Common use of Insurance; Performance Guaranties Clause in Contracts

Insurance; Performance Guaranties. The Government shall ensure to MCC’s satisfaction that all Program Assets are insured and arrange such other appropriate insurance to cover against risks or liabilities associated with the Program and the transactions contemplated thereby, including by requiring Providers or Covered Providers to obtain adequate insurance and to post adequate performance bonds or other guaranties. The Government or the Accountable Entity shall be named as the payee (or an additional insured, as the case may be) on any such insurance and the beneficiary of any such guaranty or bonds. The Government shall promptly notify MCC of the payment of any proceeds from claims paid under such insurance or guaranty, and ensure that any such proceeds are used to replace or repair any lost, stolen, or damaged Program Assets; provided, however, that, at MCC’s election, such proceeds shall be deposited in an account as designated by or as otherwise directed by MCC.

Insurance; Performance Guaranties. The Government shall will ensure to MCC’s satisfaction that all Program Assets any assets acquired with Grant funding are insured and will arrange such other appropriate insurance to cover against risks or liabilities associated with the Program and the transactions contemplated thereby, including by requiring Providers or Covered Providers to obtain adequate insurance and to post adequate performance bonds or other guaranties. The Government or the Accountable Entity shall will be named as the payee (or an additional insured, as the case may be) on any such insurance and the beneficiary of any such guaranty or bonds. The Government shall will promptly notify MCC of the payment of any proceeds from claims paid under such insurance or guaranty, and will ensure that any such proceeds are will be used to replace or repair any lost, stolen, or damaged Program Assetsassets acquired with Grant funding; provided, however, that, at MCC’s election, such proceeds shall will be deposited in an account as designated by or as otherwise directed by MCC.

Insurance; Performance Guaranties. The Government shall agrees to ensure to MCC’s satisfaction that all Program Assets are insured and to arrange such other appropriate insurance to cover against risks or liabilities associated with the Program and the transactions contemplated thereby, including by requiring Providers or Covered Providers to obtain adequate insurance and to post adequate performance bonds or other guaranties. The Government or the Accountable Entity shall be named as the payee (or an additional insured, as the case may be) on any such insurance and the beneficiary of any such guaranty or bonds. The Government shall agrees to promptly notify MCC of the payment of any proceeds from claims paid under such insurance or guaranty, and to ensure that any such proceeds are used to replace or repair any lost, stolen, or damaged Program Assets; provided, however, that, at MCC’s election, such proceeds shall be deposited in an account as designated by or as otherwise directed by MCC.