, shall provide for twenty (20) days' written minimum cancellation notice to the Bank and, at request of the Bank, shall be delivered to and held by it. During the continuance of an Event of Default, the Bank may act as attorney for the Company in obtaining, adjusting, settling, and cancelling such

COLLATERAL INSURANCE. Unless the Bank requires otherwise, we agree to provide the Bank as collateral the land, building and other improvements of which the loan is used for construction or installation and insure the Bank as additional insured.