Common use of Insurance; Performance Guaranties Clause in Contracts

Insurance; Performance Guaranties. The Government will ensure, to MCC’s satisfaction, that all assets acquired with Grant funding are insured and will arrange such other appropriate insurance to cover against risks or liabilities associated with the Activities and the transactions contemplated thereby, including by requiring Service Providers to obtain adequate insurance and to post adequate performance bonds or other guaranties. The Government or a Permitted Designee, as applicable, will be named as the payee on any such insurance and the beneficiary of any such guaranty or bonds. If not already named as an insured party, the applicable Permitted Designee and MCC (if it so requests) will be named as additional insureds on any such insurance. The Government will ensure that any proceeds from claims paid under such insurance or guaranty will be used to replace or repair any lost, stolen or damaged assets acquired with Grant funding; provided that at MCC’s election, such proceeds will be deposited in an account as designated by or as otherwise directed by MCC.

Insurance; Performance Guaranties. The Government will ensure, to MCC’s satisfaction, that all assets acquired with Grant funding are insured and will arrange such other appropriate insurance to cover against risks or liabilities associated with the Activities and the transactions contemplated thereby, including by requiring Service Providers to obtain adequate insurance and to post adequate performance bonds or other guaranties. The Government or a Permitted Designee, as applicable, will be named as the payee on any such insurance and the beneficiary of any such guaranty or bonds. If not already named as an insured party, the applicable Permitted Designee and MCC (if it so requests) will be named as additional insureds on any such insurance. The Government will ensure that any proceeds from claims paid under such insurance or guaranty will be used to replace or repair any lost, stolen lost or damaged assets acquired with Grant funding; provided that that, at MCC’s election, such proceeds will be deposited in an account as designated by or as otherwise directed by MCC.

Insurance; Performance Guaranties. The Government Accountable Entity will ensure, ensure to MCC’s satisfaction, satisfaction that all any assets acquired with Grant funding are insured and will arrange such other appropriate insurance to cover against risks or liabilities associated with the Activities Program and the transactions contemplated thereby, including by requiring Service Providers or Covered Providers to obtain adequate insurance and to post adequate performance bonds or other guaranties. The Government or a Permitted Designee, as applicable, the Accountable Entity 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. If not already named as an insured party, the applicable Permitted Designee and MCC (if it so requests) will be named as additional insureds on any such insurance. The Government or the Accountable Entity will ensure that promptly notify MCC of the payment of any proceeds from claims paid under such insurance or guaranty guaranty, and will ensure that any such proceeds will be used to replace or repair any lost, stolen stolen, or damaged assets acquired with Grant funding; provided that provided, however, that, at MCC’s election, such proceeds will be deposited in an account as designated by or as otherwise directed by MCC.