Permanent Hazard and Other Insurance. (a) During the Term, Lessee shall keep the Property insured against all risk of physical loss or damage by fire and other risks covered under an all risk, extended coverage or “special form” policy of insurance and shall maintain builders’ risk insurance during construction of any Improvements or Modifications in each case in amounts no less than the Termination Value from time to time and on terms that (i) are no less favorable than insurance covering other similar properties owned by Lessee and (ii) are then carried by similarly situated companies conducting business similar to that conducted by Lessee. The policies shall name Lessee as the insured and shall be endorsed to name Lessor and the Agent (on behalf of the Secured Parties) as mortgagees and loss payees, as their interests may appear; provided, so long as no Lease Event of Default exists, any and all losses shall be adjusted by Lessee, and any loss payable under the insurance policies required by this Section for losses up to $1,000,000 will be paid to Lessee.
Permanent Hazard and Other Insurance. (a) During the Term for each Property, Lessee shall keep such Property insured against all risk of physical loss or damage by fire and other risks and shall maintain builders' risk insurance during construction of any Improvements or Modifications in each case in amounts no less than the Termination Value from time to time and on terms that (i) are no less favorable than insurance covering other similar properties owned by Lessee and (ii) are then carried by similarly situated companies conducting business similar to that conducted by Lessee. The policies shall name Lessee as the insured and shall be endorsed to name Lessor, the Holders and the Agent (on behalf of the Lenders and the Holders) as a named additional insured and loss payee, to the extent of their respective interests; provided, so long as no Event of Default exists, any loss payable under the insurance policies required by this Section for losses up to $1,000,000 will be paid to Lessee.
Permanent Hazard and Other Insurance. 14 14.3 Coverage......................................................................15 14.4
Permanent Hazard and Other Insurance. (a) During the Term for each Property, Lessee shall keep such Property insured against physical loss or damage by fire and other risks and shall maintain builders’ risk insurance during construction of any Improvements or, pursuant to Section 11.1(a), Modifications in each case in amounts no less than the then current replacement value of such Property (assuming that such Property was in the condition required by the terms of this Lease immediately prior to such loss) and on terms that (i) are no less favorable than insurance covering other similar properties owned by Lessee and (ii) are then carried by similarly situated companies in similar geographic areas conducting business similar to that conducted by Lessee. The policies shall name Lessee as the insured and shall be endorsed to name Lessor and the Agent (for the benefit of the Lenders and the Holders) as a loss payee, to the extent of their respective interests; provided, so long as no Event of Default exists, any loss payable under the insurance policies required by this Section for losses up to $5,000,000 will be paid to Lessee.
Permanent Hazard and Other Insurance. (a) During the Term for each Property, Lessee shall keep such Property insured against all risk of physical loss or damage by fire and other risks generally insured against by similarly situated entities and shall maintain builders' risk insurance during construction of any Improvements or Modifications in each case in amounts no less than the Property Cost of such Property from time to time and on terms that (i) are no less favorable than insurance covering other similar properties owned by Lessee and (ii) are then carried by similarly situated companies conducting business similar to that conducted by Lessee. The policies shall name Lessee as the insured and shall be endorsed to name Lessor and the Agent (on behalf of the Secured Parties) as a named additional insured and loss payee; provided, so long as no Event of Default exists, any loss payable under the insurance policies required by this Section for losses up to $1,000,000 will be paid to Lessee.
Permanent Hazard and Other Insurance. (a) During the Term for each Property, Lessee shall keep such Property insured against all risk of physical loss or damage by fire and other risks and shall maintain builders' risk insurance during construction of any Improvements or
Permanent Hazard and Other Insurance. (a) During the Term for each Property, Lessee shall keep such Property insured against all risk of physical loss or damage by fire and other risks and shall maintain all risk builders' risk insurance during construction of any Improvements or Modifications in each case in amounts no less than the Property Cost of such Property from time to time and on terms that (i) are no less favorable than insurance covering other similar properties owned by Lessee, (ii) subject to subsection (iii) below, are then carried by similarly situated companies conducting business similar to that conducted by Lessee and (iii) regarding builder's all risk insurance, shall cover all Casualty and all Force Majeure Events except Uninsurable Force Majeure Events. Such all risk builder's risk insurance shall not have a deductible in excess of $100,000 per occurrence (provided, from and after the earlier to occur of the delivery of the insurance certificate referenced in Section 17.1(a) and January 15, 2002, such deductible shall not be in excess of $25,000 per occurrence) with respect to any Construction Period Property and, with respect to each Construction Period Property as of the applicable Property Closing Date, such insurance shall be in effect for a term covering the period from such Property Closing Date through and including the Completion Date of such Property. The policies shall name Lessee as the insured and shall be endorsed to name Lessor and the Agent (on behalf of the Secured Parties) as an additional insured and loss payee; provided, so long as no Event of Default exists, any loss payable under the insurance policies required by this Section for losses up to $1,000,000 will be paid to Lessee.
