Common use of Insurance Net Proceeds; Form of Policies Clause in Contracts

Insurance Net Proceeds; Form of Policies. Each policy of insurance maintained pursuant to Sections 6.18, 6.19 and 6.20 shall name the Trustee as mortgagee and loss payee so as to provide that all proceeds thereunder shall be payable to the Trustee. The Borrower shall pay or cause to be paid when due the premiums for all insurance policies required by this Indenture. All such policies shall provide that the Trustee shall be given thirty (30) days’ prior notice of each expiration, and intended cancellation thereof or reduction of the coverage provided thereby. The Trustee shall not be responsible for the sufficiency, adequacy or amount of any insurance herein required and shall be fully protected in accepting payment on account of such insurance or any adjustment, compromise or settlement of any loss. The Borrower shall cause to be delivered to the Trustee, the Authority and the Oversight Agent annually evidence of insurance issued by the involved insurance companies demonstrating that all of the insurance policies required by this Agreement are in full force and effect and that the Trustee has been named as mortgagee and loss payee in all policies required to be maintained under Sections 6.18 and 6.19. The Trustee shall receive such materials for file-keeping purposes only and shall have no duty to be familiar with, investigate or validate the contents. Failure to comply with the above requirements shall constitute an Event of Default hereunder.

Insurance Net Proceeds; Form of Policies. Each policy of insurance maintained pursuant to Sections 6.18, 6.19 and 6.20 shall name the Trustee as mortgagee and loss payee so as to provide that all proceeds thereunder shall be payable to the Trustee. The Borrower shall pay or cause to be paid when due the premiums for all insurance policies required by this Indenture. All such policies shall provide that the Trustee shall be given thirty (30) days’ prior notice of each expiration, and intended cancellation thereof or reduction of the coverage provided thereby. The Trustee shall not be responsible for the sufficiency, adequacy or amount of any insurance herein required and shall be fully protected in accepting payment on account of such insurance or any adjustment, compromise or settlement of any loss. The Borrower shall cause to be delivered to the Trustee, the Authority and the Oversight Agent annually annually, no later than August 5th each year, evidence of insurance issued by the involved insurance companies demonstrating that all of the insurance policies required by this Agreement are in full force and effect and that the Trustee has been named as mortgagee and loss payee in all policies required to be maintained under Sections 6.18 and 6.19. The Trustee shall receive such materials for file-keeping purposes only and shall have no duty to be familiar with, investigate or validate the contents. Failure to comply with the above requirements shall constitute an Event of Default hereunder6.

Insurance Net Proceeds; Form of Policies. Each policy of insurance maintained pursuant to Sections 6.18, 6.19 and 6.20 shall name the Trustee as mortgagee and loss payee so as to provide that all proceeds thereunder shall be payable to the Trustee. The Borrower shall pay or cause to be paid when due the premiums for all insurance policies required by this Indenture. All such policies shall provide that the Trustee shall be given thirty (30) days’ prior notice of each expiration, and intended cancellation thereof or reduction of the coverage provided thereby. The Trustee shall not be responsible for the sufficiency, adequacy or amount of any insurance herein required and shall be fully protected in accepting payment on account of such insurance or any adjustment, compromise or settlement of any loss. The Borrower shall cause to be delivered to the Trustee, the Authority and the Oversight Agent annually annually, no later than November 5th each year, evidence of insurance issued by the involved insurance companies demonstrating that all of the insurance policies required by this Agreement are in full force and effect and that the Trustee has been named as mortgagee and loss payee in all policies required to be maintained under Sections 6.18 and 6.19. The Trustee shall receive such materials for file-keeping purposes only and shall have no duty to be familiar with, investigate or validate the contents. Failure to comply with the above requirements shall constitute an Event of Default hereunder6.

Insurance Net Proceeds; Form of Policies. Each policy of insurance maintained pursuant to Sections 6.18, 6.19 and 6.20 shall name the Trustee as mortgagee and loss payee so as to provide that all proceeds thereunder shall be payable to the Trustee. The Borrower shall pay or cause to be paid when due the premiums for all insurance policies required by this Indenture. All such policies shall provide that the Trustee shall be given thirty (30) days’ prior notice of each expiration, and intended cancellation thereof or reduction of the coverage provided thereby. The Trustee shall not be responsible for the sufficiency, adequacy or amount of any insurance herein required and shall be fully protected in accepting payment on account of such insurance or any adjustment, compromise or settlement of any loss. The Borrower shall cause to be delivered to the Trustee, the Authority and the Oversight Agent annually evidence of insurance issued by the involved insurance companies demonstrating that all of the insurance policies required by this Agreement are in full force and effect and that the Trustee has been named as mortgagee and loss payee in all policies required to be maintained under Sections 6.18 and 6.19. The Trustee shall receive such materials for file-file keeping purposes only and shall have no duty to be familiar with, investigate or validate the contents. Failure to comply with the above requirements shall constitute an Event of Default hereunder.