Occurrence-Based Insurance Sample Clauses

Occurrence-Based Insurance. All insurance policies shall be occurrence based. Any insurance provider of the Telecommunications Licensee shall be admitted and authorized to do business in the State of Illinois and shall be rated at lease A-: VII in Best’s Key Rating Guide. Insurance certificates issued by non-admitted insurance companies do not qualify. If occurrence based coverage is not available from a carrier admitted to do business in Illinois a non-admitted carrier may be acceptable subject to the reasonable approval of the City Attorney or City risk manager.
Sample 1
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Occurrence-Based Insurance. Following the Closing, subject to the provisions of this Section 7.12, any Buyer Related Party may make an insurance claim (to the extent that coverage exists when such claim is made) for any event or Liabilities caused by, arising from or relating to the operation of the businesses of the Target Companies that occurred prior to Closing (each, a “Buyer Occurrence-Based Insurance Claim”) under the appropriate occurrence- based liability insurance policies of Seller, but solely relating to general liability, workers’ compensation, auto, excess liability, property, cargo and transit occurrence-based liability insurance policies (each a “Seller Occurrence-Based Insurance Policy”) that, subject to the terms and limitations of such Seller Occurrence-Based Insurance Policy, covered such Buyer Indemnified Party for such Buyer Occurrence-Based Insurance Claim at the time of such event; provided; that (a) such Buyer Occurrence-Based Insurance Claim will be made by such Buyer Related Party at the Buyer Related Party’s sole cost and expense and (b) such Buyer Related Party will be solely responsible and liable for, and Seller will have no obligation to repay or reimburse any Buyer Related Party for, any amounts incurred by any Buyer Related Party in connection with making any such Buyer Occurrence-Based Insurance Claim (including any legal, fees and investigation costs) and all deductibles and retentions and all uninsured, uncovered, unavailable or uncollectable amounts relating to or associated with such Buyer Occurrence-Based Insurance Claim. For the purpose of making such Buyer Occurrence-Based Insurance Claim, and upon the reasonable written request of such Buyer Related Party, Seller will use commercially reasonable efforts, at such Buyer Related Party’s sole out-of-pocket cost and expense, to cooperate with such Buyer Related Party by providing a copy of such Seller Occurrence-Based Insurance Policy and other information reasonably requested by such Buyer Related Party regarding such Seller Occurrence-Based Insurance Policy and making the claim on behalf of such Buyer Related Party if such Buyer Related Party is not entitled to make such claim directly under such Seller Occurrence-Based Insurance Policy. Seller, upon the request and at the sole out-of-pocket expense of Buyer, will use commercially reasonable efforts to assist Buyer in the collection of proceeds in respect of such claims and in the event Seller or any of its Affiliates receives insurance proceeds...
Sample 1

Related to Occurrence-Based Insurance

  • Additional Insurance Requirements The policies shall include, or be endorsed to include, the following provisions:

  • Flood Insurance With respect to each Mortgaged Property, obtain flood insurance in such total amount as the Administrative Agent or the Required Lenders may from time to time reasonably require, if at any time the area in which any improvements located on any Mortgaged Property is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), and otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as amended from time to time.

  • Additional Insurance Contractor may obtain additional insurance not required by this Contract.

  • Standard Hazard Insurance and Flood Insurance Policies (a) For each Mortgage Loan, the Master Servicer shall enforce any obligation of the Servicers under the related Servicing Agreements to maintain or cause to be maintained standard fire and casualty insurance and, where applicable, flood insurance, all in accordance with the provisions of the related Servicing Agreements. It is understood and agreed that such insurance shall be with insurers meeting the eligibility requirements set forth in the applicable Servicing Agreement and that no earthquake or other additional insurance is to be required of any Mortgagor or to be maintained on property acquired in respect of a defaulted loan, other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.

  • Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies (a) The Master Servicer shall cause to be maintained, for each Mortgage Loan, hazard insurance with extended coverage in an amount that is at least equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan or (ii) the greater of (y) the outstanding principal balance of the Mortgage Loan and (z) an amount such that the proceeds of such policy shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. Each such policy of standard hazard insurance shall contain, or have an accompanying endorsement that contains, a standard mortgagee clause. Any amounts collected by the Master Servicer under any such policies (other than the amounts to be applied to the restoration or repair of the related Mortgaged Property or amounts released to the Mortgagor in accordance with the Master Servicer's normal servicing procedures) shall be deposited in the Certificate Account. Any cost incurred by the Master Servicer in maintaining any such insurance shall not, for the purpose of calculating monthly distributions to the Certificateholders or remittances to the Trustee for their benefit, be added to the principal balance of the Mortgage Loan, notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall be recoverable by the Master Servicer out of late payments by the related Mortgagor or out of Liquidation Proceeds to the extent permitted by Section 3.08 hereof. It is understood and agreed that no earthquake or other additional insurance is to be required of any Mortgagor or maintained on property acquired in respect of a Mortgage other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance. If the Mortgaged Property is located at the time of origination of the Mortgage Loan in a federally designated special flood hazard area and such area is participating in the national flood insurance program, the Master Servicer shall cause flood insurance to be maintained with respect to such Mortgage Loan. Such flood insurance shall be in an amount equal to the least of (i) the original principal balance of the related Mortgage Loan, (ii) the replacement value of the improvements which are part of such Mortgaged Property, and (iii) the maximum amount of such insurance available for the related Mortgaged Property under the national flood insurance program.

  • Required Insurance The HSP will put into effect and maintain, with insurers having a secure A.M. Best rating of B+ or greater, or the equivalent, all the necessary and appropriate insurance that a prudent person in the business of the HSP would maintain including, but not limited to, the following at its own expense.

  • Rates Applicable After Default Notwithstanding anything to the contrary contained in Section 2.9 or 2.10, during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring consent of affected Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a LIBOR Rate Advance. During the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring consent of affected Lenders to changes in interest rates), declare that (i) each LIBOR Rate Advance shall bear interest for the remainder of the applicable Interest Period at the LIBOR Rate otherwise applicable to such LIBOR Rate Advance for such Interest Period plus 4% per annum and (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to the Floating Rate Advance plus 4% per annum; provided, however, that the Default Rate shall become applicable automatically if a Default occurs under Section 7.1 or 7.2, unless waived by the Required Lenders.

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