Common use of General Requirements of Insurance Policies Clause in Contracts

General Requirements of Insurance Policies. All Insurance Policies shall be issued by an insurer or insurers with an A.M. Best rating of at least A:X (or, with respect to property and liability insurers excess of a $25,000,000 primary policy, carriers may have an A.M. Best rating of A-:XIII or better with an “Outlook” of either “Stable” or “Positive,” so long as these limits do not exceed thirty percent (30%) of the aggregate program limits of Sponsor or ten percent (10%) of the insurer’s policy holder surplus). The property, boiler and machinery Insurance Policies shall also name Agent and each Lender under a non-contributing Standard Mortgagee or Lender Loss Payee clause and, with respect to rental income, as Lender Loss Payee, on forms reasonably acceptable to Agent, or equivalent endorsements reasonably satisfactory to Agent and shall be otherwise reasonably satisfactory to Agent in form and content. All property Insurance Policies also shall include a replacement cost and co-insurance waiver and/or an agreed amount endorsement and other endorsements as are provided in Schedule 5.11 attached hereto. The amount of any deductible under any Insurance Policy must be reasonably acceptable to Agent. No Insurance Policy shall contain any exclusion for terrorism or terrorist acts or be subject to any sublimit for terrorism or terrorist acts without the prior approval of Agent. Without Agent’s prior consent, Borrower shall not name any Person other than Agent as loss payee or mortgagee under any property Insurance Policies nor shall Borrower carry separate or additional insurance coverage covering the Premises and such improvements and betterments which Borrower is required to insure pursuant to any agreement concurrent in form or contributing in the event of loss with that required by this Loan Agreement; provided, that, if blanket policies are obtained, this sentence shall not apply to property covered by such blanket policies, other than the Premises and such improvements and betterments. Borrower shall pay the premiums for the Insurance Policies as the same become due and payable. Borrower shall deliver to Agent insurance-agent-certified copies of the Insurance Policies required to be maintained pursuant to Section 5.11(a) hereof, provided, however, Agent shall not be deemed by reason of the custody of such Insurance Policies to have knowledge of the contents thereof. Borrower also shall deliver to Agent, within ten (10) Business Days of Agent’s request, a certificate of Borrower or Borrower’s insurance agent evidencing the coverages set forth herein together with evidence that all premiums due thereon have been paid and that the same are in full force and effect. Not later than ten (10) Business Days prior to the expiration date of each of the Insurance Policies, Borrower shall deliver to Agent a certificate of insurance, evidencing renewal of coverage as required herein, or binders of all such renewal Insurance Policies, if available, or at Agent’s request and if available, an insurance-agent-certified copy of a renewal policy or policies, in each case together with evidence satisfactory to Agent that all premiums therefor have been paid and that the policies are in full force and effect. Borrower shall in any case deliver to Agent an insurance-agent-certified copy of each renewal policy promptly after it becomes available.

General Requirements of Insurance Policies. All Insurance Policies shall be issued by an insurer or insurers with an A.M. Best rating of at least A:X (or, with respect to property and liability insurers excess of a $25,000,000 primary policy, carriers may have an A.M. Best rating of A-:XIII or better with an “Outlook” of either “Stable” or “Positive,” so long as these limits do not exceed thirty percent (30%) of the aggregate program limits of Sponsor or ten percent (10%) of the insurer’s policy holder surplus)better. The property, boiler and machinery Insurance Policies shall also name Agent and each Lender under a non-contributing New York Standard Mortgagee or Lender Loss Payee lenders loss payable endorsement clause and, with respect to rental income, as Lender Loss Payee, on forms reasonably acceptable to Agent, or equivalent endorsements reasonably satisfactory to Agent and shall be otherwise reasonably satisfactory to Agent in form and content. All property Insurance Policies also shall include a replacement cost and co-insurance waiver and/or an agreed amount endorsement and other endorsements as are provided in Schedule 5.11 Exhibit T attached hereto. The amount of any deductible under any Insurance Policy must be reasonably acceptable to Agent. No Insurance Policy shall contain any exclusion for terrorism or terrorist acts or be subject to any sublimit for terrorism or terrorist acts without the prior approval of Agent, unless a separate policy of terrorism insurance reasonably acceptable to Agent shall have been provided to Agent. Without Agent’s prior consent, no Borrower shall not name any Person other than Agent as loss payee or mortgagee under any property Insurance Policies nor shall any Borrower carry separate or additional insurance coverage covering the Premises Borrowing Base Properties and such improvements and betterments which such Borrower is