Hazard and Other Insurance. 13 14.3 Coverage......................................................14
Hazard and Other Insurance. At all times during the term of this Loan Agreement, Borrower will maintain, at its sole cost and expense, for the mutual benefit of Borrower and Lender, the following Insurance coverages:
Hazard and Other Insurance. During the Term the Lessee shall keep, -------------------------- or cause to be kept, the Property insured against loss or damage by fire, flood and other risks on terms and in amounts that are no less favorable than insurance covering other similar properties owned by the Lessee or its Affiliates and that are in accordance with normal industry practice and as required in the Loan Documents. During the construction of any Improvements the Lessee shall also maintain or cause to be maintained builders' risk insurance.
Hazard and Other Insurance. (a) During the Term, Lessee shall keep, or cause to be kept, each Property insured against loss or damage by fire and other risks and shall maintain builders' risk insurance during construction of any Improvements or Modifications in amounts not less than the replacement value from time to time of such Property and on terms that (a) are no less favorable than insurance covering other similar properties owned by Lessee and (b) are then carried by similarly situated companies conducting business similar to that conducted by Lessee. The policies shall be endorsed to name Lessor, the Holders, the Agent and the Lenders, to the extent of their respective interests, as additional loss payees; provided, that so long as no Lease Event of Default has occurred and is continuing, any loss payable under the insurance policies required by this Section will be paid to Lessee.
(b) If, during the Term, the area in which a Property is located is designated a "flood-prone" area pursuant to the Flood Disaster Protection Act of 1973, or any amendments or supplements thereto, then Lessee shall comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973. In addition, Lessee will fully comply with the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as each may be amended from time to time, and with any other Legal Requirement concerning flood insurance to the extent that it may apply to any such Property.
Hazard and Other Insurance. (a) Each Borrower shall obtain and maintain, as to any Collateral owned by such Borrower, the insurance coverage required by Exhibit J and any other Loan Documents and shall furnish to Administrative Agent promptly upon request a certificate or certificates from the respective insurer(s) setting forth the nature and extent of all such insurance maintained by such Borrower and the originals of each insurance policy (or to the extent permitted by Administrative Agent, a certified copy of the original policy and a satisfactory certificate of insurance) with premiums fully paid. Any such insurance may be evidenced by blanket insurance policies covering the Collateral and other property and assets, provided that each policy otherwise complies with the requirements of the Loan Documents and specifies the amount (if less than all) of the total coverage that is allocated to the Collateral. No Borrower shall take out separate insurance concurrent in form or contributing in the event of loss with that required to be maintained hereunder unless Administrative Agent is included thereon under a standard mortgagee clause (without contribution) reasonably acceptable to Administrative Agent, with loss payable as provided herein. All insurance required by this Agreement shall be primary without right of contribution from any other insurance that may be carried by any Borrower or Administrative Agent apart from this Agreement or the Loan Documents and the provisions of all such required insurance shall operate in the manner as if there were a separate policy covering each insured. Each Borrower shall immediately notify Administrative Agent whenever any such separate insurance is taken out and shall promptly deliver to Administrative Agent any policy or certificate of such separate insurance.
(b) Not later than ten (10) days before the expiration date of any such insurance policy, the Operating Partnership or the applicable Subsidiary Obligor shall deliver to Administrative Agent a binder or certificate of the insurer evidencing the renewal or replacement of that policy, with premiums fully paid together with (in the case of a renewal) a copy of all endorsements to the policy affecting the Collateral and not previously delivered to Administrative Agent, or (in the case of a replacement) an original or certified copy of the replacement policy. Borrowers shall pay all premiums on policies required hereunder as they become due and payable. Borrowers shall at all times comply, i...
Hazard and Other Insurance. 13 14.3. Coverage......................................................... 13 14.4. Indemnification.................................................. 15
Hazard and Other Insurance. During the Term, Lessee shall keep each Unit insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar equipment, that are in accordance with normal industry practice and are in amounts equal to the greater of (i) Termination Value and (ii) the actual replacement cost of the Equipment. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15.
Hazard and Other Insurance. (a) During the Term, Lessee shall keep each Property insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar properties, that are in accordance with normal industry practice, are in amounts equal to the actual replacement cost of the Improvements. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Section 15. So long as no Lease Event of Default exists, any loss payable under any title insurance policy covering any Property will be paid to and adjusted solely by Lessee, subject to Section 15.
(b) If at any time during the Term the area in which any Property is located is designated a "flood-prone" area pursuant to the Flood Disaster Protection Act of 1973 or any amendments or supplements thereto, then Lessee shall comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as may be amended. In addition, Lessee will fully comply with the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as each may be amended from time to time, and with any other Legal Requirement, concerning flood insurance to the extent that it apply to any Property.
Hazard and Other Insurance. (a) During the Term following the Construction Period, Lessee shall keep the Property insured against loss or damage by fire and other risks on terms and in amounts that are no less favorable than insurance maintained by owners of similar properties, that are in accordance with normal industry practice and are in amounts equal to the actual replacement cost of the Improvements. So long as no Lease Event of Default exists, any loss payable under the insurance policy required by this Section will be paid to and adjusted solely by Lessee, subject to Article XV. So long as no Lease Event of Default exists, any loss payable under any title insurance policy covering the Property will be paid to and adjusted solely by Lessee, subject to Article XV.
(b) If at any time during the Term the area in which the Improvements are located is designated a "flood-prone" area pursuant to the Flood Disaster Protection Act of 1973 or any amendments or supplements thereto, then Lessee shall comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as may be amended. In addition, Lessee will fully comply with the requirements of the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as each may be amended from time to time, and with any other Legal Requirement concerning flood insurance to the extent that it applies to the Property.
Hazard and Other Insurance. The Lessee shall keep, or cause to be kept, the Property insured against loss or damage by fire, flood, earthquakes, and other risks in an amount not less than the greater of the amount set forth on Schedule 14.3 and the then current replacement cost of the buildings and improvements on the Property and on terms that are no less favorable than insurance covering other similar properties owned or leased by the Lessee or any of its Affiliates and that are in accordance with prudent business practice; provided that the Lessee shall be required to maintain earthquake coverage only if commercially reasonably available and, if obtained, in a minimum amount equal to 100% of the probable maximum loss with respect to the Property as demonstrated by a professional engineer qualified to make such a determination selected by the Lessee as reasonably approved by the Lessor and the Indenture Trustee. Earthquake insurance shall be deemed to be commercially reasonably available if it is offered by more than one insurance carrier. The Lessee may provide such coverage under blanket policies maintained by the Lessee; provided that if the Lessee does not elect to terminate the Lease pursuant to Article XVI hereof following the occurrence of an event covered by any such blanket policy, the proceeds of any such blanket policy shall be applied (i) first, to the exclusion of other facilities covered by such policy other than the Initial Property, to the repair, rebuilding and restoration of any damage to the Property and the Initial Property covered by such policy on a pro rata basis, if so required in order to complete such repair, rebuilding or restoration, up to the lesser of (A) the extent of the loss suffered and (B) $23,000,000 per occurrence, and (ii) second, if the loss suffered is in excess of $23,000,000 per occurrence, any such proceeds in excess of $23,000,000 per occurrence shall be shared between the loss payees under this Lease and the lease referred to in the Initial Participation Agreement, on the one hand, and other parties having an insured interest with respect to such event covered by such policy, on the other hand, based on the proportion that the loss suffered with respect to the Property and the Initial Property, on the one hand, bears to the aggregate loss suffered by the Property, the Initial Property and all other properties insured by such policy, on the other hand. During the construction of any Improvements the Lessee shall also maintain builders' ri...
