LNG Terminal Sample Clauses

LNG Terminal. Buyer will cause Southern LNG to obtain and maintain property insurance on the LNG Terminal, which insurance shall provide for a coverage amount of at least three hundred seventy-five million Dollars ($375,000,000). The costs associated with such insurance will be a cost of service for Southern LNG. This property insurance shall contain waivers by the insurers thereof of all rights of subrogation against Seller, its Affiliates and their respective officers, directors, employees, agents, successors, assigns and contractors/subcontractors (including their employees). Any proceeds of such insurance shall be utilized to restore the LNG Terminal as promptly as is reasonably possible after any casualty, unless Seller otherwise agrees. Buyer will cause Southern LNG to procure business interruption insurance to cover the Terminalling Costs during service interruptions occasioned by Force Majeure events claimed by Southern LNG that relate to physical injury to or loss of property at the LNG Terminal or Buyer's Related Facilities, with (i) the premiums for and retained losses associated with such insurance being included in the cost of service of Southern LNG and passed through to Seller as part of the Terminalling Costs, and (ii) the proceeds of such insurance being passed through to Seller, pursuant to Section 16.3(a)(i), as a reduction in the Terminalling Costs, to the extent such proceeds are allocated to the payment of costs incurred by Southern LNG that have previously been paid by Seller as Terminalling Costs. Southern LNG shall obtain and maintain all policies of insurance as required by Exhibit 22.1.
Sample 1
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