In-Orbit Insurance Sample Clauses

In-Orbit Insurance. Unless the Board of Directors of Borrower shall have passed a resolution that in-orbit insurance is not available to Borrower at such time on terms that are commercially reasonable, Borrower shall use commercially reasonable efforts to procure and maintain, at its own expense, in-orbit insurance for Satellites (other than “Quickbird” and “IKONOS”) on an aggregate basis or an individual basis, as determined by Borrower, in orbit during the commercial useful life of such Satellites, commencing immediately upon the expiration of the applicable launch and initial operations insurance coverage, such insurance to be in such amounts and on such terms and conditions as are reasonable and customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated; provided that such resolution of the Board of Directors of Borrower shall be effective for a period not in excess of 6 months.
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In-Orbit Insurance. On or prior to the date falling six (6) months prior to the expiration of the launch and initial operations insurance coverage, the Customer shall procure at its own expense with internationally-recognized, reputable space insurance and reinsurance carriers acceptable to AEF, in-orbit insurance for risks including Partial Failure, Total Failure and Constructive Total Failure, in a minimum amount equal to the Total Senior Debt Outstanding plus interest on the Total Senior Debt Outstanding (at a rate reasonably determined by AEF) for a period of seven (7) months. The Customer shall renew and maintain the in-orbit insurance in full force and effect at all times thereafter such that it always has a remaining term of at least three (3) months. The terms and conditions of the in-orbit insurance, including all renewals thereof, shall be at least as beneficial to the Insured Parties as the corresponding provisions of the launch and initial operations insurance or (in the case of renewals) the provisions of the in-orbit insurance renewed thereby if such terms and conditions are available on commercially reasonable terms, with only such changes as AEF shall otherwise agree.
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In-Orbit Insurance. (a) The Lessor shall exercise reasonable commercial efforts to obtain in-orbit insurance for the Satellite from the Start Date (including coverage of drift and inversion) on substantially the terms of, and at a premium rate not in excess of the premium rate under, the Lessor's in-orbit insurance policy in effect for the Satellite as of October 4, 1997, a copy of which shall be delivered to the Lessee in connection with the execution of this Lease (with additional endorsements consistent with this Section 2.2 and Article 5) and in the aggregate amount of $150,000,000; provided that the Lessor may for its own account obtain insurance in excess of such $150,000,000, and provided further that as of the On Station Acceptance Date, the Lessor's only obligation to the Lessee with respect to in-orbit insurance shall be to maintain insurance in amounts for which the Lessee is to be the beneficiary (i.e., up to Fifty Million Dollars ($50,000,000)). The Lessor shall make the Lessee the beneficiary for one-third of the amount of such $150,000,000 (if available) of insurance, provided that in the event that a lesser amount of insurance is available on commercially reasonable terms (including as a result of diminished insurable Satellite value over time), the Lessee shall be named beneficiary for one-third of such lesser amount. In the event the Lessor determines that insurance on such terms and such amount is unavailable, the Lessor shall not be required to insure either its own interest or the Lessee's interest in the Satellite. The Lessee and the Lessor shall each cooperate and take such actions as may be requested by the other in connection with securing the insurance and complying with all insurance policies secured. The in-orbit insurance policies shall provide that to the extent proceeds are paid under the policies and the Lessee has breached policy requirements or if an Event of Default under Sections 6(a)(i), (v) or (vii) has occurred, the Lessor shall be entitled to the Lessee's interest in the policy and proceeds thereof, which shall be paid to the Lessor, provided that in the event of an Event of Default under Section 6(a)(i) or 6(a)(v), the Lessor shall be entitled only to amounts owing and remaining to be owed to the Lessor under or in connection with the remainder of the Lease. (b) The Lessor shall bear the premium and expenses of insurance on the Lessee's interest.
Sample 1
