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Insurance by Manager Sample Clauses

Insurance by Manager. Any insurance provided by Manager under this Article V may, subject to Lessee's approval, be effected under policies of blanket insurance which cover other properties of Manager and its Affiliates, and Manager shall have the right to charge the Hotel with the Hotel's pro rata share of such premiums shall be allocated to the Hotel on the same basis as allocated to participating Other Managed Hotels. Any policies of insurance maintained by Manager pursuant to the provisions of this Article V may contain deductible provisions in such amounts as are maintained with respect to Other Managed Hotels, for which Lessee shall be responsible or which Manager, at Lessee's expense, may pay.
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Insurance by Manager a. Subject to Section 5.1(b), Manager shall, at all times during the term of this Agreement and at Westboy's cost and expense, maintain insurance coverage on the Hotels and the business conducted therein substantially similar to that maintained for other Affiliated Hotels. Such insurance includes, as of the date hereof: (i) comprehensive general liability insurance which has been endorsed to include premises operations, elevators, independent contractors, blanket contractual, products liability, personal injury (including contractual), broad form property damage, fire legal liability, host liquor liability (including the loss of means of support), liquor liability, innkeepers liability (including safety deposit box liability) and comprehensive automobile liability including all owned, hired, leased or substituted vehicles, and garagekeepers, legal liability, against the claims for personal and bodily injury or death and property damage occurring upon, in or about the Hotels, any adjoining streets and passageways thereof, or otherwise arising under this Agreement; (ii) appropriate workers' compensation and employer's liability insurance as shall be required by and be in conformance with the laws of any state where a Hotel is located for both Westboy's and Manager's employees at the Hotels; (iii) insurance against "all risks" of loss or damage, including, to the extent available at reasonable cost, earthquake and flood, available under
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Insurance by Manager. 29 5.2 Parties Insured, Amount of Coverage, Etc................................. 30 5.3 Evidence of Insurance, Etc............................................... 31 5.4
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Insurance by Manager. Any insurance provided by Manager under this Section 5 may, at its option, be effected under policies of blanket insurance which cover other properties of Manager and its Affiliates, and a pro rata portion of such premiums shall be allocated to the Hotel on the same basis as allocated to participating Other Omni Hotels. Any policies of insurance maintained by Manager pursuant to the provisions of this Section 5 may contain deductible provisions in such amounts as are maintained with respect to Other Omni Hotels, for which Owner shall be responsible or which Manager, at Owner’s expense, may pay. The parties hereby acknowledge that Manager is a nonsubscriber to the workers compensation system, and further that Manager does not maintain Employment Practice Liability Insurance; provided, however, if the City requests Employment Practice Liability Insurance and such insurance policy can be provided by Manager in such manner that it is solely applicable to the Hotel (and not other hotels managed by Manager), then Manager shall obtain such Employment Practice Liability Insurance, the costs of which shall be an Operating Expense of the Hotel.
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Insurance by Manager. Any insurance provided by Manager under this Article V may, at its option, be effected under policies of blanket insurance which cover other properties of Manager and its Affiliates, and Manager shall have the right to charge the Hotel with the Hotel's pro rata share of the aggregate premiums charged by Manager to all participating Managed Hotels, such share to be allocated to the Hotel on the same basis as allocated to participating Other Managed Hotels. Subject to Owner and Manager agreeing upon such matters as the identification of the relevant records, the procedures for reviewing such records, and limitations on use or disclosure of the information contained in such records, to the extent any insurance coverage relating to this Agreement is effected under a policy of blanket insurance, Manager shall make its books and records available, upon Owner's request and at Owner's expense, in sufficient detail for Owner to verify the allocation and calculation of premiums. Any policies of insurance maintained by Manager pursuant to this Article V may contain deductible provisions in such amounts as are maintained with respect to Other Managed Hotels, for which Owner shall be responsible or which Manager, at Owner's expense, may pay. Further, in lieu of all or a part of commercial general liability insurance, workers' compensation and employer's liability insurance and employment practices liability insurance under clauses (e), (g) and (h) of Subsection 5.01.1, any or all of the risks covered by such insurance, at Manager's option, may be self-insured or self-assumed by Owner under a self-insurance or assumption of risk program similar to those in effect at Other Managed Hotels, up to such amounts which such risks are self-insured or assumed at Other Managed Hotels. Embassy Suites __________ Management Agreement
