REDUCTION IN AMOUNT OR MATERIAL CHANGE IN
COVERAGE THEREOF SHALL BE EFFECTIVE UNTIL AT LEAST 30 DAYS AFTER RECEIPT BY THE
COLLATERAL AGENT OF WRITTEN NOTICE THEREOF, (II) NAME THE COLLATERAL AGENT AS
MORTGAGEE (IN THE CASE OF PROPERTY INSURANCE) OR ADDITIONAL INSURED ON BEHALF OF
THE SECURED PARTIES (IN THE CASE OF LIABILITY INSURANCE) OR LOSS PAYEE (IN THE
CASE OF PROPERTY INSURANCE), AS APPLICABLE, (III) IF REASONABLY REQUESTED BY THE
COLLATERAL AGENT, INCLUDE A BREACH OF WARRANTY CLAUSE AND (IV) BE REASONABLY
SATISFACTORY IN ALL OTHER RESPECTS TO THE COLLATERAL AGENT.
(C)
NOTICE TO AGENTS. NOTIFY THE ADMINISTRATIVE AGENT AND THE
COLLATERAL AGENT IMMEDIATELY WHENEVER ANY SEPARATE INSURANCE CONCURRENT IN FORM
OR CONTRIBUTING IN THE EVENT OF LOSS WITH THAT REQUIRED TO BE MAINTAINED UNDER
THIS SECTION 5.04 IS TAKEN OUT BY ANY COMPANY; AND PROMPTLY DELIVER TO THE
ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT A DUPLICATE ORIGINAL COPY OF SUCH
POLICY OR POLICIES.
(D)
FLOOD INSURANCE. WITH RESPECT TO EACH MORTGAGED PROPERTY, OBTAIN
FLOOD INSURANCE IN SUCH TOTAL AMOUNT AS THE ADMINISTRATIVE AGENT OR THE REQUIRED
LENDERS MAY FROM TIME TO TIME REASONABLY REQUIRE, IF AT ANY TIME THE AREA IN
WHICH ANY IMPROVEMENTS ARE LOCATED ON ANY MORTGAGED PROPERTY IS DESIGNATED A
"FLOOD HAZARD AREA" IN ANY FLOOD INSURANCE RATE MAP PUBLISHED BY THE FEDERAL
EMERGENCY MANAGEMENT AGENCY (OR ANY SUCCESSOR AGENCY), AND OTHERWISE COMPLY WITH
THE NATIONAL FLOOD INSURANCE PROGRAM AS SET FORTH IN THE FLOOD DISASTER
PROTECTION ACT OF 1973, AS AMENDED FROM TIME TO TIME.
(E)
BROKER'S REPORT. DELIVER TO THE ADMINISTRATIVE AGENT AND THE
COLLATERAL AGENT AND THE LENDERS A REPORT OF A REPUTABLE INSURANCE BROKER WITH
RESPECT TO SUCH INSURANCE AND SUCH SUPPLEMENTAL REPORTS WITH RESPECT THERETO AS
THE ADMINISTRATIVE AGENT OR THE COLLATERAL AGENT MAY FROM TIME TO TIME
REASONABLY REQUEST.
(F)
MORTGAGED PROPERTIES. NO LOAN PARTY THAT IS AN OWNER OF MORTGAGED
PROPERTY SHALL TAKE ANY ACTION THAT IS REASONABLY LIKELY TO BE THE BASIS FOR
TERMINATION, REVOCATION
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OR DENIAL OF ANY INSURANCE COVERAGE REQUIRED TO BE MAINTAINED UNDER SUCH LOAN
PARTY'S RESPECTIVE MORTGAGE OR THAT COULD BE THE BASIS FOR A DEFENSE TO ANY
CLAIM UNDER ANY INSURANCE POLICY MAINTAINED IN RESPECT OF THE PREMISES, AND EACH
LOAN PARTY SHALL OTHERWISE COMPLY IN ALL MATERIAL RESPECTS WITH ALL INSURANCE
REQUIREMENTS IN RESPECT OF THE PREMISES; PROVIDED, HOWEVER, THAT EACH LOAN PARTY
MAY, AT ITS OWN EXPENSE AND AFTER WRITTEN NOTICE TO THE ADMINISTRATIVE AGENT,
(I) CONTEST THE APPLICABILITY OR ENFORCEABILITY OF ANY SUCH INSURANCE
REQUIREMENTS BY APPROPRIATE LEGAL PROCEEDINGS, THE PROSECUTION OF WHICH DOES NOT
CONSTITUTE A BASIS FOR CANCELLATION OR REVOCATION OF ANY INSURANCE COVERAGE
REQUIRED UNDER THIS SECTION 5.04 OR (II) CAUSE THE INSURANCE POLICY CONTAINING
ANY SUCH INSURANCE REQUIREMENT TO BE REPLACED BY A NEW POLICY COMPLYING WITH THE
PROVISIONS OF THIS SECTION 5.04.
SECTION 5.05
OBLIGATIONS AND TAXES.
(A)
PAYMENT OF OBLIGATIONS. PAY ITS INDEBTEDNESS AND OTHER OBLIGATIONS
PROMPTLY AND IN ACCORDANCE WITH THEIR TERMS AND PAY AND DISCHARGE PROMPTLY WHEN
DUE