Insurance and Events of Loss Sample Clauses

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Insurance and Events of Loss. Owner shall obtain and maintain with reputable insurers authorized to operate in the scope of the Agreement insurance of the type set forth in Attachment F. Owner shall provide Distribution Company with copies of certificates of all outstanding insurance obtained hereunder promptly after the receipt thereof by Owner. Owner shall notify Distribution Company as soon as reasonably possible if and whenever an event of loss occurs. Without limitation of any obligations Owner may have under Section 15.1 hereof, in the event of damage to or loss of all or part of the NECEC Transmission Line, Owner shall exercise prompt, diligent commercially reasonable efforts to effectuate, in accordance with Good Utility Practice, such repairs and replacements as are necessary or desirable to restore the NECEC Transmission Line to its operating condition immediately prior to such damage or loss, including, for the avoidance of doubt, the application to such repairs or replacements of any potential or actual proceeds realized in connection with such damage or loss under any available or applicable insurance policies (subject to insurance contract/policy terms and conditions of coverage) maintained pursuant to this Section 5.3. Subject to Owner’s compliance, in all material respects, with this Section 5.3, Section 6.3 and all other material terms and conditions with respect to the operation and maintenance of the NECEC Transmission Line, in the event that the costs to restore the NECEC Transmission Line to its operating condition immediately prior to such damage or loss exceed the available insurance proceeds by more than the greater of (a) an amount equal to three percent (3%) of the Net Book Value of the NECEC Transmission Line and (b) Thirty Million Dollars ($30,000,000), the Parties will negotiate in good faith an appropriate allocation of financial responsibility for such excess costs. In the event that the Parties do not agree on the allocation of financial responsibility, Distribution Company shall be entitled to terminate this Agreement, upon thirty (30) days’ written notice to Owner, without liability to Owner; provided that, if within the thirty (30) day period following receipt of such notice, Owner agrees to assume that portion of the allocation of financial responsibility to which Distribution Company objected, then the termination notice shall be deemed revoked and this Agreement shall not be terminated.
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Insurance and Events of Loss. (a) Owner shall obtain and maintain insurance of the type, in such amounts and on such terms as required by the Management Committee from time to time. Owner shall have the right, in its sole discretion, to obtain additional insurance (in amount or type) consistent with Good Utility Practice and shall acquire such insurance as may be required by any Financing Party. All premiums and other costs of property, liability or other insurance obtained by Owner in connection with the Northern Pass Transmission Line, or the ownership, development, engineering, construction or operation thereof, shall be recoverable under the Formula Rate in accordance with Article 8. Owner shall provide Purchaser with copies of certificates of all outstanding insurance obtained hereunder promptly after the receipt thereof by Owner. (b) The Parties’ rights and obligations, following a Loss Occurrence or other loss of, destruction of or damage to, or any condemnation of, the Northern Pass Transmission Line due to an event of Force Majeure, are set forth in Article 16.
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Insurance and Events of Loss. (a) Consignee shall use commercially reasonable efforts to cause to be kept in full force and effect at all times during the Consignment Period the following insurance coverage with insurers used by Consignee or other insurers of recognized reputation and responsibility: (i) All risk property, including in-transit insurance, with respect to the Consigned Inventory (the "Property Insurance") as provided for in Schedule 7.1. Consignor and Agent shall be named as additional insured and Agent listed as sole loss payee, as their interests may appear, under the policy without imposing any obligation on Consignor to pay the premiums thereof, and the insurer shall waive all rights of subrogation with respect to Consignor and Agent. (ii) Comprehensive general liability and products liability insurance in an amount