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Insurance by Manager. Manager shall obtain the worker's compensation insurance and fidelity bonds reasonably required by Owner pursuant to the terms hereof, such worker's compensation insurance to be at Owner's expense as provided in SECTION 2.4 hereof and such fidelity bonds to be at Manager's expense as provided in SECTION 2.4 hereof and SECTION 5.3 hereof. In addition, Manager shall, at its expense which is not reimbursable, obtain and keep in force, commercial general liability and automobile liability insurance relating to its activities and those of its employees and agents with respect to the performance of its obligations under this Agreement. Such insurance shall be with companies and in an amount reasonably acceptable to Owner. Owner shall be named as a named insured on such commercial general liability policy. Manager hereby waives, and shall cause its insurer to waive, all rights to subrogation with respect to losses payable under such policies.
Sample 1
Insurance by Manager. Each Facility that meets and continues to meet the underwriting and approval criteria required to participate in Manager's master insurance program (the "Master Insurance Program") will be included in that Master Insurance Program and/or provided with at least the same benefits and coverages as provided in the Master Insurance Program, subject to the terms and conditions of this paragraph. Subject to the terms of this Agreement, Manager shall use commercially reasonable efforts to ensure that each Facility meets the underwriting and approval criteria throughout the term of this Agreement. Provided, however, in the event than any Facility fails to meet the underwriting and approval criteria at any point in time either due to (i) a change in such underwriting requirements or (ii) a Facility's loss history, that Facility will no longer be eligible to participate in the Master Insurance Program and, at the election of Cypress, either Cypress or Manager will arrange for separate coverage, which may increase the cost to Cypress of any such coverage. Manager will obtain (except as otherwise set forth), at Owner's expense, at least the following insurance either as part of the Master Insurance Program or separately: (a) Commercial General Liability Insurance, including Healthcare Professional Liability for the Owner and Manager against all claims and losses arising out of the operations of the Facility, including, but not limited to claims made by third parties, including residents, against Owner and Manager. Such Liability insurance shall include Owner as an Additional Insured and Manager as Named Insured. Such insurance will have limits of no less than Five Million Dollars ($5,000,000) per claim and in the aggregate. Such Insurance will cover the operations of the Property in the state in which the Property is located. Such policy may contain a deductible or Self Insured Retention as part of its terms and conditions. Such deductible or Self Insured Retention shall be the responsibility of the Owner, and as such will be considered an operating expense of the Property; such responsibility shall survive the expiration or ealier termination of this Agreement. Such Liability insurance may be on a "Claims Made" form with respect to Medical Professional Liability and General Liability, however if a "Claims Made" form is used an Extended Reporting Period of at least twenty-four (24) months must be available. Owner agrees to reimburse Manager for the purchase of such ext...
Sample 1
Insurance by Manager. Any insurance provided by Manager under this Article 5 may, at its option, be effected under policies of blanket insurance which cover other properties of Manager and its Affiliates, and a pro rata portion of such premiums shall be allocated to the Hotel on the same basis as allocated to participating Other Hilton Hotels. Any policies of insurance maintained by Manager pursuant to the provisions of this Article 5 may contain deductible provisions in such amounts as are maintained with respect to Other Hilton Hotels, for which Corporation shall be responsible or which Manager, at Corporation's expense, may pay. Further, in lieu of all or a part of commercial general liability insurance and worker's compensation and employer's liability insurance, Manager, with the prior written consent of the Trustee, may self-insure the risks required to be covered by such insurance policies through a self- insurance or assumption of risk program similar to those in effect at Other Hilton Hotels, up to such amounts which such risks are assumed or self-insured at Other Hilton Hotels. Notwithstanding the foregoing, Corporation shall have the right to obtain all or some of the insurance for the Hotel other than those coverages contemplated in Sections (f), (g) and (h) of Exhibit L.‌
Sample 1
Insurance by Manager. Any insurance provided by Manager under this Article 5 may be effected under policies of blanket insurance which cover other properties of Manager and its affiliates, and Manager shall have the right to charge the Property with the Property’s pro rata share of such premiums, which shall be allocated to the Property on the same basis as allocated to other properties participating in such coverage. Such allocation must be reasonable and not result in higher costs or diminished or altered coverage than those that would be incurred if such insurance covered just the Property. Any policies of insurance maintained by Manager pursuant to the provisions of this Article 5 may contain deductible provisions in such amounts as are maintained with respect to other properties participating in such coverage, for which Lessee shall be responsible or which Manager, at Lessee’s expense, may pay.
Sample 1

