Insurer & Other Requirements; Waiver; & Participation in Manager’s Program Sample Clauses

Insurer & Other Requirements; Waiver; & Participation in Manager’s Program. (a) All insurance procured under Section 6.01.A(1) will be obtained from insurance companies of recognized financial standing reasonably acceptable to Manager. All premiums and deductibles under these policies are subject to Manager’s approval. All premiums (net of any credits, rebates and discounts) and deductibles for insurance under these policies will be Deductions. (b) If Tenant procures the insurance described in Section 6.01.A(1), all policies will be in the name of Tenant, with Manager and its Affiliates named as additional insureds. If Manager procures this insurance, all policies of such insurance will be in the name of Manager, with Tenant named as an additional insured. Any property losses will be payable to the respective parties as their interests may appear. The documentation for each Mortgage will include a provision that proceeds of the insurance described in Section 6.01.A(1) will be available for repair and restoration of the Hotel. (c) If Tenant procures the insurance described in Section 6.01.A(1), Tenant will deliver to Manager certificates of insurance, or at Manager’s request a copy of the policies, and certificates of renewal for insurance policies about to expire. All certificates will state that the insurance will not be canceled, non-renewed or reduced without at least 30 days’ prior written notice to the certificate holder. (d) Tenant and Manager each waives their rights of recovery, and will cause their insurer to waive its rights of subrogation from the other party or any of such party’s Affiliates, directors, officers, shareholders, agents and employees for loss or damage to the Hotel, and any related interruption of business, regardless of the cause of the property or business interruption loss. If any policy of insurance requires an endorsement to effect a waiver of subrogation, Tenant or Manager, as applicable, will cause them to be endorsed. (e) If Tenant is eligible to participate in Manager’s property insurance program but Tenant elects to procure the insurance under Section 6.01.A(1), and the costs of the premiums and deductibles for coverage under Tenant’s property insurance program are more than 10% higher than the costs of the premiums and deductibles that would have been payable under Manager’s property insurance program, then Tenant will pay from its own funds and not as Deductions the entire amount by which such costs under Tenant’s program exceed such costs under Manager’s program. (f) If Manager approves Tenan...