Provisions With Respect to Insurance. (a) With respect to the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 11, the Facility Lessee will, or will use ---------- reasonable efforts in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1) place the insurance ------------ maintained pursuant to this Section 11.3 with companies having an A.M. Best ------------ rating of at least "A-" or, if not so rated, of comparable financial strength, (2) name the Trust Company, the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees as additional insureds, as their interests may appear, (3) cause the insurance companies to agree to waive all subrogation rights against, the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and Lease Indenture Trustee and the Pass Through Trustees, (4) cause such insurance to be primary without right of contribution of any other insurance carried by or on behalf of the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees with respect to their respective interests in the Facility and the Facility Site, (5) if any liability insurance required under the provisions of this Section 11 is allowed to be written on a "claims made" basis, then such insurance shall include (i) the retroactive date (as such term is specified in each such policy) shall be no later than the date hereof and (ii) each time any policy written on a "claims made" basis is not renewed or the retroactive date of such policy is changed the Facility Lessee shall obtain or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after the expiration of such policy or policies, and (6) subject to Section 11.7(a), name the Lease Indenture Trustee and the Owner Lessor, as their interests may appear, as loss payee with respect to the property, boiler and machinery insurance.
Appears in 2 contracts
Samples: Facility Lease Agreement (Mirant Mid Atlantic LLC), Facility Lease Agreement (Mirant Mid Atlantic LLC)
Provisions With Respect to Insurance. (a) With respect Subject to the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 1111.6, the Facility Lessee will, or will use ---------- reasonable efforts in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1) place the insurance ------------ maintained pursuant to this Section 11.3 11 with companies having an A.M. Best ------------ rating of at least "“A-" ” or, if not so rated, of with comparable financial strength, (2) . All insurance policies required to be maintained pursuant to Sections 11.1 and 11.2 shall name the Trust Company, the Owner Lessor, each of the Owner Participant, the Equity Investor, the OP Guarantor andOwner Lessor, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture has not been dischargedOwner Trustee, the Lease Indenture Trustee and Trustee, the Pass Through Trustees and holders of the Lessor Notes, as additional insureds, as their respective interests may appear, appear (3the “Additional Insureds”). All insurance policies required to be maintained pursuant to the terms hereof shall also provide for at least 30 days’ prior written notice (10 days if as a result of non-payment) cause by the insurance carrier to each Additional Insured in the event of cancellation, non-renewal, termination or expiration. The Facility Lessee will place the insurance required by the terms of this Section 11 with insurance companies to which agree to waive all claims for premiums from, an all subrogation rights against, the Owner Lessor, Additional Insureds. All the Owner Participant, the Equity Investor, the OP Guarantor and Lease Indenture Trustee and the Pass Through Trustees, (4) cause such insurance maintained pursuant to this Section 11 shall be primary without right of contribution of any other insurance carried by or on behalf of the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien each of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Additional Insureds with respect to their respective its interests in the Facility and the Facility Site. Subject to Section 11.6, (5) if any liability insurance required under to the provisions of this Section 11 is allowed to be written extent available on a "claims made" basiscommercially reasonable terms, then such insurance shall include (i) the retroactive date (as such term is specified in each such policy) shall be no later than the date hereof and (ii) each time any policy written on a "claims made" basis is not renewed or the retroactive date of such policy is changed the Facility Lessee will use its best efforts to provide that the respective interests of the Additional Insureds shall obtain not be invalidated by any act or neglect of the Facility Lessee, or any breach or violation by the Facility Lessee of any warranties, declarations or conditions contained in such policies or by the use of the Facility for purposes more hazardous than permitted by such policies. Additionally, to the extent available on commercially reasonable terms, the Facility Lessee will use its best efforts to provide that such policies shall be endorsed to provide that, inasmuch as the policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the exception of limits of liability, shall operate in the manner as if there were a separate policy covering each insured. The Facility Lessee shall, at its own expense, make or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after made all proofs of loss and take all other steps necessary to collect the expiration proceeds of such policy or policies, and (6) subject to Section 11.7(a), name the Lease Indenture Trustee and the Owner Lessor, as their interests may appear, as loss payee with respect to the property, boiler and machinery insurance.