Permanent Hazard and Other Insurance. (a) During the Term for each Property, Lessee shall keep each of the Properties insured against loss or damage by fire and other risks and shall maintain builders' risk insurance during construction of any Improvements or Modifications in amounts no less than the Termination Value from time to time and on terms that (a) are no less favorable than insurance covering other similar properties owned by Lessee and (b) are then carried by similarly situated companies conducting business similar to that conducted by Lessee. The policies shall name the Lessee as the insured and shall be endorsed to name Lessor as an additional insured and loss payee and the Agent, on behalf of the Holders and the Lenders to the extent of their respective interests, as mortgagee and an additional named insured and loss payee; provided, so long as no Lease Event of Default exists, any loss -------- payable under the insurance policies required by this Section for losses up to $1,000,000 will be paid to Lessee.
Permanent Hazard and Other Insurance. (a) During the Term for each Property, Lessee shall keep such Property insured against all risk of physical loss or damage by fire and other risks and shall maintain builders' risk insurance during construction of any Improvements or Modifications in each case in amounts no less than the then current replacement value of such Property (assuming that such Property was in the condition required by the terms of this Lease immediately prior to such loss) and on terms that (i) are no less favorable than insurance covering other similar properties owned by Lessee and (ii) are then carried by similarly situated companies conducting business similar to that conducted by Lessee. The policies shall name Lessee as the insured and shall be endorsed to name each of Lessor and the Bank as an additional insured and as a loss payee, to the extent of their respective interests; provided, so long as no Event of Default exists, any loss payable under the insurance policies required by this Section for losses up to $1,000,000 will be paid to Lessee. Prior to the Commencement Date for any Property, Lessee shall procure and carry all such insurance referenced in this Section 14.2(a), but Lessor (at the direction of the Bank) shall pay the costs and expenses incurred respecting the insurance referenced in this Section 14.2(a) (but only to the extent amounts are available therefor with respect to the Available Commitments and the Available Holder Commitments or the Bank increases the amount of Available Commitments and Available Holder Commitments to fund such costs and expenses).
Permanent Hazard and Other Insurance. (a) During the Term, Lessee shall keep the Property insured against all risk of physical loss or damage by fire, flood and other risks and shall maintain builders’ all risk insurance during the Construction Period in amounts no less than the replacement cost of the Property (as increased from time to time for change orders or use of contingency amounts under the Construction Budget) from time to time, and regarding any earthquake during the Construction Period, in an amount no less than three (3) times the Probable Maximum Loss of the Property (subject to a cap of $150,000,000) and on terms that (i) are no less favorable than insurance covering other similar properties owned by Lessee or any Guarantor and (ii) are then carried by similarly situated companies conducting business similar to that conducted by Lessee or any Guarantor. After the Construction Period, Lessee shall keep the Property insured, or may self-insure provided the Leverage Ratio of the Parent and its Subsidiaries would not exceed 2.50 to 1.0 and the global unrestricted gross cash and Cash Equivalents of the Parent and its Subsidiaries shall not be less than $1,500,000,000, against all risks of physical loss or damage by fire, earthquake, flood and other risks in amounts no less than replacement cost of the Property from time to time The policies shall name Parent as the insured (but shall also cover Lessee as an insured thereunder) and shall be endorsed to name the Agent (on behalf of the Secured Parties) as a loss payee, to the extent of its interests; provided, so long as no Lease Default or Lease Event of Default exists, any loss payable after the Rent Commencement Date respecting the Property under the insurance policies required by this Section for losses up to $1,000,000 will be paid to Lessee.
