Common use of Authority’s Obligation Regarding Insurance Premiums Clause in Contracts

Authority’s Obligation Regarding Insurance Premiums. The Authority shall cause to be segregated and set aside, on each anniversary of the date of this Agreement while the Project Bonds are outstanding, from its available funds, a sum equal (taking into account moneys previously segregated and set aside and not so used for such purpose) to (i) the amount of insurance premiums shown in the prior year’s Insurance Certificate plus (ii) an amount equal to 5% of such insurance premiums, which, if not otherwise paid as and when due, shall be used to pay all insurance premiums required by Article V hereof in order to keep in full force and effect all insurance policies described in the Insurance Certificate. On or the day succeeding the delivery of the Insurance Certificate, the amount required to be segregated as provided herein shall be adjusted, if necessary, to reflect the actual amount of insurance premiums set forth in such Insurance Certificate.

Authority’s Obligation Regarding Insurance Premiums. The Authority shall cause to be segregated and set aside, on each anniversary of the date of this Agreement while the Project Bonds are outstanding, from its available funds, a sum equal (taking into account moneys previously segregated and set aside and not so used for such purpose) to (i) the amount of insurance premiums shown in the prior year’s Insurance Certificate plus (ii) an amount equal to 5% of such insurance premiums, which, if not otherwise paid as and when due, shall be used to pay all insurance premiums required by Article V hereof in order to keep in full force and effect all insurance policies described in the Insurance Certificate. On or before the day succeeding the delivery of the Insurance Certificate, the amount required to be segregated as provided herein shall be adjusted, if necessary, to reflect the actual amount of insurance premiums set forth in such Insurance Certificate.