Appears in 2 contracts
Samples: Facility Lease (Midwest Generation LLC), Facility Lease (Midwest Generation LLC)
Provisions With Respect to Insurance. (a) With In respect to of the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 11Schedule 1, the Facility Lessee will, or will use ---------- reasonable efforts in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1a) place the insurance ------------ maintained pursuant to this Section 11.3 with reputable insurance companies authorized to do business in Hawaii having (i) an A.M. Best ------------ Insurance Reports rating of at least "A-" or, if not so rated, or better and a financial size category of comparable VIII or (ii) a Standard & Poor's financial strengthstrength rating of "BBB" or higher, (2b) name the Trust Company, the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding Investor and the Lien of the Lease Indenture has not been discharged, the Lease Trustee (as Indenture Trustee and on behalf of the Pass Through Trustees Noteholders) and their respective officers, directors, employees, affiliates and assigns as additional insureds, as their interests may appearappear (and, with respect to the insurance maintained pursuant to Section 1 and 2 of this Schedule 1, name the Indenture Trustee (or, if the Lien of the Indenture has been terminated and fully discharged, the Owner Lessor), as sole payee, (3c) cause the insurance companies to agree to waive all rights of subrogation rights againstor action howsoever arising which they may have or acquire arising out of any occurrence in respect of which any claim is admitted or paid thereunder against the Trust Company, the Owner Lessor, the Owner Participant, Equity Investor and the Equity Investor, the OP Guarantor and Lease Indenture Trustee and the Pass Through Trusteestheir respective directors, officers, employees and assigns, and (4d) cause such insurance or self-insurance to be primary without right of contribution of any other insurance carried by or on behalf of the Trust Company, the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding Investor and the Lien of the Lease Indenture has not been discharged, the Lease Trustee (as Indenture Trustee and on behalf of the Pass Through Trustees Noteholders) with respect to their respective interests in the Facility Project and the Facility Project Site. All policies shall provide that the respective interests of the Trust Company, (5) if the Owner Lessor, the Equity Investor and the Indenture Trustee shall not be invalidated by any act or neglect of the Lessee or any other person, or any breach or violation by the Lessee or any other person of any warranties, declarations or conditions contained in the property insurance policies, any action or inaction of the Lessee or others or by the use of the Project or the Project Site for purposes more hazardous than permitted by such policies. All liability insurance policies required under the provisions of this Section 11 is allowed to be written on a "claims made" basis, then such insurance shall include (i) the retroactive date (as such term is specified in each such policy) maintained hereunder shall be no later endorsed to provide that, in as much as the policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the date hereof and (ii) exception of limits of liability, shall operate in the manner as if there were a separate policy covering each time any policy written on a "claims made" basis is not renewed or the retroactive date of such policy is changed the Facility insured. The Lessee shall obtain shall, at its own expense, promptly make or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after made all proofs of loss and take all other steps necessary to collect the expiration proceeds of such policy or policiesinsurance. The Lessee shall notify the insurance companies that the Lessee has granted a first ranking assignment by way of security to the Owner Lessor and the Indenture Trustee over the title and benefit of this insurance and its interest and rights in the subject matter of this insurance, and (6) subject confirm that they have not been notified of any other pledge or assignment of or security interest in the Lessee's interest in this insurance. The insurance companies shall not be entitled to Section 11.7(a)any recourse against or to offset any sums payable to the Trust Company, name the Lease Indenture Trustee and the Owner Lessor, as their interests may appearthe Equity Investor, as loss payee with respect the Noteholders or the Indenture Trustee against premium or other monies owing by the Lessee, nor any sums owing to the propertyLessee under the policies against any monies owing by the Lessee under any other policy or contract. All of the insurance policies required by this Schedule 1 may cover other operations, boiler facilities and machinery insuranceproperties of the Lessee or its Affiliates as long as the limits of insurance available to the Project and the Project Site are not less than the requirements set forth herein. Claims and losses, if any, under any insurance policies required to be carried under this Schedule 1 shall be adjusted with the insurance companies, including the filing of appropriate proceedings, by the Lessee, subject to the approval of the Indenture Trustee (or, if the Lien of the Indenture has been terminated and fully discharged the Owner Lessor) if a Lease Event of Default has occurred and is continuing. All loss payments under any policy of insurance maintained pursuant to Section 1 and 2 of this Schedule 1 shall be made to the Depositary Bank and applied in accordance with the terms of the Depositary Agreement. The Lessee shall promptly notify the Owner Lessor and, so long as the Lien of the Indenture has not been terminated and fully discharged, the Indenture Trustee, of any claim in excess of $500,000.00 under any insurance policy maintained pursuant to this Schedule 1. If any insurance policies for this Project contain(s) aggregate limits applying to facilities other than this Project, and such limits are diminished by any incident, occurrence, claim, settlement or judgment against such insurance which has caused the carrier to establish a reserve, the Lessee shall take or cause to be taken immediate steps to restore such aggregate limits or shall provide other equivalent insurance protection for such aggregate limits at all times.
