Common use of Insurance during Agreement Period Clause in Contracts

Insurance during Agreement Period. The SPD shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The SPD shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on Railways as a consequence of any act or omission of the SPD during the Construction Period. The SPD shall procure that in each insurance policy, Railways shall be a co-insured and that the insurer shall pay the proceeds of insurance into the Escrow Account. For the avoidance of doubt, the level of insurance to be maintained by the SPD after repayment of Senior Lenders‟ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders‟ dues. Without prejudice to the provisions contained in Clause 25.1, the SPD shall, during the Operation Period, procure and maintain Insurance Cover including but not limited to the following:

Insurance during Agreement Period. The SPD shall effect and maintain at its own cost, during the Construction Period and the Operation Period, such insurances for such maximum sums as may be required under the Financing Agreements and the Applicable Laws, and such insurances as may be necessary or prudent in accordance with Good Industry Practice. The SPD shall also effect and maintain such insurances as may be necessary for mitigating the risks that may devolve on Railways as a consequence of any act or omission of the SPD during the Construction Period. The SPD shall procure that in each insurance policy, Railways shall be a co-insured and that the insurer shall pay the proceeds of insurance into the Escrow Account. For the avoidance of doubt, the level of insurance to be maintained by the SPD after repayment of Senior Lenders‟ dues in full shall be determined on the same principles as applicable for determining the level of insurance prior to such repayment of Senior Lenders‟ dues. Without prejudice to the provisions contained in Clause 25.125.1.1, the SPD shall, during the Operation Period, procure and maintain Insurance Cover including but not limited to the following: