Additional Requirements Relating to Insurances Clause Samples

Additional Requirements Relating to Insurances. (a) The Borrower shall procure that all Insurances which it is required to effect or cause to be effected under this Insurance Schedule shall: (i) be placed and maintained through such insurance brokers and with insurers and reinsurers of sound security and reputation with an insurer Standard and Poor's security rating of a minimum A- and in any case approved by the Lenders; (ii) insure each of (A) the Borrower (B) the Finance Parties (in every capacity in which they, or any of them, may be acting under the Finance Documents) and (C) in respect of third party liability, the directors, officers, employees and agents of the Finance Parties in respect of their respective interests in the insured risks to the intent that the risks borne by the co-insured parties and required to be insured under the Insurances should be transferred to the insurers thereof; (iii) have attached the endorsements specified in Exhibit A; and (iv) be the subject of a notice of pledge duly given to the Insurers or of an acceptance of pledge by the Insurers pursuant to the Pledge over Receivables and Accounts; (v) comply with the requirements and specifications of this Schedule and in particular are effected against the risks and liabilities and maintained for not less than the amounts specified in Paragraph 1 (as varied from time to time as required under this Schedule) and include only such provisions for self-insurance, whether by deductible or otherwise, as are specified in Paragraph 1; (vi) cover the Project on a full replacement value basis, adjusted from time to time as necessary to maintain such basis; and (vii) are primary, without right of contribution from any other insurance and shall expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if they were a separate policy with, and covering, each insured.