TO THE LENDERS, UPON REQUEST OF THE AGENTS,
INFORMATION IN REASONABLE DETAIL AS TO THE INSURANCE SO MAINTAINED.
(B)
THE BORROWER WILL, AND WILL CAUSE EACH OF THE SUBSIDIARIES TO, MAINTAIN
SUCH INSURANCE IN A COVERAGE AMOUNT OF NOT LESS THAN 90% OF THE COVERAGE
74
AMOUNT AS OF THE ORIGINAL RESTATEMENT EFFECTIVE DATE, WITH DEDUCTIBLES, RISKS
COVERED AND OTHER PROVISIONS (OTHER THAN THE AMOUNT OF PREMIUMS) NOT MATERIALLY
LESS FAVORABLE TO THE BORROWER AND THE SUBSIDIARIES AS OF THE ORIGINAL
RESTATEMENT EFFECTIVE DATE.
(C)
THE BORROWER WILL, AND WILL CAUSE EACH OF THE SUBSIDIARY LOAN PARTIES (AND,
PRIOR TO OR ON THE BORROWING BASE DATE, HOLDINGS AND ITS SUBSIDIARIES) TO,
(I) CAUSE ALL SUCH POLICIES TO BE ENDORSED OR OTHERWISE AMENDED TO INCLUDE A
"STANDARD" OR "NEW YORK" LENDER'S LOSS PAYABLE ENDORSEMENT, IN FORM AND
SUBSTANCE SATISFACTORY TO THE AGENTS, WHICH ENDORSEMENT SHALL PROVIDE THAT, FROM
AND AFTER THE ORIGINAL RESTATEMENT EFFECTIVE DATE IF THE INSURANCE CARRIER SHALL
HAVE RECEIVED WRITTEN NOTICE FROM THE ADMINISTRATIVE AGENT OF THE OCCURRENCE OF
AN EVENT OF DEFAULT, THE INSURANCE CARRIER SHALL PAY ALL PROCEEDS OTHERWISE
PAYABLE TO THE BORROWER AND ANY OTHER LOAN PARTY UNDER SUCH POLICIES DIRECTLY TO
THE COLLATERAL AGENT FOR APPLICATION PURSUANT TO THE COLLATERAL TRUST AND
INTERCREDITOR AGREEMENT; (II) CAUSE ALL SUCH POLICIES TO PROVIDE THAT NEITHER
THE BORROWER, THE ADMINISTRATIVE AGENT, EITHER COLLATERAL AGENT NOR ANY OTHER
PARTY SHALL BE A COINSURER THEREUNDER AND TO CONTAIN A "REPLACEMENT COST
ENDORSEMENT", WITHOUT ANY DEDUCTION FOR DEPRECIATION, AND SUCH OTHER PROVISIONS
AS THE AGENTS MAY REASONABLY REQUIRE FROM TIME TO TIME TO PROTECT THEIR
INTERESTS; (III) DELIVER BROKER'S CERTIFICATES TO THE COLLATERAL AGENT;
(IV) CAUSE EACH SUCH POLICY TO PROVIDE THAT IT SHALL NOT BE CANCELED OR NOT
RENEWED BY REASON OF NONPAYMENT OF PREMIUM UPON NOT LESS THAN 10 DAYS' PRIOR
WRITTEN NOTICE THEREOF BY THE INSURER TO THE ADMINISTRATIVE AGENT (GIVING THE
ADMINISTRATIVE AGENT THE RIGHT TO CURE DEFAULTS IN THE PAYMENT OF PREMIUMS) OR
FOR ANY OTHER REASON UPON NOT LESS THAN 30 DAYS' PRIOR WRITTEN NOTICE THEREOF BY
THE INSURER TO THE ADMINISTRATIVE AGENT; AND (V) DELIVER TO THE ADMINISTRATIVE
AGENT, BEFORE THE CANCELLATION OR NONRENEWAL OF ANY SUCH POLICY OF INSURANCE, A
COPY OF A RENEWAL OR REPLACEMENT POLICY (OR OTHER EVIDENCE OF RENEWAL OF A
POLICY PREVIOUSLY DELIVERED TO THE ADMINISTRATIVE AGENT), TOGETHER WITH EVIDENCE
REASONABLY SATISFACTORY TO THE AGENTS OF PAYMENT OF THE PREMIUM THEREFOR.
(D)
IN CONNECTION WITH THE COVENANTS SET FORTH IN THIS SECTION, IT IS AGREED
THAT:
(I) NONE OF THE AGENTS, THE LENDERS, 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, AND (A) THE BORROWER AND EACH SUBSIDIARY LOAN
PARTY (AND, PRIOR TO THE BORROWING BASE DATE, HOLDINGS AND EACH OF ITS
SUBSIDIARIES) SHALL LOOK SOLELY TO THEIR INSURANCE COMPANIES OR ANY OTHER
PARTIES OTHER THAN THE AFORESAID PARTIES FOR THE RECOVERY OF SUCH LOSS OR DAMAGE
AND (B) SUCH