Launch and Initial Operations Insurance. Prior to the launch of any Satellite not in orbit as of the Closing Date, Borrower shall procure, or cause to be procured, at its own expense, launch and initial operations insurance for a period commencing no later than the time of the launch of such Satellite and expiring thereafter, in an amount as is reasonable and customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated, such insurance to be on terms and conditions, including customary exclusions and having such deductibles, as are customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated.
Launch and Initial Operations Insurance. Not later than L minus (-) thirty (30) days, the Customer shall procure, or cause to be procured, at its own expense, binding commitments for the provision of launch and initial operations insurance for a period incepting no later than the time of Launch and expiring no earlier than (A) if the Customer shall have been determined to be a Category 1 Customer, twelve (12) months, and (B) if the Customer shall have been determined to be a Category 2 Customer or a Category 3 Customer, twenty-four (24) months thereafter for risks for which the LSA Party is not entitled to a Reflight pursuant to the Launch Services Agreement (including risks of Partial Failure, Total Failure and Constructive Total Failure), with internationally-recognized, reputable space insurance and reinsurance carriers acceptable to AEF, in a minimum amount equal to the Total Senior Debt Outstanding plus interest on the Total Senior Debt Outstanding (at a rate reasonably determined by AEF) for a period of seven (7) months, on terms and conditions and having such deductibles as are acceptable to AEF. Without limiting the generality of the foregoing requirement that such insurance have terms and conditions acceptable to AEF, (x) there shall be no gap between the time that such launch and initial operations insurance attaches and the time that "all risk" property damage insurance maintained pursuant to Section 6.06(b)(iv) lapses and (y) such launch and initial operations insurance shall provide "wrap-around" cover for risks related to the Launch not covered by the Launch Services Agreement. In the event that the Customer has exercised a cash option with respect to a Launch Services Agreement providing for launch services by an Ariane 4 launch vehicle and the proceeds therefrom are assigned to the Security Agent, the Customer shall be entitled to apply the right to the proceeds from such cash option in substitution for such portion of the coverage provided under the insurance required pursuant to this Section 6.06(b)(i) for such launch services as is covered by such cash option.
Launch and Initial Operations Insurance. (1) With respect to the WorldView Satellite, the Company shall maintain launch and initial operations insurance for a period expiring no earlier than twelve (12) months after the time of launch of the WorldView Satellite (including risks of Partial Failure, Total Failure and Constructive Total Failure), with space insurance carriers that, in the Company’s reasonable business judgment, are internationally recognized, financially sound and reputable, in a minimum amount equal to $260,000,000, on terms and conditions, including customary exclusions and having such deductibles as are reasonably acceptable to the Holders.
(2) With respect to the WorldView-2 Satellite, not later than sixty (60) days before the launch thereof, the Company shall procure, or cause to be procured, at its own expense, binding commitments for the provision of launch and initial operations insurance for a period commencing no later than the time of the launch of the WorldView-2 Satellite and expiring no earlier than twelve (12) months thereafter (including risks of Partial Failure, Total Failure and Constructive Total Failure), with space insurance carriers that, in the Company’s reasonable business judgment, are internationally recognized, financially sound and reputable, in a minimum amount equal to 110% of the sum of (x) the aggregate outstanding principal amount of the Loans and any unused commitments under the Credit Agreement, (y) the aggregate outstanding principal amount of the loans and the unused commitments in respect of the Indebtedness permitted by Section 10.1(G), if any, and (z) the aggregate outstanding principal amount (and, if applicable, any unused commitments) of the WorldView-2 Subordinated Debt (including the Senior Subordinated Notes), but in no event more than $250,000,000, on terms and conditions, including customary exclusions and having such deductibles as are reasonably acceptable to the Required Holders; provided, however, that if the Company in exercising its commercially reasonable efforts cannot obtain such amount of insurance at such time, the Company shall procure an amount of insurance that is reasonably acceptable to the Required Holders.
Launch and Initial Operations Insurance. Prior to the launch of any Satellite not in orbit as of the Closing Date, Borrower shall procure, or cause to be procured, at its own expense, launch and initial operations insurance for a period commencing no later than the time of the launch of such Satellite and expiring thereafter, in an amount as is reasonable and customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated, such insurance to be on terms and conditions, including customary exclusions and having such deductibles, as are customary in the case of satellites having similar value and properties for companies engaged in the same or similar business or having similar properties, similarly situated. All endorsements referred to in this Section 5.05(b)(iii) with respect to insurance currently held by or on behalf of Borrower shall be delivered no later than 90 days after the Closing Date (or such longer period as Administrative Agent agrees).
