or similar locations or as is required by
applicable Law, of such types and in such amounts (after giving effect to any
self-insurance reasonable and customary for similarly situated Persons engaged
in the same or similar business as the Loan Parties) as are customarily carried
under similar circumstances by such other Persons.
(A)
FIRE AND EXTENDED COVERAGE POLICIES MAINTAINED WITH RESPECT TO ANY
COLLATERAL SHALL NAME THE COLLATERAL AGENT AS A LOSS PAYEE AND SHALL BE ENDORSED
OR OTHERWISE AMENDED (I) TO INCLUDE (A) A NON-CONTRIBUTING MORTGAGE CLAUSE
(REGARDING IMPROVEMENTS TO REAL PROPERTY) AND LENDERS' LOSS PAYABLE CLAUSE
(REGARDING PERSONAL PROPERTY), IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
THE COLLATERAL AGENT, WHICH ENDORSEMENTS OR AMENDMENTS SHALL PROVIDE THAT THE
INSURER SHALL PAY ALL PROCEEDS OTHERWISE PAYABLE TO THE LOAN PARTIES UNDER THE
POLICIES JOINTLY TO THE COLLATERAL AGENT AND THE APPLICABLE LOAN PARTY (PROVIDED
THAT, UNLESS A PREPAYMENT EVENT HAS OCCURRED OR A CASH DOMINION EVENT HAS
OCCURRED AND IS CONTINUING, THE COLLATERAL AGENT SHALL PROMPTLY ENDORSE OVER THE
PROCEEDS TO THE LEAD BORROWER OR AS THE LEAD BORROWER MAY DIRECT), AND (B) SUCH
OTHER PROVISIONS AS THE COLLATERAL AGENT MAY REASONABLY REQUIRE FROM TIME TO
TIME TO PROTECT THE INTERESTS OF THE CREDIT PARTIES, AND (II) TO EXCLUDE ANY
CO-INSURANCE PROVISION. COMMERCIAL GENERAL LIABILITY POLICIES SHALL BE ENDORSED
TO NAME THE COLLATERAL AGENT AS AN ADDITIONAL INSURED.
EACH SUCH POLICY
REFERRED TO IN THIS SECTION 6.07(A) SHALL ALSO PROVIDE THAT IT SHALL NOT BE
CANCELED OR NOT RENEWED (I) BY REASON OF NONPAYMENT OF PREMIUM EXCEPT UPON NOT
LESS THAN TEN (10) DAYS PRIOR WRITTEN NOTICE THEREOF BY THE INSURER TO THE
COLLATERAL AGENT (GIVING THE COLLATERAL AGENT THE RIGHT TO CURE DEFAULTS IN THE
PAYMENT OF PREMIUMS) OR (II) FOR ANY OTHER REASON EXCEPT UPON NOT LESS THAN
THIRTY (30) DAYS PRIOR WRITTEN NOTICE THEREOF BY THE INSURER TO THE COLLATERAL
AGENT. THE LEAD BORROWER SHALL DELIVER TO THE COLLATERAL AGENT, PRIOR TO THE
CANCELLATION OR NON-RENEWAL OF ANY SUCH POLICY OF INSURANCE, A CERTIFICATE OF
INSURANCE IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COLLATERAL AGENT
WHICH EVIDENCES THE RENEWAL OR REPLACEMENT OF ANY SUCH POLICY OF INSURANCE
REQUIRED PURSUANT TO THIS SECTION 6.07(A), TOGETHER WITH EVIDENCE REASONABLY
SATISFACTORY TO THE COLLATERAL AGENT OF PAYMENT OF THE PREMIUM THEREFOR.
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(B)
NONE OF THE CREDIT PARTIES, OR THEIR AGENTS OR EMPLOYEES SHALL BE
LIABLE FOR ANY LOSS OR DAMAGE INSURED BY THE INSURANCE POLICIES REQUIRED TO BE
MAINTAINED UNDER THIS SECTION 6.07.
EACH LOAN PARTY SHALL LOOK SOLELY TO ITS
INSURANCE COMPANIES OR ANY OTHER PARTIES OTHER THAN THE CREDIT PARTIES FOR THE
RECOVERY OF SUCH LOSS OR DAMAGE AND SUCH INSURANCE COMPANIES SHALL HAVE NO
RIGHTS OF SUBROGATION AGAINST ANY CREDIT PARTY OR ITS AGENTS OR EMPLOYEES.
IF,
HOWEVER, THE INSURANCE POLICIES DO NOT PROVIDE WAIVER OF SUBROGATION RIGHTS
AGAINST SUCH PARTIES, AS REQUIRED ABOVE, THEN THE LOAN PARTIES HEREBY AGREE, TO
THE EXTENT PERMITTED BY LAW, TO WAIVE THEIR RIGHT OF RECOVERY, IF ANY,