Common use of Additional Provisions Concerning Insurance Clause in Contracts

Additional Provisions Concerning Insurance. (a) Any insurance required hereunder shall be written by insurance companies authorized or licensed to do business in the State and shall be on such forms and written by such companies as shall be approved by the Issuer and the Purchaser. Such insurance coverage may be effected under overall blanket or excess coverage policies of the Company provided that the Company shall not be deemed to be a co-insurer thereunder. Each insurance policy maintained pursuant to this Agreement shall contain a provision to the effect that such policy shall not be cancelled or altered unless the Trustee is notified at least fifteen (15) days prior to such cancellation or alteration. At least thirty (30) days prior to the expiration of any such policy, the Company shall furnish evidence satisfactory to the Trustee that such policy has been renewed or replaced or is no longer required by this Agreement. (b) Each insurance policy maintained pursuant to this Agreement and providing insurance against loss of or damage to property shall be written or endorsed so as to name the Trustee as an additional insured as its interests may appear and to have the proceeds thereof payable directly to the Trustee as loss payee. Each policy providing public liability coverage shall be written or endorsed so as to name the Trustee as an additional insured. (c) Duplicate copies of any insurance policies and evidence of renewal or replacement thereof shall promptly be furnished to the Trustee for its records. Evidence of the payment of the first year's premiums on such policies shall be delivered to the Trustee on the Closing Date. Thereafter, the Company shall deliver to the Trustee evidence of the payment of all additional premiums prior to the expiration or renewal dates of all such policies. (d) In the event of loss or damage to the Project Facility, the Net Proceeds of any insurance provided hereunder shall be deposited with the Trustee and applied as set forth in Article VI hereof, and in the event of a public liability occurrence, the Net Proceeds of any insurance provided hereunder shall be applied towards satisfaction of such liability.

Additional Provisions Concerning Insurance. (a) Any insurance required hereunder shall be written by insurance companies authorized or licensed to do business in the State and shall be on such forms and written by such companies as shall be approved by the Issuer and the PurchaserIssuer. Such insurance coverage may be effected under overall blanket or excess coverage policies of the Company provided that the Company shall not be deemed to be a co-insurer thereunder. Each insurance policy maintained pursuant to this Agreement shall contain a provision to the effect that such policy shall not be cancelled canceled or altered unless the Trustee is notified at least fifteen (15) days prior to such cancellation or alteration. At least thirty (30) days prior to the expiration of any such policy, the Company shall furnish evidence satisfactory to the Trustee that such policy has been renewed or replaced or is no longer required by this Agreement. (b) Each insurance policy maintained pursuant to this Agreement and providing insurance against loss of or damage to property shall be written or endorsed so as to name the Trustee as an additional insured as its interests may appear and to have the proceeds thereof payable directly to the Trustee as loss payee. Each policy providing public liability coverage shall be written or endorsed so as to name the Trustee as an additional insured. (c) Duplicate copies of any insurance policies and evidence of renewal or replacement thereof shall promptly be furnished to the Trustee for its records. Evidence of the payment of the first year's premiums on such policies shall be delivered to the Trustee on the Closing Date. Thereafter, the Company shall deliver to the Trustee evidence of the payment of all additional premiums prior to the expiration or renewal dates of all such policies. (d) In the event of loss or damage to the Project Facility, the Net Proceeds of any insurance provided hereunder shall be deposited with the Trustee and applied as set forth in Article VI hereof, and in the event of a public liability occurrence, the Net Proceeds of any insurance provided hereunder shall be applied towards satisfaction of such liability.

