Captive Insurance Program. Notwithstanding anything to the contrary contained in this Article 9, so long as Diversicare Healthcare Services, Inc. or its permitted successor is a Guarantor, Tenant shall have the right to satisfy its insurance obligations under Sections 9.1.5 and 9.1.6 (the “Specified Non-Property Insurance”) of this Lease by means of an alternative “captive” insurance program to the extent of all or part of the Specified Non-Property Insurance required under this Article 9, provide that (a) such alternative “captive” insurance program is permitted under all Legal Requirements applicable to Tenant and/or the Facilities at the time in question and (b) such alternative “captive” insurance program is in compliance with all Legal Requirements applicable to such alternative “captive” insurance. To the extent Tenant chooses to provide any of the Specified Non-Property Insurance otherwise required by this Lease through an alternative “captive” insurance program, then Tenant and Guarantor shall have all of the obligations and liabilities of an insurer, and the protection afforded Landlord, any Facility Mortgagee, and each Facility shall be the same as if provided by a non-affiliated third-party insurer under the coverages required under this Lease. Without limiting the generality of the foregoing, all amounts which a “captive” insurer pays or is required to pay and all losses or damages resulting from risks for which Tenant has elected to maintain an alternative “captive” insurance program with respect to shall be subject to the waiver of subrogation provisions of Section 9.2.1, and shall not limit any of Tenant’s indemnification obligations pursuant to this Lease. In the event that Tenant elects to maintain an alternative “captive” insurance program and an event or claim occurs for which a defense and/or coverage would have been available from a third-party insurer, Tenant and Guarantor shall undertake to cause its “captive” insurer to undertake the defense of any such claim, including a defense of Landlord, at their sole cost and expense, and use their own funds to pay any claim or replace any property or otherwise provide the funding which would have been available from insurance proceeds but for such election by Tenant to maintain an alternative “captive” insurance program. In the event that Tenant elects to maintain an alternative “captive” insurance program pursuant to this Section 9.9, Tenant shall provide Lessor and any Facility Mortgagee with certificates of insurance specifying the extent of such insurance coverage and Tenant shall provide Landlord with a copy of the captive’s audited financial statements on an annual basis. Notwithstanding anything to the contrary in this Section 9.9, Tenant shall not have the right to satisfy its insurance obligations under Sections 9.1.1, 9.1.2, 9.1.3 and 9.1.4 by means of an alternative “captive” insurance program. In the event that Tenant converts any insurance provided through an alternative “captive” insurance program to insurance provided by a non-affiliated third-party insurer, Tenant shall provide to Landlord evidence of such insurance concurrently with the effectiveness thereof.
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Samples: Master Lease (Diversicare Healthcare Services, Inc.), Master Lease (Diversicare Healthcare Services, Inc.)
Captive Insurance Program. Notwithstanding anything At any time on or after the earlier to occur of (i) the contrary contained third anniversary of the Commencement Date or (ii) the maturity date of the loans evidenced by the Xxxx Xxxxxxx Loan Documents, Lessor agrees that Lessee may substitute the insurance coverage required in Subsection 13.1.5 of this Article 9, so long as Diversicare Healthcare Services, Inc. or with its permitted successor is a Guarantor, Tenant shall have Captive Insurance Program only if the right to satisfy its insurance obligations under Sections 9.1.5 and 9.1.6 (the “Specified Non-Property Insurance”) of this Lease by means of an alternative “captive” insurance program to the extent of all or part of the Specified Non-Property Insurance required under this Article 9, provide that following requirements are met: (a) such alternative Lessor determines that the Captive Insurance Program in effect at that time is substantially similar to the Captive Insurance Program that Lessee has in place as of the Commencement Date (a description of which is attached hereto as Exhibit “captive” insurance program is permitted under all Legal Requirements applicable to Tenant and/or the Facilities at the time in question and B”), (b) Lessee’s captive insurer’s state of domicile has not issued a Certificate of Non Compliance for Lessee’s captive insurer, and (c) the financial condition of Lessee’s captive insurer is certified by Price Waterhouse Coopers or another similar accounting firm to meet the requirements set forth on a recent annual actuarial report dated not more than twelve (12) months prior to the date of substitution of such alternative “captive” captive insurer prepared by Price Waterhouse Coopers or another similar accounting firm. If Lessee has substituted its Captive Insurance Program in lieu of the insurance program is requirements in Subsection 13.1.5 of this Article, then on each anniversary of the Commencement Date subsequent to such substitution Lessee shall provide Lessor with an up to date annual actuarial report dated not more than twelve (12) months prior to such anniversary of its captive insurer prepared by Price Waterhouse Coopers or another similar accounting firm and if the financial condition of Lessee’s captive insurer as certified by Price Waterhouse Coopers or another similar accounting firm does not meet the requirements set forth in such annual actuarial report, then Lessee shall promptly purchase insurance from third party carriers in compliance with all Legal Requirements applicable to such alternative “captive” insurance. To the extent Tenant chooses to provide any of the Specified Non-Property Insurance otherwise required