REASONABLY DESIRED, UPON REASONABLE ADVANCE; PROVIDED, HOWEVER,
THAT REPRESENTATIVES AND INDEPENDENT CONTRACTORS OF EACH LENDER MAY, AT SUCH
LENDER'S OWN EXPENSE, ACCOMPANY THE AGENT'S REPRESENTATIVES AND INDEPENDENT
CONTRACTORS ON SUCH VISITS AND INSPECTIONS.
NOTWITHSTANDING THE FOREGOING, WHEN
AN EVENT OF DEFAULT EXISTS, THE AGENT OR ANY LENDER MAY DO ANY OF THE FOREGOING
AT THE EXPENSE OF THE BORROWERS AT ANY TIME DURING NORMAL BUSINESS HOURS AND
WITHOUT ADVANCE NOTICE.
7.5
Insurance.
(A)
FLEETWOOD SHALL MAINTAIN, AND SHALL CAUSE
EACH OF ITS SUBSIDIARIES TO MAINTAIN, WITH FINANCIALLY SOUND AND REPUTABLE
INSURERS HAVING A RATING OF AT LEAST A+ OR BETTER BY BEST RATING GUIDE,
INSURANCE AGAINST LOSS OR DAMAGE BY FIRE WITH EXTENDED COVERAGE; THEFT,
BURGLARY, PILFERAGE AND LOSS IN TRANSIT; PUBLIC LIABILITY AND THIRD PARTY
PROPERTY DAMAGE; LARCENY, EMBEZZLEMENT OR OTHER CRIMINAL LIABILITY; BUSINESS
INTERRUPTION; PUBLIC LIABILITY AND THIRD PARTY PROPERTY DAMAGE; AND SUCH OTHER
HAZARDS OR OF SUCH OTHER TYPES AS IS CUSTOMARY FOR PERSONS ENGAGED IN THE SAME
OR SIMILAR BUSINESS, IN AMOUNTS CUSTOMARY FOR PERSONS ENGAGED IN THE SAME OR
SIMILAR BUSINESS, AND UNDER POLICIES ACCEPTABLE TO THE AGENT AND THE REQUIRED
LENDERS.
WITHOUT LIMITING THE FOREGOING, IN THE EVENT THAT ANY IMPROVED REAL
ESTATE COVERED BY THE MORTGAGES IS DETERMINED TO BE LOCATED WITHIN AN AREA THAT
HAS BEEN IDENTIFIED BY THE DIRECTOR OF THE FEDERAL EMERGENCY MANAGEMENT AGENCY
AS A SPECIAL FLOOD HAZARD AREA ("SFHA"), THE APPLICABLE LOAN PARTY SHALL
PURCHASE AND MAINTAIN FLOOD INSURANCE ON THE IMPROVED REAL ESTATE AND ANY
EQUIPMENT AND INVENTORY LOCATED ON SUCH REAL ESTATE TO THE EXTENT REQUIRED BY
APPLICABLE LAW.
THE AMOUNT OF SAID FLOOD INSURANCE WILL BE REASONABLY
DETERMINED BY THE AGENT, AND SHALL, AT A MINIMUM, COMPLY WITH APPLICABLE FEDERAL
REGULATIONS AS REQUIRED BY THE FLOOD DISASTER PROTECTION ACT OF 1973, AS
AMENDED.
EXCEPT AS OTHERWISE APPROVED BY THE AGENT, THE LOAN PARTIES SHALL ALSO
MAINTAIN FLOOD INSURANCE FOR ALL INVENTORY AND EQUIPMENT WHICH IS, AT ANY TIME,
LOCATED IN A SFHA.
50
(B)
FLEETWOOD SHALL CAUSE THE AGENT, FOR THE
RATABLE BENEFIT OF THE AGENT AND THE LENDERS, TO BE NAMED AS SECURED PARTY OR
MORTGAGEE AND SOLE LOSS PAYEE OR ADDITIONAL INSURED (SUBJECT TO A PROVISION, IN
FORM AND SUBSTANCE REASONABLY ACCEPTABLE TO THE AGENT, THAT AS TO MORTGAGED
PROPERTY, THE TRUSTEE OR AGENT FOR THE 2008 SENIOR SECURED DEBENTURES MAY BE
NAMED AS A SUBORDINATE SECURED PARTY OR MORTGAGEE AND LOSS PAYEE OR ADDITIONAL
INSURED), WITH RESPECT TO INSURANCE POLICIES TO THE EXTENT OF THEIR COVERAGE OF
COLLATERAL, IN A MANNER ACCEPTABLE TO THE AGENT.
EACH POLICY OF INSURANCE SHALL
CONTAIN A CLAUSE OR ENDORSEMENT REQUIRING THE INSURER TO GIVE NOT LESS THAN
THIRTY (30) DAYS' PRIOR WRITTEN NOTICE TO THE AGENT IN THE EVENT OF CANCELLATION
OF THE POLICY FOR ANY REASON WHATSOEVER AND A CLAUSE OR ENDORSEMENT STATING THAT
THE INTEREST OF THE AGENT SHALL NOT BE IMPAIRED OR INVALIDATED BY ANY ACT OR
NEGLECT OF FLEETWOOD OR ANY OF ITS SUBSIDIARIES OR THE OWNER OF ANY REAL ESTATE