Appears in 2 contracts
Samples: Participation Agreement (Ormat Technologies, Inc.), Participation Agreement (Ormat Technologies, Inc.)
Provisions With Respect to Insurance. (a) With respect Subject to the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 1111.6, the Facility Lessee will, or will use ---------- reasonable efforts in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1) place the insurance ------------ maintained pursuant to this Section 11.3 11 with companies having an A.M. Best ------------ rating of at least "A-" or, if not so rated, of with comparable financial strength, (2) . All insurance policies required to be maintained pursuant to Sections 11.1 and 11.2 shall name the Trust Company, the Owner Lessor, each of the Owner Participant, the Equity Investor, the OP Guarantor andOwner Lessor, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture has not been dischargedOwner Trustee, the Lease Indenture Trustee and Trustee, the Pass Through Trustees and holders of the Lessor Notes, as additional insureds, as their respective interests may appear, appear (3the "ADDITIONAL INSUREDS"). All insurance policies required to be maintained pursuant to the terms hereof shall also provide for at least 30 days' prior written notice (10 days if as a result of non-payment) cause by the insurance carrier to each Additional Insured in the event of cancellation, non-renewal, termination, expiration or material change. The Facility Lessee will place the insurance required by the terms of this Section 11 with insurance companies to which agree to waive all claims for premiums from, and all subrogation rights against, the Owner Lessor, Additional Insureds. All the Owner Participant, the Equity Investor, the OP Guarantor and Lease Indenture Trustee and the Pass Through Trustees, (4) cause such insurance maintained pursuant to this Section 11 shall be primary without right of contribution of any other insurance carried by or on behalf of the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien each of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Additional Insureds with respect to their respective its interests in the Facility and the Facility Site. Subject to Section 11.6, (5) if any liability insurance required under to the provisions of this Section 11 is allowed to be written extent available on a "claims made" basiscommercially reasonable terms, then such insurance shall include (i) the retroactive date (as such term is specified in each such policy) shall be no later than the date hereof and (ii) each time any policy written on a "claims made" basis is not renewed or the retroactive date of such policy is changed the Facility Lessee will use its best efforts to provide that the respective interests of the Additional Insureds shall obtain not be invalidated by any act or neglect of the Facility Lessee, or any breach or violation by the Facility Lessee of any warranties, declarations or conditions contained in such policies or by the use of the Facility for purposes more hazardous than permitted by such policies. Additionally, to the extent available on commercially reasonable terms, the Facility Lessee will use its best efforts to provide that such policies shall be endorsed to provide that, inasmuch as the policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the exception of limits of liability, shall operate in the manner as if there were a separate policy covering each insured. The Facility Lessee shall, at its own expense, make or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after made all proofs of loss and take all other steps necessary to collect the expiration proceeds of such policy or policies, and (6) subject to Section 11.7(a), name the Lease Indenture Trustee and the Owner Lessor, as their interests may appear, as loss payee with respect to the property, boiler and machinery insurance.