Related to Insurance by Manager

  • Evidence of Insurance Cover All insurances obtained by the Concessionaire in accordance with this Article 32 shall be maintained with insurers on terms consistent with Good Industry Practice. Within 15 (fifteen) days of obtaining any insurance cover, the Concessionaire shall furnish to the Authority, notarised true copies of the certificate(s) of insurance, copies of insurance policies and premia payment receipts in respect of such insurance, and no such insurance shall be cancelled, modified, or allowed to expire or lapse until the expiration of at least 45 (forty five) days after notice of such proposed cancellation, modification or non-renewal has been delivered by the Concessionaire to the Authority.

  • Maintenance of Insurance Coverage Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

  • Evidence of Insurance Receipt by the Administrative Agent of copies of insurance policies or certificates of insurance of the Loan Parties evidencing liability and casualty insurance meeting the requirements set forth in the Loan Documents, including, but not limited to, naming the Administrative Agent as additional insured (in the case of liability insurance) or loss payee (in the case of hazard insurance) on behalf of the Lenders.

  • Required Evidence of Insurance i. Copy of the additional insured endorsement or policy language granting additional insured status; and ii. Certificate of Insurance.

  • Maintenance of Fire Insurance and Omissions and Fidelity Coverage (a) The Master Servicer shall cause to be maintained for each Mortgage Loan (other than a Cooperative Loan) fire insurance with extended coverage in an amount which is equal to the lesser of the principal balance owing on such Mortgage Loan or 100 percent of the insurable value of the improvements; provided, however, that such coverage may not be less than the minimum amount required to fully compensate for any loss or damage on a replacement cost basis. To the extent it may do so without breaching the related Subservicing Agreement, the Master Servicer shall replace any Subservicer that does not cause such insurance, to the extent it is available, to be maintained. The Master Servicer shall also cause to be maintained on property acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan (other than a Cooperative Loan), fire insurance with extended coverage in an amount which is at least equal to the amount necessary to avoid the application of any co-insurance clause contained in the related hazard insurance policy. Pursuant to Section 3.07, any amounts collected by the Master Servicer under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the Master Servicer's normal servicing procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Section 3.10. Any cost incurred by the Master Servicer in maintaining any such insurance shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the amount owing under the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall be recoverable by the Master Servicer out of related late payments by the Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent permitted by Section 3.

  • Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage (a) Each Servicer shall cause to be maintained for each Mortgage Loan serviced by such Servicer fire insurance with extended coverage on the related Mortgaged Property in an amount which is at least equal to the least of (i) the outstanding principal balance of such Mortgage Loan, (ii) the amount necessary to fully compensate for any damage or loss to the improvements that are a part of such property on a replacement cost basis and (iii) the maximum insurable value of the improvements which are a part of such Mortgaged Property, in each case in an amount not less than such amount as is necessary to avoid the application of any coinsurance clause contained in the related hazard insurance policy. Each Servicer shall also cause to be maintained fire insurance with extended coverage on each REO Property serviced by such Servicer in an amount which is at least equal to the lesser of (i) the maximum insurable value of the improvements which are a part of such property and (ii) the outstanding principal balance of the related Mortgage Loan at the time it became an REO Property, plus accrued interest at the Mortgage Rate and related Servicing Advances. Each Servicer will comply in the performance of this Agreement with all reasonable rules and requirements of each insurer under any such hazard policies. Any amounts to be collected by any Servicer under any such policies (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or amounts to be released to the Mortgagor in accordance with the procedures that such Servicer would follow in servicing loans held for its own account, subject to the terms and conditions of the related Mortgage and Mortgage Note) shall be deposited in the related Collection Account, subject to withdrawal pursuant to Section 3.11. Any cost incurred by any Servicer in maintaining any such insurance shall not, for the purpose of calculating distributions to the Trustee, be added to the unpaid principal balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property or REO Property is at any time in an area identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards and flood insurance has been made available, the applicable Servicer will cause to be maintained a flood insurance policy in respect thereof. Such flood insurance shall be in an amount equal to the lesser of (i) the unpaid principal balance of the related Mortgage Loan and (ii) the maximum amount of such insurance available for the related Mortgaged Property under the national flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program). In the event that any Servicer shall obtain and maintain a blanket policy with an insurer either (i) acceptable to Fannie Mae or Freddie Mac or (ii) having a General Policy Rating of A:X xx xxtxxx frox Xxxx's (or such other rating that is comparable to such rating) insuring against hazard losses on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first two sentences of this Section 3.13, it being understood and agreed that such policy may contain a deductible clause, in which case such Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property or REO Property a policy complying with the first two sentences of this Section 3.13, and there shall have been one or more losses which would have been covered by such policy, deposit to the related Collection Account from its own funds the amount not otherwise payable under the blanket policy because of such deductible clause. In connection with its activities as administrator and servicer of the Mortgage Loans, each Servicer agrees to prepare and present, on behalf of itself and the Trustee claims under any such blanket policy in a timely fashion in accordance with the terms of such policy. (b) Each Servicer shall keep in force during the term of this Agreement a policy or policies of insurance covering errors and omissions for failure in the performance of such Servicer's obligations under this Agreement, which policy or policies shall be in such form and amount that would meet the requirements of Fannie Mae or Freddie Mac if it were the purchaser of the Mortgage Loanx, xxxess such Xxxxxxer has obtained a waiver of such requirements from Fannie Mae or Freddie Mac. Each Servicer shall also maintain a fidelity xxxx in the fxxx xxx amount that would meet the requirements of Fannie Mae or Freddie Mac, unless such Servicer has obtained a waiver ox xxxx requirexxxxx xrom Fannie Mae or Freddie Mac. Each Servicer shall provide the Trustee upon xxxxxst with xxxxxx of any such insurance policies and fidelity bond. Each Servicer shall be deemed to have complied with this provision if an Affiliate of the applicable Servicer has such errors and omissions and fidelity bond coverage and, by the terms of such insurance policy or fidelity bond, the coverage afforded thereunder extends to such Servicer. Any such errors and omissions policy and fidelity bond shall by its terms not be cancelable without thirty days' prior written notice to the Trustee. Each Servicer shall also cause each Subservicer to maintain a policy of insurance covering errors and omissions and a fidelity bond which would meet such requirements.

  • Manager’s Insurance If requested by Owner at any time during the Term, Manager (as a reimbursable expense under this Agreement) and any independent contractors employed by Manager (at such contractor's expense) shall maintain in full force and effect commercial general liability, workers' compensation, employer's liability and such other insurance as Owner may reasonably require with such limits as are customary for managers of similar first class projects in the area.

  • Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies (a) The Master Servicer shall maintain, for each Mortgage Loan, hazard insurance with extended coverage in an amount that is at least equal to the lesser of (i) the maximum insurable value of the improvements securing the Mortgage Loan and (ii) the greater of (y) the outstanding principal balance of the Mortgage Loan and (z) an amount such that the proceeds of the policy are sufficient to prevent the Mortgagor or the mortgagee from becoming a co-insurer. Each policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected under the policies (other than the amounts to be applied to the restoration or repair of the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Master Servicer's normal servicing procedures) shall be deposited in the Certificate Account. Any cost incurred in maintaining any insurance shall not, for the purpose of calculating monthly distributions to the Certificateholders or remittances to the Trustee for their benefit, be added to the principal balance of the Mortgage Loan, notwithstanding that the Mortgage Loan so permits. Such costs shall be recoverable by the Master Servicer out of late payments by the related Mortgagor or out of Liquidation Proceeds to the extent permitted by Section 3.09. No earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to any applicable laws and regulations in force that require additional insurance. If the Mortgaged Property is located at the time of origination of the Mortgage Loan in a federally designated special flood hazard area and the area is participating in the national flood insurance program, the Master Servicer shall maintain flood insurance for the Mortgage Loan. The flood insurance shall be in an amount equal to the least of (i) the original principal balance of the related Mortgage Loan, (ii) the replacement value of the improvements that are part of the Mortgaged Property, and (iii) the maximum amount of flood insurance available for the related Mortgaged Property under the national flood insurance program. If the Master Servicer obtains and maintains a blanket policy insuring against hazard losses on all of the Mortgage Loans, it shall have satisfied its obligations in the first sentence of this Section 3.10. The policy may contain a deductible clause on terms substantially equivalent to those commercially available and maintained by comparable servicers. If the policy contains a deductible clause and a policy complying with the first sentence of this Section 3.10 has not been maintained on the related Mortgaged Property, and if a loss that would have been covered by the required policy occurs, the Master Servicer shall deposit in the Certificate Account, without any right of reimbursement, the amount not otherwise payable under the blanket policy because of the deductible clause. In connection with its activities as Master Servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Depositor, and the Trustee for the benefit of the Certificateholders, claims under any blanket policy. (b) The Master Servicer shall not take any action that would result in non-coverage under any applicable Primary Insurance Policy of any loss that, but for the actions of the Master Servicer, would have been covered thereunder. The Master Servicer shall not cancel or refuse to renew any Primary Insurance Policy that is in effect at the date of the initial issuance of the Certificates and is required to be kept in force hereunder unless the replacement Primary Insurance Policy for the canceled or non-renewed policy is maintained with a Qualified Insurer. The Master Servicer need not maintain any Primary Insurance Policy if maintaining the Primary Insurance Policy is prohibited by applicable law. The Master Servicer agrees, to the extent permitted by applicable law, to effect the timely payment of the premiums on each Primary Insurance Policy, and any costs not otherwise recoverable shall be recoverable by the Master Servicer from the related liquidation proceeds. In connection with its activities as Master Servicer of the Mortgage Loans, the Master Servicer agrees to present, on behalf of itself, the Trustee and the Certificateholders, claims to the insurer under any Primary Insurance Policies and, in this regard, to take any reasonable action in accordance with the Servicing Standard necessary to permit recovery under any Primary Insurance Policies respecting defaulted Mortgage Loans. Any amounts collected by the Master Servicer under any Primary Insurance Policies shall be deposited in the Certificate Account or the Collection Account (as applicable).

  • Insurance Notices To Agent, disclosure of losses or casualties required by Section 5.4.

  • Standard Hazard Insurance and Flood Insurance Policies (a) For each Loan, the Master Servicer shall enforce any obligation of the Servicers under the related Servicing Agreements to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of the related Servicing Agreements. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. (b) Pursuant to Section 3.23, any amounts collected by the Master Servicer, or by any Servicer, under any insurance policies (other than amounts to be applied to the restoration or repair of the property subject to the related Mortgage or released to the Mortgagor in accordance with the applicable Servicing Agreement) shall be deposited into the Distribution Account, subject to withdrawal pursuant to Section 3.24. Any cost incurred by the Master Servicer or any Servicer in maintaining any such insurance if the Mortgagor defaults in its obligation to do so shall be added to the amount owing under the Loan where the terms of the Loan so permit; provided, however, that the addition of any such cost shall not be taken into account for purposes of calculating the distributions to be made to Certificateholders and shall be recoverable by the Master Servicer or such Servicer pursuant to Section 3.24.

Most Referenced Clauses

Most Referenced Definitions