such payments or deposits.
6.7
Insurance.
(A)
AT BORROWER'S EXPENSE, MAINTAIN INSURANCE RESPECTING ITS AND THE
GUARANTORS' ASSETS WHEREVER LOCATED, COVERING LOSS OR DAMAGE BY FIRE, THEFT,
EXPLOSION, AND ALL OTHER HAZARDS AND RISKS AS ORDINARILY ARE INSURED AGAINST BY
OTHER PERSONS ENGAGED IN THE SAME OR SIMILAR BUSINESSES. BORROWER ALSO SHALL
MAINTAIN BUSINESS INTERRUPTION, PUBLIC LIABILITY, AND PRODUCT LIABILITY
INSURANCE, AS WELL AS INSURANCE AGAINST LARCENY, EMBEZZLEMENT, AND CRIMINAL
MISAPPROPRIATION.
ALL SUCH POLICIES OF INSURANCE SHALL BE IN SUCH AMOUNTS AND
WITH SUCH INSURANCE COMPANIES AS ARE REASONABLY SATISFACTORY TO LENDER. BORROWER
SHALL DELIVER COPIES OF ALL SUCH POLICIES TO LENDER WITH A SATISFACTORY LENDER'S
LOSS PAYABLE ENDORSEMENT NAMING LENDER AS SOLE LOSS PAYEE OR ADDITIONAL INSURED,
AS APPROPRIATE.
EACH POLICY OF INSURANCE OR ENDORSEMENT SHALL CONTAIN A CLAUSE
REQUIRING THE INSURER TO GIVE NOT LESS THAN 30 DAYS PRIOR WRITTEN NOTICE TO
LENDER IN THE EVENT OF CANCELLATION OF THE POLICY FOR ANY REASON OTHER THAN
NONPAYMENT OF PREMIUM AND 10 DAYS PRIOR WRITTEN NOTICE TO LENDER IN THE EVENT OF
CANCELLATION OF THE POLICY FOR NONPAYMENT OF PREMIUM.
(B)
WITH RESPECT TO ANY LOSSES CLAIMED UNDER ANY INSURANCE POLICIES SET
FORTH IN SECTION 6.7(A) IN EXCESS OF $100,000 (OR IN ANY AMOUNT AFTER THE
OCCURRENCE AND DURING THE CONTINUATION OF AN EVENT OF DEFAULT), (I) BORROWER
SHALL GIVE LENDER PROMPT NOTICE OF ANY SUCH LOSS AND (II) LENDER SHALL HAVE THE
EXCLUSIVE RIGHT TO ADJUST ANY SUCH LOSSES CLAIMED, WITHOUT ANY LIABILITY TO
BORROWER WHATSOEVER IN RESPECT OF SUCH ADJUSTMENTS.
ANY MONIES RECEIVED AS
PAYMENT FOR ANY LOSS UNDER ANY INSURANCE POLICY MENTIONED ABOVE (OTHER THAN
LIABILITY INSURANCE POLICIES) OR AS PAYMENT OF ANY AWARD OR COMPENSATION FOR
CONDEMNATION OR TAKING BY EMINENT DOMAIN, SHALL BE PAID OVER TO LENDER TO BE
APPLIED AT THE OPTION OF LENDER EITHER TO THE PREPAYMENT OF THE OBLIGATIONS OR
SHALL BE DISBURSED TO BORROWER UNDER STAGED PAYMENT TERMS REASONABLY
SATISFACTORY TO LENDER FOR APPLICATION TO THE COST OF REPAIRS, REPLACEMENTS, OR
RESTORATIONS. ANY SUCH REPAIRS, REPLACEMENTS, OR RESTORATIONS SHALL BE EFFECTED
WITH REASONABLE PROMPTNESS AND SHALL BE OF A VALUE AT LEAST EQUAL TO THE VALUE
OF THE ITEMS OF PROPERTY DESTROYED PRIOR TO SUCH DAMAGE OR DESTRUCTION.
(C)
BORROWER WILL NOT AND WILL NOT SUFFER OR PERMIT ITS SUBSIDIARIES TO
TAKE OUT SEPARATE INSURANCE CONCURRENT IN FORM OR CONTRIBUTING IN THE EVENT OF
LOSS WITH THAT REQUIRED TO BE MAINTAINED UNDER THIS SECTION 6.7, UNLESS LENDER
IS INCLUDED THEREON AS NAMED INSURED WITH THE LOSS PAYABLE TO LENDER UNDER A
LENDER'S LOSS PAYABLE ENDORSEMENT OR ITS EQUIVALENT.
BORROWER IMMEDIATELY SHALL
NOTIFY LENDER WHENEVER SUCH SEPARATE INSURANCE IS
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taken out, specifying the insurer thereunder and full particulars as to the
policies evidencing the same, and copies of such policies promptly shall be
provided to Lender.
6.8
Compliance with Laws.
Comply with the requirements of all applicable laws,
rules, regulations, and orders of any Governmental Authority, including the Fair
Labor Standards Act and the Americans With Disabilities Act, other