In-Orbit Insurance. Orion and DACOM shall cooperate in the procurement of a commitment for insurance on or before June 30, 1997, to cover the loss of the Orion 3 Satellite and the Transponders for a period at least twelve (12) months after launch of Orion 3 and for such additional period as DACOM wishes to have and that is available from the insurance market. Orion shall be responsible for the cost of the insurance coverage and shall be the loss payee during the period ending six (6) months after the Commencement Date. DACOM shall be responsible for the cost of the insurance coverage and shall be the loss payee during the period beginning six (6) months after the Commencement Date through the end of the term of the insurance policy. DACOM shall be solely responsible for any additional insurance on the Transponders it wishes to obtain. Orion represents that it has been advised that an insurance product is currently available in the market that would provide coverage for a period of at least twelve (12) months.
Sample 1
In-Orbit Insurance. (a) The Borrower will obtain, maintain and keep in full force and effect with respect to (i) the Spaceway 3 Satellite and (ii) any Satellite that has replaced the Spaceway 3 Satellite, and (iii) the Spaceway 4 Satellite, in orbit insurance against loss of or damage to such Satellite (“In Orbit Insurance”) on terms reasonably commercially available and subject only to Acceptable Exclusions. (b) Such In Orbit Insurance shall include in-orbit cover remaining in effect, and being renewed, during the period from the date of expiry of the Launch Insurance relating to such Satellite until the date on which the commitments under this Agreement have been terminated and the principal of, and interest on, the Facility, all fees and all other expenses or amounts payable under any Finance Document shall have been paid in full to the Finance Parties. (c) The In Orbit Insurance shall initially be placed, together with the payment of the required premium in order to obtain binding commitments from underwriters not later than 30 days prior to the expiration of the relevant Launch Insurance and be in full force and effect not later than on the date of expiration of the relevant Launch Insurance. It shall, subject to terms being reasonably commercially available: (i) be denominated in Dollars and (i) for the Spaceway 3 Satellite and any Satellite replacing the Spaceway 3 Satellite, for an amount not less than USD 250,000,000 with a linear depreciation of such amount over 12 years and (ii) for the Spaceway 4 Satellite for an amount not less than the higher of (a) USD 200,000,000 (two hundred million) with a linear depreciation of such amount over 15 years and (b) prior to the end of the Availability Period (x) the maximum amount of the Facility and after the end of the Availability Period (y) the then outstanding amount of the Facility. (ii) provide that it will not be cancelled or reduced below the amount required pursuant to sub paragraph (i) (other than a reduction from the payment of a claim) or materially amended without notice to the Facility Agent. All such notices shall be sent by facsimile and e-mail to the Facility Agent by the Borrower and shall be effective as stated in such notices, provided that, 15 (fifteen) calendar days’ advance written notice shall be given by the insurers to the Facility Agent in the event of notice of cancellation for non-payment of premium. (d) The Borrower shall submit evidence of such cover, being either the broker’s issued policy docum...
Sample 1
In-Orbit Insurance. Unless the Board of Directors of Borrower shall have passed a resolution that in-orbit insurance is not available to Borrower at such time on terms that are commercially reasonable, Borrower shall use commercially reasonable efforts to procure and maintain, at its own expense, in-orbit insurance for Satellites on an aggregate basis or an individual basis, as determined by Borrower, in orbit during the commercial useful life of such Satellites, commencing immediately upon the expiration of the applicable launch and initial operations insurance coverage, such insurance to be in such amounts and on such terms and conditions as are reasonable and customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated,; provided, that such resolution of the Board of Directors of Borrower shall be effective for a period not in excess of 6 months; provided, further, notwithstanding the foregoing, the chief financial officer of Borrower may elect, in his or her commercially reasonable business judgment, to self-insure in-orbit insurance for any Satellite that is beyond its design life so long as the chief financial officer of Borrower has notified Administrative Agent of such election prior to the effectiveness of such self-insurance.
Sample 1