required to insure pursuant to any agreement concurrent in form or contributing in the event of loss with that required by this Loan Agreement; provided, that, if blanket policies are obtained, this sentence shall not apply to property covered by such blanket policies, other than the Premises Borrowing Base Properties and such improvements and betterments. Each Borrower shall will pay the premiums for the Insurance Policies as the same become due and payable. Each Borrower shall will deliver to Agent insurance-agent-certified copies of the Insurance Policies required to be maintained pursuant to Section 5.11(a5.19(a) hereof, provided, however, Agent shall not be deemed by reason of the custody of such Insurance Policies to have knowledge of the contents thereof. Each Borrower will also shall deliver to Agent, within ten (10) Business Days days of Agent’s request, a certificate of Borrower such Borrower, or Borrower’s an insurance agent thereof evidencing the coverages set forth herein together with evidence that all premiums due thereon have been paid and that the same are in full force and effect. Not later than ten (10) Business Days days prior to the expiration date of each of the Insurance Policies, each Borrower shall will deliver or cause to be delivered to Agent a certificate of insurance, insurance evidencing renewal of coverage as required hereinherein or, or binders of all such renewal Insurance Policies, if available, or at Agent’s request and if availablerequest, an insurance-agent-a certified copy of a renewal policy or policies, in each case together with evidence satisfactory to Agent that all premiums therefor have been paid and that the policies are in full force and effect. Borrower Notwithstanding the foregoing, the approval of any insurance or insurance company by Agent shall not be a representation by Agent or any Lender of the solvency of any insurer or the sufficiency of any coverage required under this Agreement. All insurance requirements set forth herein are considered the minimum acceptable levels in any case deliver terms of insurance and insurer to Agent an insurance-agent-certified copy of each renewal policy promptly after it becomes availablebe procured.

General Requirements of Insurance Policies. All Insurance Policies shall be issued by an insurer or insurers with an A.M. Best rating of at least A:X (oror better, provided however that insurers with respect to property and liability insurers excess of a $25,000,000 primary policy, carriers may have an “A-” ratings will be permitted if their trend rating as indicated by A.M. Best rating of A-:XIII is stable or better with an “Outlook” of either “Stable” or “Positive,” so long as these limits do trending positive and if their potential liability for loss does not exceed thirty five percent (305%) of the aggregate program limits of Sponsor or ten percent (10%) of the insurer’s policy their policy-holder surplus; such insurers with a negative trend shall not be permitted”. Agent may (but has no obligation to), at its sole discretion, accept insurers that do ________________________________________________________________________________________________________________________ not meet the minimum requirements stated herein. The property, property and boiler and machinery Insurance Policies as required in Schedule 8.11 shall also name Agent and each Lender under a non-contributing New York Standard Mortgagee or Lender Loss Payee clause and, with respect to rental income, as Lender Loss Payee, on forms reasonably acceptable to Agent, or equivalent endorsements reasonably satisfactory to Agent and shall be otherwise reasonably satisfactory to Agent in form and content. All property Insurance Policies also shall include a replacement cost and co-insurance waiver and/or an agreed amount endorsement endorsements and other endorsements as are provided in Schedule 5.11 8.11 attached hereto. The amount of any deductible under any Insurance Policy must be reasonably acceptable to Agent. No Insurance Policy shall contain any exclusion for earthquake or terrorism as defined in the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) or terrorist acts its replacement or be subject to any sublimit for terrorism TRIPRA or terrorist acts without its replacement. Earthquake insurance may be sub-limited on a reasonable basis considering earthquake location risk and annual aggregate sub-limits with the reasonably prior approval of Agent. Without Agent’s prior consent, Borrower shall not name any Person other than Agent as loss payee or mortgagee under any property Insurance Policies nor shall Borrower carry separate or additional insurance coverage covering all of the Premises Properties and such improvements and betterments which Borrower is required to insure pursuant to any agreement concurrent in form or contributing in the event of loss with that required by this Loan Agreement or the Loan Agreement; provided, that, if blanket policies are obtained, this sentence shall not apply to property covered by such blanket policies, other than the Premises Properties and such improvements and betterments. Borrower shall pay the premiums for the Insurance Policies as the same become due and payable. Borrower shall deliver to Agent insurance-agent-certified copies of the Insurance Policies Policies, when