Appears in 2 contracts
Samples: Lease Agreement (Edison Mission Energy), Facility Lease Agreement (Edison Mission Energy)
Provisions With Respect to Insurance. (a) With respect Subject to the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 11availability on commercially reasonable terms, the Facility Lessee will, or Sublessee will use ---------- reasonable efforts in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1) place the insurance ------------ maintained pursuant to this Section 11.3 11 with companies having an A.M. Best ------------ rating of at least "A-" or, if not so rated, of comparable financial strength, (2) . All insurance policies required to be maintained pursuant to this Section 11.2 shall name the Trust CompanyTrustees (both in their individual capacities and as trustees), the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding Participant and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Lender as additional insureds, as their interests interest may appear, . All insurance policies required to be maintained pursuant to this Section 11 shall also provide for at least 30 days' prior written notice (310 days for non-payment) cause by the insurance carrier to the Facility Sublessor, the Trustees, the Owner Participant and the Lender in the event of cancellation, non-renewal, termination, expiration or amendment. The Facility Sublessee will place the insurance required by this Section 11 with insurance companies to which agree to waive all claims for premiums from, and all subrogation rights against, the Owner LessorFacility Sublessor, the Trustees, the Owner Participant, the Equity Investor, the OP Guarantor and Lease Indenture Trustee Participant and the Pass Through Trustees, (4) cause such Lender. All the insurance maintained pursuant to this Section 11 shall be primary without right of contribution of any other insurance carried by or on behalf of the Owner LessorFacility Sublessor, the Trustees, the Owner Participant, Participant or the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Lender with respect to their respective interests in the Facility and the Rocky Mountain Site. To the extent available on commercially reasonable terms, the Facility Sublessee will use its best efforts to provide that the respective interests of the Facility Sublessor, the Trustees, the Owner Participant and the Lender shall not be invalidated by any act or neglect of the Facility Sublessee, or any breach or violation by the Facility Sublessee of any warranties, declarations or conditions contained in such policies, or by the use of the Facility and the Rocky Mountain Site for purposes more hazardous than permitted by such policies. To the extent available on commercially reasonable terms, the Facility Sublessee will use its best efforts to provide that such policies shall also be endorsed to: (i) provide that coverage will not be invalidated by any foreclosure or other proceeding or notice of sale relating to the Facility or the Rocky Mountain Site or any change in title or ownership of the Facility or the Rocky Mountain Site, (5ii) provide that, inasmuch as the policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the exception of limits of liability, shall operate in the same manner as if any liability insurance required under the provisions of this Section 11 is allowed to be written on there were a "claims made" basis, then such insurance shall include (i) the retroactive date (as such term is specified in separate policy covering each such policy) shall be no later than the date hereof insured and (iiiii) each time provide that the coverage afforded by such policies shall not be affected by the performance of any policy written on a "claims made" basis is not renewed work in or about any Modification. The Facility Sublessee shall, at its own expense, make all proofs of loss and take all other steps necessary to collect the retroactive date proceeds of such policy is changed the Facility Lessee shall obtain or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after the expiration of such policy or policies, and (6) subject to Section 11.7(a), name the Lease Indenture Trustee and the Owner Lessor, as their interests may appear, as loss payee with respect to the property, boiler and machinery insurance.
Appears in 1 contract
Samples: Facility Sublease Agreement (Oglethorpe Power Corp)
Provisions With Respect to Insurance. (a) With respect Subject to the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 11availability on commercially reasonable terms, the Facility Lessee will, or will use ---------- reasonable efforts in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1) place the insurance ------------ maintained pursuant to this Section 11.3 11 with companies having an A.M. Best ------------ rating of at least "A-" or, if not so rated, of comparable financial strength, (2) . All insurance policies required to be maintained pursuant to Section 11.2 shall name the Trust CompanyTrustees (both in their individual capacities and as trustees), the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding Participant and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Lender as additional insureds, as their interests interest may appear, . All insurance policies required to be maintained pursuant to this Section 11 shall also provide for at least 30 days' prior written notice (310 days for non-payment) cause by the insurance carrier to the Trustees, the Owner Participant and the Lender in the event of cancellation, non-renewal, termination, expiration or amendment. The Facility Lessee will place the insurance required by this Section 11 with insurance companies to which agree to waive all claims for premiums from, and all subrogation rights against, the Owner LessorTrustees, the Owner Participant, the Equity Investor, the OP Guarantor and Lease Indenture Trustee Participant and the Pass Through Trustees, (4) cause such Lender. All the insurance maintained pursuant to this Section 11 shall be primary without right of contribution of any other insurance carried by or on behalf of the Owner LessorTrustees, the Owner Participant, Participant or the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Lender with respect to their respective interests in the Facility and the Rocky Mountain Site. To the extent available on commercially reasonable terms, the Facility Lessee will use its best efforts to provide that the respective interests of the Trustees, the Owner Participant and the Lenders shall not be invalidated by any act or neglect of the Facility Lessee, or any breach or violation by the Facility Lessee of any warranties, declarations or conditions contained in such policies, or by the use of the Facility and the Rocky Mountain Site for purposes more hazardous than permitted by such policies. To the extent available on commercially reasonable terms, the Facility Lessee will use its best efforts to provide that such policies shall also be endorsed to: (i) provide that coverage will not be invalidated by any foreclosure or other proceeding or notice of sale relating to the Facility or the Rocky Mountain Site or any change in title or ownership of the Facility or the Rocky Mountain Site, (5ii) provide that, inasmuch as the policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the exception of limits of liability, shall operate in the same manner as if any liability insurance required under the provisions of this Section 11 is allowed to be written on there were a "claims made" basis, then such insurance shall include (i) the retroactive date (as such term is specified in separate policy covering each such policy) shall be no later than the date hereof insured and (iiiii) each time to provide that the coverage afforded by such policies shall not be affected by the performance of any policy written on a "claims made" basis is not renewed work in or about any Modification. The Facility Lessee shall, at its own expense, make all proofs of loss and take all other steps necessary to collect the retroactive date proceeds of such policy is changed the Facility Lessee shall obtain or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after the expiration of such policy or policies, and (6) subject to Section 11.7(a), name the Lease Indenture Trustee and the Owner Lessor, as their interests may appear, as loss payee with respect to the property, boiler and machinery insurance.