by provisions of Article XIII above and maintain such coverage in effect in accordance with the requirements of this Lease through an alternative “captive” insurance programArticle XIII. If Lessee’s captive insurer’s state of domicile issues a Certificate of Non Compliance for Lessee’s captive insurer, then Tenant and Guarantor Lessor shall have the right, at any time thereafter, to require Lessee to promptly purchase insurance from third party carriers in compliance with all of the obligations and liabilities of an insurer, and the protection afforded Landlord, any Facility Mortgagee, and each Facility shall be the same as if provided by a non-affiliated third-party insurer under the coverages required under this Lease. Without limiting the generality of the foregoing, all amounts which a “captive” insurer pays or is required to pay and all losses or damages resulting from risks for which Tenant has elected to maintain an alternative “captive” insurance program with respect to shall be subject to the waiver of subrogation provisions of Section 9.2.1, Article XIII above and Lessee shall not limit any of Tenant’s indemnification obligations pursuant to this Lease. In the event that Tenant elects to thereafter maintain an alternative “captive” insurance program and an event or claim occurs for which a defense and/or such coverage would have been available from a third-party insurer, Tenant and Guarantor shall undertake to cause its “captive” insurer to undertake the defense of any such claim, including a defense of Landlord, at their sole cost and expense, and use their own funds to pay any claim or replace any property or otherwise provide the funding which would have been available from insurance proceeds but for such election by Tenant to maintain an alternative “captive” insurance program. In the event that Tenant elects to maintain an alternative “captive” insurance program pursuant to this Section 9.9, Tenant shall provide Lessor and any Facility Mortgagee with certificates of insurance specifying the extent of such insurance coverage and Tenant shall provide Landlord with a copy of the captive’s audited financial statements on an annual basis. Notwithstanding anything to the contrary in this Section 9.9, Tenant shall not have the right to satisfy its insurance obligations under Sections 9.1.1, 9.1.2, 9.1.3 and 9.1.4 by means of an alternative “captive” insurance program. In the event that Tenant converts any insurance provided through an alternative “captive” insurance program to insurance provided by a non-affiliated third-party insurer, Tenant shall provide to Landlord evidence of such insurance concurrently effect in accordance with the effectiveness thereofrequirements of this Article XIII.
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Captive Insurance Program. Notwithstanding anything to the contrary contained in this Article 9, so long as Diversicare Healthcare Services, Inc. or its permitted successor is a Guarantor, Tenant shall have the right to satisfy its insurance obligations under Sections 9.1.5 and 9.1.6 (the “Specified Non-Property Insurance”) of this Lease by means of an alternative “captive” insurance program to the extent of all or part of the Specified Non-Property Insurance required under this Article 9, provide that (a) such alternative “captive” insurance program is permitted under all Legal Requirements applicable to Tenant and/or the Facilities at the time in question and (b) such alternative “captive” insurance program is in compliance with all Legal Requirements applicable to such alternative “captive” insurance. To the extent Tenant chooses to provide any of the Specified Non-Property Insurance otherwise required by this Lease through an alternative “captive” insurance program, then Tenant and Guarantor shall have all of the obligations and liabilities of an insurer, and the protection afforded Landlord, any Facility Mortgagee, and each Facility shall be the same as if provided by a non-affiliated third-party insurer under the coverages required under this Lease. Without limiting the generality of the foregoing, all amounts which a “captive” insurer pays or is required to pay and all losses or damages resulting from risks for which Tenant has elected to maintain an alternative “captive” insurance program with respect to shall be subject to the waiver of subrogation provisions of Section 9.2.1, and shall not limit any of Tenant’s indemnification obligations pursuant to this Lease. In the event that Tenant elects to maintain an alternative “captive” insurance program and an event or claim occurs for which a defense and/or coverage would have been available from a third-party insurer, Tenant and Guarantor shall undertake to cause its “captive” insurer to undertake the defense of any such claim, including a defense of Landlord, at their sole cost and expense, and use their own funds to pay any claim or replace any property or otherwise provide the funding which would have been available from insurance proceeds but for such election by Tenant to maintain an alternative “captive” insurance program. In the event that Tenant elects to maintain an alternative “captive” insurance program pursuant to this Section 9.9, Tenant shall provide Lessor and any Facility Mortgagee with certificates of insurance specifying the extent of such insurance coverage and Tenant shall provide Landlord with a copy of the captive’s audited financial statements on an annual basis. Notwithstanding anything to the contrary in this Section 9.9, Tenant shall not have the right to satisfy its insurance obligations under Sections 9.1.1, 9.1.2, 9.1.3 and 9.1.4 by means of an alternative “captive” insurance program. In the event that Tenant converts any insurance provided through an alternative “captive” insurance program to insurance provided by a non-affiliated third-party insurer, Tenant shall provide to Landlord evidence of such insurance concurrently with the effectiveness thereof.. Article X
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Samples: Master Lease
