CCOI » Topics » 5.2 Insurance.

This excerpt taken from the CCOI 8-K filed Dec 16, 2005.
5.2  Insurance.  Borrower shall at all times insure all of the tangible personal property Collateral and carry such other business insurance, with insurers reasonably acceptable to Silicon, in such form and amounts as Silicon determines are customary and in accordance with standard practices for Borrower’s industry and locations, and Borrower shall provide evidence of such insurance to Silicon.  All such insurance policies shall name Silicon as an additional loss payee, as its interests may appear, and shall contain a lenders loss payee endorsement in form reasonably acceptable to Silicon.  Upon receipt of any proceeds of any such insurance, Silicon shall apply such proceeds in reduction of the Obligations as Silicon shall determine in its good faith business judgment, except that, provided no Default or Event of Default has occurred and is continuing, Silicon shall release to Borrower insurance proceeds with respect to Equipment totaling less than $100,000, which shall be utilized by Borrower for the replacement of the Equipment with respect to which the insurance proceeds were paid.  Silicon may require reasonable assurance that the insurance proceeds so released will be so used.  If Borrower fails to provide or pay for any insurance required to be maintained hereunder, Silicon may, but is not obligated to, obtain the same at Borrower’s expense.  Borrower shall promptly deliver to Silicon copies of all material reports made to insurance companies.

 

This excerpt taken from the CCOI 8-K filed Mar 14, 2005.
5.2  Insurance.  Borrower shall at all times insure all of the tangible personal property Collateral and carry such other business insurance, with insurers reasonably acceptable to Silicon, in such form and amounts as Silicon determines are customary and in accordance with standard practices for Borrower’s industry and locations, and Borrower shall provide evidence of such insurance to Silicon.  All such insurance policies shall name Silicon as an additional loss payee, as its interests may appear, and shall contain a lenders loss payee endorsement in form reasonably acceptable to Silicon.  Upon receipt of any proceeds of any such insurance, Silicon shall apply such proceeds in reduction of the Obligations as Silicon shall determine in its good faith business judgment, except that, provided no Default or Event of Default has occurred and is continuing, Silicon shall release to Borrower insurance proceeds with respect to Equipment totaling less than $100,000, which shall be utilized by Borrower for the replacement of the Equipment with respect to which the insurance proceeds were paid.  Silicon may require reasonable assurance that the insurance proceeds so released will be so used.  If Borrower and Cisco fail to provide or pay for any insurance required to be maintained hereunder, Silicon may, but is not obligated to, obtain the same at Borrower’s expense.  Borrower shall promptly deliver to Silicon copies of all material reports made to insurance companies.

 

EXCERPTS ON THIS PAGE:

8-K
Dec 16, 2005
8-K
Mar 14, 2005
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