Common use of Additional Insurance Clause in Contracts

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided, the Indenture Trustee shall, if directed in writing by the Requisite Majority, upon prior written notice to the Issuer and paid for out of funds in the Collections Account, obtain such insurance. If after the Indenture Trustee has obtained such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained pursuant to the first sentence of this Section 5.04(f)(ii). In such event, the Issuer shall reimburse the Collections Account for all costs of cancellation. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, the Indenture Trustee shall obtain such insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the Holders, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars, with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided, the Indenture Trustee shall, if directed in writing by the Requisite Majority, upon prior written notice to the Issuer and paid for out of funds in the Collections Account, obtain such insurance. If after the Indenture Trustee has obtained such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained pursuant to the first sentence of this Section 5.04(f)(ii). In such event, the Issuer shall reimburse the Collections Account for all costs of cancellation. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, the Indenture Trustee shall obtain such insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersNoteholders, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars, with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein providedprovided or provided in any Series Supplement, the Indenture Trustee shall, if directed in writing by the Requisite Majoritymay at its option, upon prior written notice to Issuer, provide such insurance and, in such event, Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notes, on the amount of the cost to the Indenture Trustee of such insurance which Issuer and paid for out of funds in the Collections Account, obtain such insuranceshall have failed to maintain. If after the Indenture Trustee has obtained provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i5.04(g) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the . The Indenture Trustee shall cancel the insurance it has obtained provided pursuant to the first sentence of this Section 5.04(f)(ii5.04(g)(ii). In such event, the Issuer shall reimburse the Collections Account Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A Notes. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, at any time the Indenture Trustee shall obtain such may at its own expense carry insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersRailcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(f5.04(g) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars, ) with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided, the Indenture Trustee shall, if directed in writing by the Requisite Majoritymay at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer and paid shall, upon demand from time to time reimburse the Indenture Trustee for out the cost thereof together with interest from the date of funds in payment thereof at the Collections AccountStated Rate on the most recently issued Class of Equipment Notes (or, obtain if more than one Class of Equipment Notes was issued on the same date, the lowest of the Stated Rates on such insuranceClasses, determined as of the most recent Determination Date), on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has obtained provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i5.04(f) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained provided pursuant to the first sentence of this Section 5.04(f)(ii). In such event, the Issuer shall reimburse the Collections Account Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at such Stated Rate. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, at any time the Indenture Trustee shall obtain such may at its own expense carry insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersRailcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars, with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided, the Indenture Trustee shall, if directed in writing by the Requisite Majoritymay at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer and paid shall, upon demand from time to time reimburse the Indenture Trustee for out the cost thereof together with interest from the date of funds in payment thereof at the Collections AccountStated Rate on the most recently issued Class of Equipment Notes (or, obtain if more than one Class of Equipment Notes was issued on the same date, the lowest of the Stated Rates on such insuranceClasses, determined as of the most recent Determination Date), on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has obtained provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained provided pursuant to the first sentence of this Section 5.04(f)(ii). In such event, the Issuer shall reimburse the Collections Account Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee's payment thereof at such Stated Rate. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, at any time the Indenture Trustee shall obtain such may at its own expense carry insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersRailcars, provided that such insurance does not interfere with the Issuer’s 's ability to insure the Portfolio Railcars as required by this Section 5.04(f) or adversely affect the Issuer’s 's insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s 's insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s 's obligations hereunder, other than with respect to Portfolio Railcars, with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided, the Indenture Trustee shall, if directed in writing by the Requisite Majoritymay at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer and paid shall, upon demand from time to time reimburse the Indenture Trustee for out the cost thereof together with interest from the date of funds in payment thereof at the Collections AccountStated Rate on the Equipment Notes, obtain on the amount of the cost to the Indenture Trustee of such insuranceinsurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has obtained provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i5.04(f) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained provided pursuant to the first sentence of this Section 5.04(f)(ii). In such event, the Issuer shall reimburse the Collections Account Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the Equipment Notes. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, at any time the Indenture Trustee shall obtain such may at its own expense carry insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersRailcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars, ) with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided, the Indenture Trustee shall, if directed in writing by the Requisite Majoritymay at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer and paid shall, upon demand from time to time reimburse the Indenture Trustee for out the cost thereof together with interest from the date of funds in payment thereof at the Collections AccountStated Rate on the Equipment Notes, obtain on the amount of the cost to the Indenture Trustee of such insuranceinsurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has obtained provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i5.04(f) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained provided pursuant to the first sentence of this Section 5.04(f)(ii). In such event, the Issuer shall reimburse the Collections Account Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the Equipment Notes. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, at any time the Indenture Trustee shall obtain such may at its own expense carry insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersRailcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars, with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided, the Indenture Trustee shall, if directed in writing by the Requisite Majoritymay at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer and paid shall, upon demand from time to time reimburse the Indenture Trustee for out the cost thereof together with interest from the date of funds in payment thereof at the Collections AccountStated Rate on the most recently issued Class of Equipment Notes (or, obtain if more than one Class of Equipment Notes was issued on the same date, the lowest of the Stated Rates on such insuranceClasses, determined as of the most recent Determination Date), on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has obtained provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained provided pursuant to the first sentence of this Section 5.04(f)(ii). In such event, the Issuer shall reimburse the Collections Account Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at such Stated Rate. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, at any time the Indenture Trustee shall obtain such may at its own expense carry insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersRailcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars, with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer Owner shall fail to maintain insurance as herein provided, in Section 4.07 or, if applicable, Section 4.09, the Indenture Trustee shall, if directed in writing by the Requisite Majoritymay at its option, upon prior written notice to the Issuer and paid for out of funds Owner (provided Owner has not procured the necessary insurance in the Collections Accountinterim and notified the Indenture Trustee in reasonable detail of the procurement, obtain coverage and term thereof), provide such insuranceinsurance and, in such event, the Owner shall, upon demand from time to time, reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Late Rate, on the amount of the cost to the Indenture Trustee of such insurance which the Owner shall have failed to maintain. If after the Indenture Trustee has obtained provided such insurance, the Issuer Owner then obtains the coverage provided for in Section 5.04(f)(i) 4.07 which was replaced by the insurance provided by the Indenture Trustee, and the Issuer Owner provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee, the Indenture Trustee shall cancel the insurance it has obtained provided pursuant to the first sentence of this Section 5.04(f)(ii)paragraph. In such event, the Issuer Owner shall reimburse the Collections Account Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Late Rate. In addition, if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, at any time the Indenture Trustee shall obtain such (either directly or in the name of Loan Participant) or the Loan Participant may at its own expense carry insurance with such agent with respect to its interest in the Portfolio Railcars at the expense of the HoldersUnits, provided that such insurance does not interfere with the IssuerOwner’s ability to insure the Portfolio Railcars Equipment as required by this Section 5.04(f) Article IV or adversely affect the IssuerOwner’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar Unit shall remain with the IssuerOwner’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee or the Loan Participant pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance Indenture Trustee or the Loan Participant, as the case may be, without reducing or otherwise affecting the IssuerOwner’s obligations hereunder, other than with respect to Portfolio Railcars, with respect to which such payments have been made.