Contents of insurance policy. Each Security Provider must use commercially reasonable best efforts to ensure that every insurance policy (other than worker’s compensation, directors’ and officers’ liability and public liability):
(1) is taken out in the name of the Security Provider, notes each Finance Party as an additional insured and insures each of their insurable interests;
(2) names the Agent as the loss payee;
(3) cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any other amount in respect of the insurance policy, unless the Agent is given 30 days prior written notice;
(4) provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and that failure by one insured party to observe and fulfil the conditions of the policy will not prejudice the rights of any other insured party;
(5) insures each Finance Party’s interest up to the limits of the policy regardless of any breach or violation by the Borrower (whichever is applicable) of any warranties, declarations or conditions contained in that policy; and
(6) includes any other terms and conditions which the Agent may reasonable require.
Contents of insurance policy. Each Security Provider must ensure that every insurance policy (other than worker’s compensation and public liability):
(1) is taken out in the name of the Security Provider, notes each Finance Party as an insured and insures each of their insurable interests;
(2) names the Security Trustee as the loss payee;
(3) cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any other amount in respect of the insurance policy, unless the Security Trustee is given 30 days’ prior written notice; and
(4) provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and that failure by one insured party to observe and fulfil the conditions of the policy will not prejudice the rights of any other insured party; and
(5) includes any other terms and conditions which the Agent may reasonably require.
Contents of insurance policy. The Borrower shall undertake all actions necessary so that every insurance policy:
(1) is taken out in the name of the relevant party, notes each Finance Party as an additional insured, loss payee or mortgagee, as its interests may appear;
(2) names the Agent as the loss payee;
(3) provides that it cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any other amount in respect of the insurance policy, unless the Agent is given 10 days prior written notice for non-payment of the relevant premium or 30 days prior written notice for any other reason for termination or variation of the relevant insurance policy;
(4) provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and that failure by one insured party to observe and fulfill the conditions of the policy will not prejudice the rights of any other insured party;
(5) insures the Finance Parties’ interest up to the limits of the policy regardless of any breach or violation by the Borrower of any warranties, declarations or conditions contained in that policy; and
(6) includes any other terms and conditions which the Agent may reasonably require, unless the insurer does not agree to those terms and conditions after the Borrower has used commercially reasonable efforts to obtain them.
Contents of insurance policy. Each Transaction Party must, and must cause Lost Creek to, ensure that every insurance policy:
(1) is taken out in the name of a Transaction Party or Lost Creek, and in the case of each Transaction Party which is a Security Provider, notes each Finance Party as an insured and insures each of their insurable interests;
(2) in the case of each Transaction Party which is a Security Provider, names the Agent as the loss payee;
(3) provides that it cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any other amount in respect of the insurance policy, unless, in the case of each Transaction Party which is a Security Provider, the Agent is given 10 days prior written notice for non-payment of the relevant premium or 30 days prior written notice for any other reason for termination or variation of the relevant insurance policy;
(4) provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and that failure by one insured party to observe and fulfil the conditions of the policy will not prejudice the rights of any other insured party;
(5) in the case of each Transaction Party which is a Security Provider, insures the Finance Parties interest up to the limits of the policy regardless of any breach or vitiation by any Transaction Party which is a Security Provider or any other insured person (which ever is applicable) of any warranties, declarations or conditions contained in that policy; and
(6) includes any other terms and conditions which the Agent may reasonably require, unless the insurer does not agree to those terms and conditions after a Transaction Party which is a Security Provider has used its commercially reasonable efforts to obtain them.
Contents of insurance policy. Each Security Provider must use commercially reasonable best efforts to ensure that every insurance policy (other than worker’s compensation, directors’ and officers’ liability and public liability):
(1) is taken out in the name of the Security Provider, notes each Finance Party as an additional insured and insures each of their insurable interests;
(2) names the Agent as the loss payee;
(3) cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any other amount in respect of the insurance policy, unless the Agent is given 30 days prior written notice; and
(4) provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and that failure by one insured party to observe and fulfil the conditions of the policy will not prejudice the rights of any other insured party.
Contents of insurance policy. Each Transaction Party must ensure that every insurance policy (other than worker's compensation and public liability):
(1) is taken out in the name of the Transaction Party, notes the Lender as an insured and insures each of their insurable interests;
(2) in the case of the Guarantor, names the Lender as the loss payee;
(3) cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any other amount in respect of the insurance policy, unless the Lender is given 30 days prior written notice; and
(4) provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and that failure by one insured party to observe and fulfil the conditions of the policy will not prejudice the rights of any other insured party; and
(5) includes any other terms and conditions which the Lender may reasonably require.
