Example ContractsClausesFailure to Maintain Insurance
Failure to Maintain Insurance
Failure to Maintain Insurance contract clause examples

Insurance. The properties of the Loan Parties and the Restricted Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of any Loan Party, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the applicable Loan Party or Restricted Subsidiary operates, provided that no coverage in respect of terrorism shall be required. As of the Closing Date, such insurance is in full force and effect and all premiums have been duly paid.

Insurance. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. Upon written request the Company will provide to the Buyer true and correct copies of all policies relating to directors’ and officers’ liability coverage, errors and omissions coverage, and commercial general liability coverage.

INSURANCE. Following the closing of the anticipated transactions between the Company and Zhonghuan Ruiheng Environmental Technology Co., Ltd. (“ China”) pursuant to which the Company shall obtain a controlling interest in China (the “ Transaction”) shall have been completed and the Company shall have obtained such controlling interest, as determined by the Company, the Company will obtain and maintain a policy or policies of director and officer liability insurance, of which the Director will be named as an insured, providing the Director with coverage for Indemnifiable Amounts and/or Indemnifiable Expenses in accordance with said insurance policy or policies (“D&O Insurance”); provided that:

Insurance. USPB further agrees that during the term of employment and for a period of six (6) years after termination of employment, including expiration of employment, USPB shall maintain in full force and effect a director's and officer's insurance policy insuring the CEO against liability asserted and incurred by the CEO in the CEO's capacity as an officer, manager, employee or agent of USPB Entities or arising from the CEO's status as an officer, manager, employee or agent of USPB Entities. The insurance shall be in amounts and contain terms and conditions as are reasonable and customary for a company of the size and scope of USPB participating in the industry and business in which USPB is engaged, all as determined by the mutual agreement of USPB and the CEO.

Insurance. To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’ insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

Insurance. For a period of at least two years following the Delivery Date, Buyer shall, or shall cause any subsequent buyer or operator to, at its own cost and expense, maintain and keep in full force and effect for the Aircraft general aviation liability coverage (including by not limited to Aircraft Third Party, Property Damage, Airline General Third Party (including Products), Passenger, Baggage, Cargo, and Legal Liability coverage) of $500,000,000.00; however, upon the permanent removal of any asset from service, the sole insurance requirement for that asset shall be Aviation Product Liability with a limit of $10,000,000.00. Any and all insurance policies providing the insurance coverage required while the Aircraft remains in service under this [Section 12(h)] shall, as applicable, include Premises Liability, Contractual Liability, Products Liability, War Risks Liability, and including Extended Coverage Endorsement (Aviation Liabilities) [[Unknown Identifier]] or equivalent covering War and Allied Perils excluded by War, Hijacking and Other Perils Exclusion Clause [[Unknown Identifier]] or any modification or substitution thereof for the time in force. Such policies shall name each of the Seller Indemnitees as additional insureds, shall be carried with insurers reasonably acceptable to Seller, and shall include a Waiver of Subrogation Clause and a Severability of Interest Clause in favor of the Seller Indemnitees. Buyer shall furnish an insurance certificate evidencing the same at Closing and at the expiration of a then existing certificate.

Insurance. Until the transfer of title to the Project to Buyer, risk of loss to the Project shall be upon Seller. Seller shall maintain in effect until the Closing Date insurance policies with respect to the Property for the full insurable value thereof. In the event of damage to the Property by fire or any other casualty, Seller shall promptly notify Buyer and this Agreement shall not be affected thereby, provided the cost of repairing such damage shall not exceed the sum of $75,000.00, and provided all such costs are covered by such policies or Seller shall, in its sole discretion, agree to pay any deficiency, to be specified in Seller's notice. If, however, damage caused by fire or other casualty insured under such policies shall exceed $75,000.00, or if the damage is not fully covered by such policies and Seller does not agree to pay Buyer at Closing the cost of repairing the uncovered damage, Buyer shall have the right and option to cancel and terminate this Agreement by giving notice to Seller within fifteen (15) days after Buyer receives Seller's notification of such damage. Thereupon, Buyer shall be entitled to promptly receive back the Deposit, whereupon this Agreement shall be null and void. If, in the event of a casualty, this Agreement shall not be terminated as in this Paragraph 12 provided, Seller shall pay or assign to Buyer at Closing all monies received or receivable from the insurance companies which wrote such policies, all claims against such insurance companies as a result of the losses covered by such policies and any deficiency amount as described above in this Paragraph 12, less documented amounts previously expended by Seller for repair of the casualty damage.

Employer may, for its own benefit, maintain “key man” life and disability insurance policies covering the Employee. The Employee will cooperate with Employer and provide such information or other assistance as they may reasonably request in connection with obtaining and maintaining such policies.

Insurance. The Administrative Agent shall have received evidence that all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect and that the Administrative Agent has been named as lender's loss payee and/or additional insured, as applicable, under each insurance policy with respect thereto and all endorsements thereto have been delivered, in each case, in accordance with the terms of the Loan Documents, and the Administrative Agent is otherwise satisfied with all of the insurance arrangements of the Borrowers and their Subsidiaries.

Insurance. Trustor shall maintain insurance as required pursuant to the Credit Agreement. In the event of any loss or damage to the Property, all insurance proceeds paid to Trustor payable as a result thereof shall be payable to Beneficiary and applied to the outstanding Secured Obligations; provided, however, if no Event of Default has occurred and is continuing beyond any applicable grace or cure periods, Trustor in its reasonable discretion determines that the available insurance proceeds (together with other funds deposited by Trustor with Beneficiary) will be sufficient to restore the Property to substantially the condition as it existed prior to the casualty loss, and Trustor enters into a disbursement agreement with Beneficiary, in form and substance acceptable to Beneficiary in its sole discretion (such disbursement agreement to provide that all insurance proceeds and other funds are held by Beneficiary until disbursed), then Trustor may elect to use the insurance proceeds to restore the Property. If flood insurance coverage was not required as of the date hereof, then, within 45 days after written notice from Beneficiary to Trustor that the Property is located in a Special Flood Hazard Area designated by the Federal Emergency Management Administration, Trustor, at Trustor’s expense, shall provide and maintain flood insurance coverage sufficient to rebuild or replace the building, Equipment and Inventory, and Improvements in an amount equal to the maximum amount of coverage available under the Flood Insurance Program with a deductible not to exceed $50,000. WARNING: Unless Trustor provides Beneficiary with evidence of insurance coverage as required by the Credit Documents, Beneficiary may purchase insurance, at Trustor’s expense, to protect Beneficiary’s interest. This insurance may, but need not, also protect Trustor’s interest. If there is a loss or liability, the coverage Beneficiary purchases may not pay any claim Trustor makes or any claim made against Trustor. Trustor may later cancel this coverage by providing evidence satisfactory to Beneficiary that Trustor has obtained the required insurance elsewhere. Trustor is responsible for the cost of any insurance purchased by Beneficiary and will reimburse Beneficiary upon demand for all such costs. The effective date of coverage may be the date Trustor’s prior coverage lapsed or the date Trustor failed to provide proof of coverage. The coverage Beneficiary purchases may be considerably more expensive than insurance.

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