not less than $212,000,000 (together, "Liability Insurance"), in each case combined single limit bodily injury and property damage per occurrence/aggregate. Consignor and Agent shall be named as additional insured and Agent as a loss payee as their interests may appear, under such Liability Insurance policy without imposing any obligation on Consignor to pay the premiums thereof. Each Liability Insurance policy shall include broad-form contractual liability subject to the terms and conditions of the policy. Each Liability Insurance policy shall operate with respect to each additional insured as though a separate policy were issued to each provided, that such provisions shall not operate to increase the insurers limit of liability. (iii) Workers compensation and employers liability required by all applicable Laws. (iv) Nothing in this Section 7.1 hereof shall prohibit Consignor from obtaining (A) the insurance coverages referred to in Sections 7.1(a)(i), (ii) and (iii) hereof should Consignee fail to do so, or (B) additional insurance in respect of any Consigned Inventory consigned hereunder so long as such additional insurance shall in no manner invalidate any insurance maintained by Consignee in accordance with the provisions of this Section 7.1 hereof. (b) The insurance policies described in Sections 7.1(a)(i) and (ii) hereof shall be endorsed to include breach of warranty protection in favor of Consignor and Agent, and said insurance shall be primary insurance over any such insurance carried by Consignor. (c) Consignee shall provide certificates of insurance from its independent insurance broker or underwriters to Consignor and Agent evidencing the cov...
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Insurance and Events of Loss. (a) The Consignee shall keep in full force and effect for the term of this Agreement, and any extensions hereto, the following insurance coverages with insurers used by Kell▇▇▇▇▇ ▇▇ other insurers of recognized reputation and responsibility: (i) All risk property, including in-transit insurance with respect to the Parts in an amount equal to the Insured Value (the "Property Insurance"). Insofar as the relevant policies cover Parts delivered hereunder, the Consignor shall be named as additional insured and, until the payment in full of all amounts outstanding under the Loan Agreement and the termination of all commitments to extend credit thereunder, the Lenders (or the Agent for the benefit of the Lenders) shall be named as sole loss payee as their interests may appear, under the policy without imposing any obligation on the Consignor or the Lenders to pay the premiums thereof, and the insurer shall waive all rights of subrogation with respect to the Consignor and the Lenders. (ii) Comprehensive general liability insurance in an amount not less than $100,000,000 and products liability insurance in an amount not less than $500,000,000, in each case combined single limit bodily injury and property damage per occurrence/aggregate. The Consignor and, until the payment in full of all amounts outstanding under the Loan Agreement and the termination of all commitments to extend credit thereunder, the Lenders (or the Agent for the benefit of the Lenders) shall be named as additional insureds, under the policy without imposing any obligation on the Consignor or the Lenders to pay the premiums thereof. This policy will include broad-form contractual liability subject to the terms and conditions of the policy. This policy shall operate with respect to each additional insured as though a separate policy were issued to each,
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Insurance and Events of Loss. Consignee shall use commercially reasonable efforts to cause to be kept in full force and effect at all times during the Consignment Period the following insurance coverage with insurers used by Consignee or other insurers of recognized reputation and responsibility: (i) All risk property, including in-transit insurance, with respect to the Consigned Inventory (the "Property Insurance") as provided for in Schedule 7.1. Consignor and Agent shall be named as additional insured and Agent listed as sole loss payee, as their interests may appear, under the policy without imposing any obligation on Consignor to pay the premiums thereof, and the insurer shall waive all rights of subrogation with respect to Consignor and Agent.
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Insurance and Events of Loss 
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Related to Insurance and Events of Loss