available, required to be maintained pursuant to Section 5.11(a8.11(a) hereof, provided, however, Agent shall not be deemed by reason of the custody of such Insurance Policies to have knowledge of the contents thereof. Borrower also shall deliver to Agent, within ten three (103) Business Days days of Agent’s request, a certificate of Borrower or Borrower’s insurance agent evidencing the coverages set forth herein together with evidence that all premiums due thereon have been paid and that the same are in full force and effect. Not later than ten three (103) Business Days days prior to the expiration date of each of the Insurance Policies, Borrower shall deliver to Agent a certificate of insurance, insurance evidencing renewal of coverage as required hereinherein or, or binders of all such renewal Insurance Policies, if available, or at Agent’s request and if availablerequest, an insurance-agent-certified a copy of a renewal policy or policies, when available, in each case together with evidence satisfactory to Agent that all premiums therefor have been paid and that the policies are in full force and effect. Borrower shall in any case deliver to Agent an insurance-agent-certified copy of each renewal policy promptly after it becomes available.

General Requirements of Insurance Policies. All Insurance Policies shall be issued by financially sound and responsible insurers reasonably acceptable to Agent and authorized to do business in the state in which the Premises are located. All Insurance Policies shall be issued by an insurer or insurers with an A.M. Best rating of at least A:X (or, with respect to property and liability insurers excess of a $25,000,000 primary policy, carriers may have an A.M. Best rating of A-:XIII or better with an “Outlook” of either “Stable” (or “Positive,” so long as these limits do not exceed thirty percent (30%) of the aggregate program limits of Sponsor or ten percent (10%) of the insurer’s policy holder surplusotherwise may be approved by Agent). All Insurance Policies shall name each Loan Party as a named Insured. The property, boiler and machinery Insurance Policies shall also name Agent and each Lender under a non-contributing New York Standard Mortgagee or Lender Loss Payee clause and, with respect to rental income, as Lender Loss Payee, on forms reasonably acceptable to Agent, or equivalent endorsements reasonably satisfactory to Agent and shall be otherwise reasonably satisfactory to Agent in form and content. All property Insurance Policies also shall include a replacement cost and co-insurance waiver and/or an agreed amount endorsement and other endorsements as are provided in Schedule 5.11 6.11 attached hereto. The amount of any deductible under any Insurance Policy must be reasonably acceptable to Agent, provided that Agent hereby approves the deductibles in effect under the Insurance Policies in effect on the Closing Date. No Insurance Policy shall contain any exclusion for terrorism or terrorist acts or be subject to any sublimit for terrorism or terrorist acts without the prior approval of Agent. Without Agent’s prior consent, Borrower Loan Parties shall not name any Person other than Agent as loss payee (except as may be required in connection with any Permitted Equipment Financing and in such case only to the extent of the equipment which is the subject thereof) or mortgagee under any property Insurance Policies nor shall Borrower Loan Parties carry separate or additional insurance coverage covering the Premises and such improvements and betterments which Borrower is Loan Parties are required to insure pursuant to any agreement concurrent in form or contributing in the event of loss with that required by this Loan Agreement; provided, that, if blanket policies are obtained, this sentence shall not apply to property covered by such blanket policies, other than the Premises and such improvements and betterments. Borrower Loan Parties shall pay the premiums for the Insurance Policies Premiums as the same become due and payable. Borrower , and shall deliver to Agent insurance-agent-certified copies not finance premiums without the prior approval of the Insurance Policies required to be maintained pursuant to Section 5.11(a) hereof, provided, however, Agent shall not be deemed by reason of the custody of such Insurance Policies to have knowledge of the contents thereof. Borrower also shall deliver to Agent, within ten (10) Business Days of Agent’s request, a certificate of Borrower or Borrower’s insurance agent evidencing the coverages set forth herein together with evidence that all premiums due thereon have been paid and that the same are in full force and effect. Not later than ten (10) Business Days prior to the expiration date of each of the Insurance Policies, Borrower shall deliver to Agent a certificate of insurance, evidencing renewal of coverage as required herein, or binders of all such renewal Insurance Policies, if available, or at Agent’s request and if available, an insurance-agent-certified copy of a renewal policy or policies, in each case together with evidence satisfactory to Agent that all premiums therefor have been paid and that the policies are in full force and effect. Borrower shall in any case deliver to Agent an insurance-agent-certified copy of each renewal policy promptly after it becomes available.

