Covered Satellites Sample Clauses

Covered Satellites. The Issuer will, and the Issuer will cause each of its Restricted Subsidiaries to, obtain, maintain and keep in full force and effect at all times (i) with respect to each Satellite procured by the Issuer or any of its Restricted Subsidiaries for which the risk of loss passes to the Issuer or such Restricted Subsidiary at or before launch, and for which launch insurance or commitments with respect thereto are not in place as of the Issue Date, launch insurance with respect to each such Satellite covering the launch of such Satellite and a period of time thereafter and with such industry standard terms (including exclusions, limitations on coverage, co-insurance and deductibles) as are generally available on commercially reasonable terms, (ii) with respect to each Satellite it currently owns or for which it has risk of loss (or, if the entire Satellite is not owned, the portion it owns or for which it has risk of loss), other than any Excluded Satellite, In-Orbit Insurance and (iii) at all times subsequent to the coverage period of the launch insurance described in clause (i) above, if any, or if launch insurance is not procured, at all times subsequent to the initial completion of in-orbit testing, in each case with respect to each Satellite it then owns or for which it has risk of loss (or portion, as applicable), other than any Excluded Satellite, In-Orbit Insurance; provided, however, that at any time with respect to a Satellite that is not an Excluded Satellite, none of the Issuer or any of its Subsidiaries shall be required to maintain In-Orbit Insurance in excess of 33% of the aggregate net book value of any individual and 50% of the aggregate net book value of all in-orbit Satellites (and portions it owns or for which it has risk of loss) insured (it being understood that any Satellite (or portion, as applicable) protected by In-Orbit Contingency Protection shall be deemed to be insured for a percentage of its net book value as set forth in the definition of “In-Orbit Contingency Protection”). In the event that the expiration and non-renewal of In-Orbit Insurance for such a Satellite (or portion, as applicable) resulting from a claim of loss under such policy causes a failure to comply with the proviso in the immediately preceding sentence, the Issuer and its Restricted Subsidiaries shall be deemed to be in compliance with such proviso for the 120 days immediately following such expiration or nonrenewal; provided that the Issuer or any of its Restri...

Covered Satellites. Holdings will, and will cause each of its Restricted Subsidiaries to, maintain insurance with respect to Satellites as follows:

Covered Satellites. The Borrower will, and will cause each of its Restricted Subsidiaries to, maintain insurance with respect to Satellites as follows:

Covered Satellites. The Borrower will, and will cause each of its Restricted Subsidiaries to, maintain a satellite risk management program with respect to that portion, which may be all, of any Covered Satellite that is owned by the Borrower or any of its Restricted Subsidiaries or for which the Borrower or any of its Restricted Subsidiaries otherwise bears the risk of loss that is consistent with the Borrower’s risk management policies as of the date hereof, which program may comprise Launch Insurance and In-Orbit Insurance, self-insurance, co-insurance and/or in-orbit spare or preemptible transponder capacity protection. Notwithstanding the foregoing sentence, any decision on the part of the Borrower: (i) with respect to that portion, which may be all, of any Covered Satellite that is owned by the Borrower or any of its Restricted Subsidiaries or for which the Borrower or any of its Restricted Subsidiaries otherwise bears the risk of loss that has a net book value, less satellite performance incentives, in excess of $150,000,000, not to procure and maintain, or to permit or cause any of its Restricted Subsidiaries not to procure and maintain, Launch Insurance or In-Orbit Insurance or not to maintain any other risk management program, (ii) to procure and maintain, or cause to be procured and maintained, In-Orbit Insurance on terms that provide co-insurance or other form of self-insured retention in an amount in excess of $150,000,000 with respect to such portion of a Covered Satellite or (iii) to procure and maintain, or cause to be procured and maintained, Launch Insurance on terms that provide co-insurance or other form of self-insured retention in an amount in excess of $75,000,000 with respect to the satellite commonly referred to as 10-02 or $50,000,000 with respect to any other Covered Satellite or any series of Covered Satellites, shall be based on the good faith determination of the Board of Directors, or a committee of the Board of Directors, of the Borrower in its prudent business judgment after considering any report, opinion or other information provided by its insurance broker with respect thereto, and after considering, among other things, the availability and terms (including deductibles and exclusions to coverage) of insurance, insurance policies previously obtained by the Borrower or its Restricted Subsidiaries, the condition of the satellite fleet of the Borrower and its subsidiaries, taken as a whole, the operational experience of the Borrower and its subs...