Additional Provisions Concerning Insurance. (a) Any insurance required hereunder shall be written by insurance companies authorized or licensed to do business in the State and shall be on such forms and written by such companies as shall be approved by the Issuer Authority and the PurchaserCompany's insurance consultant. Such insurance coverage may be effected under overall blanket or excess coverage policies of the Company provided that the Company shall not be deemed to be a co-insurer thereunder. Each insurance policy maintained pursuant to this Agreement shall contain a provision to the effect that such policy shall not be cancelled canceled or altered unless the Trustee is notified at least fifteen (15) days prior to such cancellation or alteration. At least thirty (30) days prior to the expiration of any such policy, the Company shall furnish evidence satisfactory to the Trustee and, if requested, to the Authority, that such policy has been renewed or replaced or is no longer required by this Agreement. (b) Each insurance policy maintained pursuant to this Agreement and providing insurance against loss of or damage to property shall be written or endorsed so as to name the Trustee as an additional insured as its interests may appear and to have the proceeds thereof payable directly to the Trustee as loss payee. Each policy providing public liability coverage shall be written or endorsed so as to name the Trustee and the Authority as an additional insuredinsureds and loss payees as their interests may appear. (c) Duplicate copies of any insurance policies and evidence of renewal or replacement thereof shall promptly be furnished to the Trustee for its records. Evidence of the payment of the first year's premiums on such policies shall be delivered to the Trustee on the Closing Date. Thereafter, the Company shall deliver to the Trustee evidence of the payment of all additional premiums prior to the expiration or renewal dates of all such policies. (d) In the event of loss or damage to the Project FacilityMortgaged Property, the Net Proceeds of any insurance provided hereunder shall be deposited with the Trustee and applied as set forth in Article VI hereof, and in the event of a public liability occurrence, the Net Proceeds of any insurance provided hereunder shall be applied towards satisfaction of such liability. (e) The Company shall retain an independent insurance consultant with recognized expertise in assessing insurance needs and shall not later than January 2, 1998 and at least every second January 2 thereafter file a report from such consultant with the Trustee reporting on the adequacy of the types and amounts of insurance and the adequacy of the insurance carriers furnishing the same pursuant to this Article V. In addition, the Company shall comply with any changes recommended by any such insurance consultant.

Additional Provisions Concerning Insurance. (a) Any insurance required hereunder shall be written by insurance companies authorized or licensed to do business in the State and shall be on such forms and written by such companies as shall be approved by the Issuer and the Purchaser. Such insurance coverage may be effected under overall blanket or excess coverage policies of the Company provided that the Company shall not be deemed to be a co-insurer thereunder. Each insurance policy maintained pursuant to this Agreement shall contain a provision to the effect that such policy shall not be cancelled canceled or altered unless the Trustee is and the Issuer are notified at least fifteen (15) days prior to such cancellation or alteration. At least thirty (30) days prior to the expiration of any such policy, the Company shall furnish evidence satisfactory to the Trustee that such policy has been renewed or replaced or is no longer required by this Agreement. (b) Each insurance policy maintained pursuant to this Agreement and providing insurance against loss of or damage to property shall be written or endorsed so as to name the Trustee and the Issuer as an additional insured insureds as its their interests may appear and to have the proceeds thereof payable directly to the Trustee as loss payee. Each policy providing public liability coverage shall be written or endorsed so as to name the Trustee and the Issuer as an additional insuredinsureds and loss payees as their interests may appear. The Trustee shall have no responsibility with respect to any such insurance except to receive insurance certificates and hold the same for inspection by Bondholders. The Trustee shall be under no duty or obligation to effect or to renew any policies of insurance, nor shall the Trustee incur any liability for the failure of the Company to effect or renew insurance or to report claims thereunder. (c) Duplicate copies of any insurance policies and evidence of renewal or replacement thereof shall promptly be furnished to the Issuer and the Trustee for its their records. Evidence of the payment of the first year's premiums on such policies shall be delivered to the Trustee on the Closing Date. Thereafter, the Company shall deliver to the Trustee evidence of the payment of all additional premiums prior to the expiration or renewal dates of all such policies. (d) In the event of loss or damage to the Project FacilityMortgaged Premises, the Net Proceeds of any insurance provided hereunder shall be deposited with the Trustee and applied as set forth in Article VI VIII hereof, and in the event of a public liability occurrence, the Net Proceeds of any insurance provided hereunder shall be applied towards satisfaction of such liability. (e) The Company shall retain an insurance consultant with recognized expertise in assessing insurance needs and not unacceptable to the Trustee in its reasonable discretion, and shall not later than January 2, 1998 and at least every second January 2 thereafter file a report with the Trustee and the Issuer reporting on the adequacy of the types and amounts of insurance and the adequacy of the insurance carriers furnishing the same pursuant to this Article VII. In addition, the Company shall comply with any changes recommended by any such insurance consultant.