Loss or Damage to Collateral Clause Samples

Loss or Damage to Collateral. The Borrower shall immediately notify the Bank of any material loss or damage to, or material diminution (other than through obsolescence) in, or any occurrence which would materially adversely affect, the value of any Collateral. In the event that the Bank, in its sole discretion, determines that there has been any such loss, damage or material diminution in value, the Borrower shall, whenever the Bank so requests and provided that such Collateral and the loss or damage to such Collateral is not adequately covered by insurance (or the insurance company has not disclaimed coverage), pay to the Bank, within such period as the Bank shall specify, such amount as the Bank, in its sole discretion, shall have determined represents such loss, damage or material diminution in value.
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Loss or Damage to Collateral. Nothing in this Interim Order, the DIP Documents, or any other documents related to the transactions contemplated by the DIP Documents shall in any way be construed or interpreted to impose or allow the imposition upon any of the DIP Secured Parties or any of the Prepetition Secured Parties of any liability for any claims arising from the prepetition or postpetition activities of the Debtors in the operation of their business, or in connection with their restructuring efforts. In addition, (a) the DIP Secured Parties (so long as such DIP Secured Party complies with its obligations under the DIP Documents and their obligations, if any, under applicable law (including the Bankruptcy Code)) and the Prepetition Secured Parties shall not, in any way or manner, be liable or responsible for (i) the safekeeping of the DIP Collateral or the Prepetition Collateral, as applicable, (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause, (iii) any diminution in the value thereof, or (iv) any act or default of any carrier, servicer, bailee, custodian, forwarding agency, or other person and (b) all risk of loss, damage, or destruction of the DIP Collateral and the Prepetition Collateral shall be borne by the Debtors other than such loss, damage or destruction caused by the DIP Secured Parties, or the Prepetition Secured Parties, as applicable.
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Loss or Damage to Collateral. Each Obligor shall immediately notify the Bank of any material loss or damage to, or material diminution in, or any occurrence which would materially adversely affect, the value of any of the Collateral (if applicable). In the event that there has been any such loss, damage or material diminution in value, such Obligor shall whenever the Bank so requests, pay to the Bank, such amount representing such loss, damage, or material diminution in value, unless such loss, damage or diminution is fully covered by insurance, which proceeds shall be paid to the Bank, subject to the terms sets forth in Subsection 6.6 hereof.
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Loss or Damage to Collateral. Debtor shall promptly notify Secured Party of any loss or damage to the Collateral or any portion thereof having a fair market value in excess of $25,000. Debtor may make proof of loss if Secured Party fails to do so within fifteen (15) days of the loss. If Debtor and Secured Party agree to repair or replace the damaged or destroyed Collateral, Debtor shall promptly repair or replace the damaged Collateral. All of Secured Party's rights under this Section are subordinate to any and all rights of CIT and its successors and assigns with respect to payment of insurance proceeds upon a loss.
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Loss or Damage to Collateral. The Borrower shall immediately -------------------------------- notify the Bank of any material loss or damage to, or material diminution in, or any occurrence which would materially adversely affect, the value of any of the Collateral. In the event that there has been any such loss, damage or material diminution in value, the Borrower shall whenever the Bank so requests, pay to the Bank, such amount representing such loss, damage, or material diminution in value, unless such loss, damage or diminution is fully covered by insurance, which proceeds shall be paid to the Bank.
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Loss or Damage to Collateral. The Obligors shall immediately notify the Bank of any material loss or damage to, or material diminution in, or any occurrence which would materially adversely affect, the value of any of the Collateral.
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Related to Loss or Damage to Collateral

  • Loss or Damage The District and its agents and authorized representatives shall not in any way or manner be answerable or suffer loss, damage, expense, or liability for any loss or damage that may happen to the Work, or any part thereof, or in or about the same during its construction and before acceptance, and the Contractor shall assume all liabilities of every kind or nature arising from the Work, either by accident, negligence, theft, vandalism, or any cause whatsoever; and shall hold the District and its agents and authorized representatives harmless from all liability of every kind and nature arising from accident, negligence, or any cause whatsoever.

  • 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).

  • Damage to Property Of Others 1. We will pay, at replacement cost, up to $1,000 per "occurrence" for "property damage" to property of others caused by an "insured". 2. We will not pay for "property damage": a. To the extent of any amount recoverable under Section I;

  • Damage to Tenant's Property Landlord shall not be liable for any damage to Tenant's property except for that due to the willful neglect of Landlord. Tenant shall be responsible for the insuring of all personal property. Landlord strongly recommends renters insurance.

  • Destruction or Damage (a) If the Premises or the Building is partially damaged by fire, earthquake, other insured peril, or other act of God, Landlord shall repair the same at Landlord’s expense, subject to the provisions of this Article and provided such repairs can, in Landlord’s reasonable opinion, be made within sixty (60) days. During such repairs, this Lease shall remain in full force and effect, except that if there shall be damage to the Premises or the Building and such damage is not the result of the negligence or willful misconduct of Tenant, Tenant’s employees, agents, or invitees, Rent shall be abated for such portion of Premises and period of time as the Premises was unusable by Tenant, provided that such abated rent is a covered loss payable to Landlord under its insurance policy. (b) If in Landlord’s reasonable opinion the partially damaged Premises or the Building can be repaired, but not within sixty (60) days, the Landlord may elect, upon written notice to Tenant within thirty (30) days of such damages, to repair such damages over a longer time period and continue this Lease in full force and effect, subject to rent abatement as described in the foregoing paragraph. Landlord’s notice shall include a good faith estimate of the expected completion date of such repair based on the best information reasonably available to Landlord prior to sending the notice. In the event such repairs cannot be made within an additional sixty (60) days, Tenant shall have the option to terminate this Lease provided that written notice is given to Landlord within thirty (30) days of receipt of Landlord’s notice stated in this paragraph. (c) If the partially damaged Premises or the Building is to be repaired under this Article, Landlord at its sole cost and expense shall repair such damages to the Building, the Premises and the Tenant Improvements supplied by Landlord herein. Except in the event of Landlord’s gross negligence or willful misconduct or the extent that Landlord receives insurance proceeds therefor, Tenant shall be responsible for repairing and/or replacing any damage to Tenant’s equipment, furniture and fixtures, and other Alterations, additions and improvements made by Tenant to the Premises and the Building. (d) If in Landlord’s reasonable opinion, the Premises or the Building is totally or substantially destroyed (i.e. cannot be repaired within sixty (60) days and Landlord does not elect to repair anyway or Tenant elects to terminate as provided above) by fire or other casualty, this Lease shall terminate upon notice by Landlord.