Common use of Claims-Made Forms Clause in Contracts

Claims-Made Forms. If any liability insurance required under the provisions of this Schedule 5.17 is permitted to be written on a “claims made” basis, then such insurance shall include (i) a retroactive date (as such term is specified in each of such policies) that is no later than the Closing Date; and (ii) each time any policy written on a “claims made” basis is not renewed or the retroactive date of such policy is to be changed, the Borrower shall obtain or cause to be obtained for each such policy or policies the broadest extended reporting period coverage, or “tail”, reasonably available in the commercial insurance market for each such policy or policies but in no event shall such extended reporting period or “tail” coverage be less than the greater of two (2) years or such other amount required under the Project Documents. In the alternative, the Borrower can meet the requirements of this Section 1.2(f) by obtaining “prior acts” coverage from a subsequent insurance carrier.

Claims-Made Forms. If any liability insurance required under the provisions of this Schedule 5.17 Exhibit H-1 is permitted to be written on a “claims made” basis, then such insurance shall include (i) a retroactive date (as such term is specified in each of such policies) that is no later than the Closing Date; and (ii) each time any policy written on a “claims made” basis is not renewed or the retroactive date of such policy is to be changed, the Borrower shall obtain or shall cause to be obtained for each such policy or policies the broadest extended reporting period coverage, or “tail”, reasonably available in the commercial insurance market for each such policy or policies but in no event shall such extended reporting period or “tail” coverage be less than the greater of two (2) years or such other amount required under the Project Documentsyears. In the alternative, the Borrower can meet the requirements of this Section 1.2(fsection 1.3(f) by obtaining “prior acts” coverage from a subsequent insurance carrier.