Collection of claims. Borrower will promptly advise DFS of any insured casualty and Borrower agrees that DFS may direct all insurance proceeds therefrom to be paid directly to DFS to the extent that such loss is not adequately insured under an insurance policy which names DFS as a loss payee, and hereby appoints DFS its attorney-in-fact for such purpose.
Appears in 7 contracts
Sources: Business Credit and Security Agreement (Creative Computers Inc), Business Credit and Security Agreement (Elcom International Inc), Loan and Security Agreement (Travis Boats & Motors Inc)
Collection of claims. Borrower will promptly advise DFS of any insured casualty in excess of $500,000 and Borrower agrees that DFS may direct all insurance proceeds therefrom to be paid directly to DFS to the extent that such loss is not adequately insured under an insurance policy which names DFS as a loss payee, and hereby appoints DFS its attorney-in-fact for such purpose.
Appears in 2 contracts
Sources: Business Credit and Security Agreement (Pomeroy Computer Resources Inc), Business Credit and Security Agreement (Pomeroy Select Integration Solutions Inc)
Collection of claims. Borrower will promptly advise DFS -------------------- of any insured casualty in excess of $500,000 and Borrower agrees that DFS may direct all insurance proceeds therefrom to be paid directly to DFS to the extent that such loss is not adequately insured under an insurance policy which names DFS as a loss payee, and hereby appoints DFS its attorney-in-fact for such purpose.
Appears in 1 contract
Sources: Business Credit and Security Agreement (Pomeroy Computer Resources Inc)