General Requirements of Insurance Policies. All Insurance Policies shall be issued by an insurer or insurers with an A.M. Best rating of at least A:X (oror better, provided however that insurers with respect to property and liability insurers excess of a $25,000,000 primary policy, carriers may have an “A-” ratings will be permitted if their trend rating as indicated by A.M. Best rating of A-:XIII is stable or better with an “Outlook” of either “Stable” or “Positive,” so long as these limits do trending positive and if their potential liability for loss does not exceed thirty five percent (305%) of the aggregate program limits of Sponsor or ten percent (10%) of the insurer’s policy their policy-holder surplus; such insurers with a negative trend shall not be permitted”. Agent may (but has no obligation to), at its sole discretion, accept insurers that do not meet the minimum requirements stated herein. The property, property and boiler and machinery Insurance Policies as required in Schedule 8.11 shall also name Agent and each Lender under a non-contributing New York Standard Mortgagee or Lender Loss Payee clause and, with respect to rental income, as Lender Loss Payee, on forms reasonably acceptable to Agent, or equivalent endorsements reasonably satisfactory to Agent and shall be otherwise reasonably satisfactory to Agent in form and content. All property Insurance Policies also shall include a replacement cost and co-insurance waiver and/or an agreed amount endorsement endorsements and other endorsements as are provided in Schedule 5.11 8.11 attached hereto. The amount of any deductible under any Insurance Policy must be reasonably acceptable to Agent. No Insurance Policy shall contain any exclusion for earthquake or terrorism as defined in the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”) or terrorist acts its replacement or be subject to any sublimit for terrorism TRIPRA or terrorist acts without its replacement. Earthquake insurance may be sub-limited on a reasonable basis considering earthquake location risk and annual aggregate sub-limits with the reasonably prior approval of Agent. Without Agent’s prior consent, Borrower shall not name any Person other than Agent as loss payee or mortgagee under any property Insurance Policies nor shall Borrower carry separate or additional insurance coverage covering all of the Premises Properties and such improvements and betterments which Borrower is required to insure pursuant to any agreement concurrent in form or contributing in the event of loss with that required by this Loan Agreement or the Loan Agreement; provided, that, if blanket policies are obtained, this sentence shall not apply to property covered by such blanket policies, other than the Premises Properties and such improvements and betterments. Borrower shall pay the premiums for the Insurance Policies as the same become due and payable. Borrower shall deliver to Agent insurance-agent-certified copies of the Insurance Policies Policies, when available, required to be maintained pursuant to Section 5.11(a8.11(a) hereof, provided, however, Agent shall not be deemed by reason of the custody of such Insurance Policies to have knowledge of the contents thereof. Borrower also shall deliver to Agent, within ten three (103) Business Days days of Agent’s request, a certificate of Borrower or Borrower’s insurance agent evidencing the coverages set forth herein together with evidence that all premiums due thereon have been paid and that the same are in full force and effect. Not later than ten three (103) Business Days days prior to the expiration date of each of the Insurance Policies, Borrower shall deliver to Agent a certificate of insurance, insurance evidencing renewal of coverage as required hereinherein or, or binders of all such renewal Insurance Policies, if available, or at Agent’s request and if availablerequest, an insurance-agent-certified a copy of a renewal policy or policies, when available, in each case together with evidence satisfactory to Agent that all premiums therefor have been paid and that the policies are in full force and effect. Borrower shall in any case deliver to Agent an insurance-agent-certified copy of each renewal policy promptly after it becomes available.