Related to In-Orbit Insurance

  • CREDIT INSURANCE Credit insurance is not required for any extension of credit under this Agreement. However, You may purchase any credit insurance available through Us and have the premiums added to Your outstanding balance. If You elect to do so, You will be given the necessary disclosures and documents separately.

  • Deposit Insurance Upon receipt of Proper Instructions, the Custodian shall take such reasonable actions as the applicable Fund deems necessary or appropriate to cause each deposit account established by the Custodian pursuant to this Section 2.21 to be insured to the maximum extent possible by all applicable deposit insurers including, without limitation, the Federal Deposit Insurance Corporation.

  • Crime Insurance Contractor shall maintain during the term of the Contract Crime Insurance on a “loss sustained form” or “loss discovered form,” and coverage must include the following:  The policy must allow for reporting of circumstances or incidents that might give rise to future claims.  The policy must include an extended reporting period of no less than one (1) year with respect to events which occurred but were not reported during the term of the policy.  Any warranties required by the Contractor’s insurer as a result of this Contract must be disclosed and complied with. Said insurance shall extend coverage to include the principals (all directors, officers, agents and employees) of the Contractor as a result of this Contract.  The policy shall include coverage for third party fidelity and name “The People of the State of New York, the New York State Office of General Services, any entity authorized by law or regulation to use this Contract as an Authorized User and their officers, agents, and employees” as “Loss Payees” for all third party coverage secured. This requirement applies to both primary and excess liability policies, as applicable.  The policy shall not contain a condition requiring an arrest and conviction.  The policy shall include coverage for computer crime/fraud.

  • Accident Insurance It is highly recommended that either the Sending Institution or the Receiving Organisation/Enterprise provide insurance coverage to the trainee, and fill in the information in Table B or C accordingly. The trainee must be covered at least by an accident insurance (damages caused to the trainee at the workplace) and by a liability insurance (damages caused by the trainee at the workplace).

  • Unemployment Insurance Unemployment Insurance coverage will be provided during the life of this Agreement for regular and auxiliary employees who would, if employed by a private employer, be eligible for such coverage under the provisions of the Unemployment Insurance Act.

  • Travel Accident Insurance We agree to provide you with Travel Accident Insurance at no direct cost to you. You, your spouse and unmarried dependent children will be automatically insured against accidental bodily injuries or death while riding in any aircraft or land or water conveyance operated by a common carrier licensed to carry passengers for hire provided the full travel fare(s) has been charged to your Account. Death benefits will be paid to the estate of the insured; all other benefits will be paid to the insured. This insurance is subject to cancellation without prior notice. You understand and agree that the Certificate of Insurance controls all insurance terms and conditions to the exclusion of any statements made in this Agreement regarding limitations, exclusions, and claims procedures.

  • Umbrella Insurance During the term of this Contract, Supplier will maintain umbrella coverage over Employer’s Liability, Commercial General Liability, and Commercial Automobile. Minimum Limits: $2,000,000

  • Trauma Insurance All employees will be covered by an Incolink administered lump sum insurance policy providing financial compensation in the event of a major work related (ie. WorkCover) accident resulting in death or permanent total disablement. The full and precise conditions of this cover will be in accordance with the terms of the policy, but in general will provide that, in the event of a workplace accident occurring which results in either the death or total permanent disablement of a worker covered by this Agreement, a lump sum payment as specified below will made. The defined payments are: With dependants $250,000 Without dependants $150,000 This benefit has been agreed to by the company on the grounds that premium costs have been set at $7 per week/worker and will not exceed that amount. In the event of insurance costs rising, it is agreed that the table of defined benefits will be reduced so as to maintain the $7 premium figure. To maintain this cover the company agrees to pay the amounts every week for each employee.

  • FDIC Insurance For any deposit accounts you open, the FDIC requires Bank to disclose, and you hereby acknowledge, that deposits held by Evolve Bank & Trust are insured up to $250,000 federal deposit insurance limit, per depositor for each ownership category.

  • Commercial Umbrella Liability Insurance The Contractor shall provide a Commercial Umbrella Liability Insurance to provide excess coverage above the Commercial General Liability, Commercial Business Automobile Liability and the Workers' Compensation and Employers' Liability to satisfy the minimum limits set forth herein. The umbrella coverage shall follow form with the Umbrella limits required as follows: $ 2,000,000 per Occurrence $2,000,000 per Occurrence $ 4,000,000 Aggregate $10,000,000 Aggregate Additional Requirements for Commercial Umbrella Liability Insurance are shown below at Paragraph 1.5.3.3.6.

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