  • Maintenance of Physical Damage Insurance Policies The Servicer shall, in accordance with its customary servicing procedures and underwriting standards, require that each Obligor shall have obtained physical damage insurance covering each Financed Vehicle as of the origination of the related Receivable.

  • Insurance; Damage to or Destruction of Collateral (a) The Credit Parties shall, at their sole cost and expense, maintain the policies of insurance described on Disclosure Schedule 3.18 as in effect on the date hereof or otherwise in form and amounts and with deductibles as is customary for similarly situated businesses and with insurers reasonably acceptable to Agent. Agent and the Lenders confirm that the form, amounts and insurers described on Disclosure Schedule 3.18 are acceptable as of the Closing Date, and shall continue to be acceptable to Agent until not less than 30 days' prior written notice by Agent to Borrower to the contrary. Such policies of insurance (or the loss payable and additional insured endorsements delivered to Agent) shall contain provisions pursuant to which the insurer agrees to provide 30 days prior written notice to Agent in the event of any non-renewal, cancellation or amendment of any such insurance policy. If any Credit Party at any time or times hereafter shall fail to obtain or maintain any of the policies of insurance required above, or to pay all premiums relating thereto, Agent may at any time or times thereafter obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto that Agent deems advisable. Agent shall have no obligation to obtain insurance for any Credit Party or pay any premiums therefor. By doing so, Agent shall not be deemed to have waived any Default or Event of Default arising from any Credit Party's failure to maintain such insurance or pay any premiums therefor. All sums so disbursed, including reasonable attorneys' fees, court costs and other charges related thereto, shall be payable on demand by Borrower to Agent and shall be additional Obligations hereunder secured by the Collateral. (b) Agent reserves the right at any time (but not to be exercised more than once per Fiscal Year) upon (i) any material change in any Credit Party's risk profile (including any change in the product mix maintained by any Credit Party or any laws affecting the potential liability of such Credit Party), as determined by Agent in its commercially reasonable judgment, and (ii) not less than 30 days' prior written notice to Borrower, to require additional forms and limits of insurance to, in Agent's commercially reasonable judgment, adequately protect both Agent's and Lender's interests in all or any portion of the Collateral and to ensure that each Credit Party is protected by insurance in amounts and with coverage customary for its industry. If reasonably requested by Agent, each Credit Party shall deliver to Agent from time to time a report of a reputable insurance broker, reasonably satisfactory to Agent, with respect to its insurance policies. (c) Each Credit Party shall deliver to Agent, in form and substance reasonably satisfactory to Agent, endorsements to (i) all "All Risk" and business interruption insurance naming Agent, on behalf of itself and Lenders, as lender loss payee or mortgagee (as the case may be), and (ii) all general liability and other liability policies naming Agent, on behalf of itself and Lenders, as additional insured. Each Credit Party irrevocably makes, constitutes and appoints Agent (and all officers, employees or agents designated by Agent), so long as any Event of Default has occurred and is continuing or the anticipated insurance proceeds exceed $1,000,000, as such Credit Party's true and lawful agent and attorney-in-fact for the purpose of making, settling and adjusting claims under such "All Risk" policies of insurance, endorsing the name of such Credit Party on any check or other item of payment for the proceeds of such "All Risk" policies of insurance and for making all determinations and decisions with respect to such "All Risk" policies of insurance. Agent shall have no duty to exercise any rights or powers granted to it pursuant to the foregoing power-of-attorney. Borrower shall promptly notify Agent of any loss, damage, or destruction to the Collateral in (i) Borrower shall request a Revolving Credit Advance be made to Borrower in the amount requested to be released; (ii) so long as the conditions set forth in Section 2.2 have been met, Lenders shall make such Revolving Credit Advance; and (iii) in the case of insurance proceeds applied against the Revolving Loan, the Reserve established with respect to such insurance proceeds shall be reduced by the amount of such Revolving Credit Advance. To the extent not used to replace, repair, restore or rebuild the Collateral, such insurance proceeds shall be applied in accordance with Section 1.3(c).

  • Fire and Casualty Insurance Developer shall obtain and keep in full force adequate fire and casualty insurance with coverage in an amount equal to the assessed value of such improvements. In the event of loss the Developer shall use the proceeds of such insurance to promptly reconstruct the damaged or lost improvements.

  • Insurance and Condemnation (i) The Issuer shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort to (A) maintain one or more policies of “all-risk” property and general liability insurance with financially sound and reputable insurers, providing coverage in scope and amount which (x) satisfies the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction; and (B) apply the proceeds of any such insurance policies in the manner specified in the relevant declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA. For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POAs in accordance with the respective declaration (or any similar charter document) relating to each Vacation Ownership Interest Regime. If any POA fails to maintain the insurance described in clause (A) of this subsection (k), the Issuer shall, to the extent it has knowledge of such failure, promptly give notice of such failure to each Rating Agency. (ii) The Issuer shall remit to the Collection Account the portion of any proceeds received by the Issuer pursuant to a condemnation of property in any Resort to the extent that such proceeds relate to any of the Vacation Ownership Interests.

  • Casualty Insurance The Lessor ☐ The Lessee ☐ The Parties (jointly) shall be responsible for obtaining and maintaining casualty insurance for the Premises for losses against fire.