Each of the Obligors are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged. All policies of insurance insuring such Obligor or their respective businesses, assets, employees, officers and directors are in full force and effect. Such Obligor is in compliance with the terms of such policies and instruments in all material respects, and there are no claims by such Obligor under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. None of such Obligor has been refused any insurance coverage sought or applied for, and none of such Obligor has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not, individually or in the aggregate, have a Material Adverse Effect.