NOT ELECTIVE.
ANY
DEDUCTIBLE CONTAINED UNDER THE POLICY WILL BE DISCLOSED TO ADMINISTRATIVE AGENT.
(D)
AUTOMOBILE LIABILITY AND AUTOMOBILE PHYSICAL
DAMAGE INSURANCE (AS APPROPRIATE) COVERING ALL OWNED, RENTED, NON-OWNED AND
HIRED VEHICLES WRITTEN ON AN OCCURRENCE BASIS WITH A COMBINED SINGLE LIMIT OF
NOT LESS THAN $1,000,000 FOR BODILY INJURY AND PROPERTY DAMAGE.
THE LIABILITY
DEDUCTIBLE, IF ANY, SHALL NOT BE GREATER THAN $5,000 PER OCCURRENCE.
(E)
EXCESS OR UMBRELLA LIABILITY INSURANCE
WRITTEN ON AN OCCURRENCE BASIS IN AN AMOUNT NOT LESS THAN $10,000,000 PROVIDING
COVERAGE ON A FOLLOW-FORM BASIS IN EXCESS OF THE INSURANCE LIMITS AND TERMS
REQUIRED UNDER SECTION 3.4(G)(I)(B).
ANY DIFFERENCES IN COVERAGE TERMS UNDER
THIS POLICY WILL BE FULLY DISCLOSED TO ADMINISTRATIVE AGENT.
(F)
OTHER INSURANCE IN SUCH AMOUNTS AS MAY FROM
TIME TO TIME BE REASONABLY REQUIRED BY ADMINISTRATIVE AGENT.
31
(II)
ENDORSEMENTS.
BORROWER SHALL CAUSE ALL
INSURANCE POLICIES CARRIED AND MAINTAINED IN ACCORDANCE WITH THIS LOAN AGREEMENT
TO BE ENDORSED TO ADMINISTRATIVE AGENT, ITS SUCCESSORS AND ASSIGNS AS INDICATED
BELOW:
(A)
AS A LOSS PAYEE AS ITS INTEREST MAY APPEAR WITH
RESPECT TO THE COLLATERAL UNDER THE ALL RISK/SPECIAL FORM WITH AN ENDORSEMENT TO
PROVIDE FOR PAYMENT OF LOSSES TO ADMINISTRATIVE AGENT.
(UNLESS AN EVENT OF
DEFAULT EXISTS, BORROWER MAY BE A JOINT PAYEE ON INSURANCE CHECKS.)
ANY
OBLIGATION IMPOSED UPON BORROWER, INCLUDING BUT NOT LIMITED TO THE OBLIGATION TO
PAY PREMIUMS AND/OR COVERAGE DEDUCTIBLES, SHALL BE THE SOLE OBLIGATION OF
BORROWER AND NOT AN OBLIGATION OF ADMINISTRATIVE AGENT.
(B)
WITH RESPECT TO PROPERTY POLICIES DESCRIBED
IN THE SUBSECTION "COVERAGE" (I) THE INTERESTS OF ADMINISTRATIVE AGENT SHALL NOT
BE INVALIDATED BY ANY ACTION OR INACTION OF BORROWER OR ANY OTHER PERSON, AND
SHALL INSURE ADMINISTRATIVE AGENT REGARDLESS OF ANY BREACH OR VIOLATION BY
BORROWER OR ANY OTHER PERSON, OF ANY WARRANTIES, DECLARATIONS OR CONDITIONS OF
SUCH POLICIES.
(C)
INASMUCH AS SUCH POLICIES ARE WRITTEN TO
COVER MORE THAN ONE INSURED, ALL TERMS, CONDITIONS, INSURING AGREEMENTS AND
ENDORSEMENTS, WITH THE EXCEPTION OF THE LIMITS OF LIABILITY, SHALL OPERATE IN
THE SAME MANNER AS IF THERE WERE A SEPARATE POLICY COVERING EACH INSURED.
(D)
THE INSURERS PROVIDING THE COVERAGE REQUIRED
HEREUNDER SHALL WAIVE ALL RIGHTS OF SUBROGATION AGAINST ADMINISTRATIVE AGENT,
ANY RIGHT OF SETOFF OR COUNTERCLAIM AND ANY OTHER RIGHT TO DEDUCTION, WHETHER BY
ATTACHMENT OR OTHERWISE.
(E)
SUCH INSURANCE SHALL BE PRIMARY WITHOUT
RIGHT OF CONTRIBUTION OF ANY OTHER INSURANCE CARRIED BY OR ON BEHALF OF
ADMINISTRATIVE AGENT WITH RESPECT TO ITS INTERESTS AS SUCH IN THE COLLATERAL.
(F)
IF SUCH INSURANCE IS CANCELED FOR ANY REASON
WHATSOEVER, INCLUDING NONPAYMENT OF PREMIUM, OR ANY MATERIAL CHANGES ARE MADE IN
THE COVERAGE WHICH ADVERSELY AFFECT THE INTERESTS OF ADMINISTRATIVE AGENT, SUCH
CANCELLATION OR CHANGE SHALL NOT BE EFFECTIVE AS TO ADMINISTRATIVE AGENT UNTIL
THIRTY (30) DAYS, EXCEPT FOR NON-PAYMENT OF PREMIUM WHICH SHALL NOT BE EFFECTIVE
AS TO ADMINISTRATIVE AGENT UNTIL TEN (10) BUSINESS DAYS, IN EACH CASE AFTER
RECEIPT BY ADMINISTRATIVE AGENT OF WRITTEN NOTICE SENT BY REGISTERED MAIL FROM
SUCH INSURER.
(G)
UPON