Appears in 1 contract
Provisions With Respect to Insurance. (a) With respect to the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 11, the Facility Lessee willwill (i) place, or will use ---------- commercially reasonable efforts to place in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1) place the insurance ------------ maintained pursuant to this Section 11.3 11 with companies having an A.M. Best ------------ rating of at least "“A-" , VIII” or, if not so rated, of comparable financial strength, (2ii) name the Trust Company, the Owner Lessor, the Owner Participant, the Equity InvestorOP Guarantor, the parent companies of the OP Guarantor Guarantor, the Trust Company and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Trustee as additional insureds, as their interests may appear, (3iii) cause the insurance companies to agree to waive all subrogation rights against, the Owner Lessor, the Owner Participant, the Equity InvestorOP Guarantor, the parent companies of the OP Guarantor and Lease Guarantor, the Trust Company, the Indenture Trustee and the Pass Through TrusteesTrustee, (4iv) cause such insurance to be primary (except that excess property insurance specific to the Facility will be primary only after the benefit of the shared property insurance policy has been exhausted) without right of contribution of any other insurance carried by or on behalf of the Owner Lessor, the Owner Participant, the Equity InvestorOP Guarantor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien parent companies of the Lease Indenture has not been dischargedOP Guarantor, the Lease Trust Company, the Indenture Trustee and the Pass Through Trustees Trustee with respect to their respective interests in the Facility and the Facility Site, (5) if any liability insurance required under the provisions of this Section 11 is allowed to be written on a "claims made" basis, then such insurance shall include (i) the retroactive date (as such term is specified in each such policy) shall be no later than the date hereof and (ii) each time any policy written on a "claims made" basis is not renewed or the retroactive date of such policy is changed the Facility Lessee shall obtain or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after the expiration of such policy or policies, and (6v) subject to Section 11.7(a11.6(a), name the Lease Indenture Trustee Trustee, so long as the Lien of the Indenture has not been discharged, and the Owner Lessor, as their interests may appear, as loss payee payees with respect to the property, property and boiler and machinery insurance, with losses paid based upon percentage of loss; provided, however, that any policies of insurance specific to the Facility shall have the Indenture Trustee, so long as the Lien of the Indenture has not been discharged, and the Lessor, as their interests may appear, as loss payees, and any loss proceeds of any such policy shall be paid solely to the Lessor in accordance with the Lessor’s Percentage. The Lessor and the Owner Participant shall have the right to participate in claims covered under any of the policies required to be maintained hereunder in the event the loss amount is expected to be in excess of $100,000,000 with respect to the interest of the Lessor.
Appears in 1 contract
Provisions With Respect to Insurance. (a) With respect Subject to the insurance required to be maintained or caused to be maintained by the Facility Lessee under this Section 1111.6, the Facility Lessee will, or will use ---------- reasonable efforts in respect of insurance that it does not directly place, but for which it has benefit, subject to Section 11.6 below, (1) place the insurance ------------ maintained pursuant to this Section 11.3 11 with companies having an A.M. Best ------------ rating of at least "A-A-7" or, if not so rated, of with comparable financial strength, (2) . All insurance policies required to be maintained pursuant to Sections 11.1 and 11.2 shall name the Trust Company, the Owner Lessor, each of the Owner Participant, the Equity Investor, the OP Guarantor andOwner Lessor, so long as the Lessor Notes are outstanding Owner Trustee, the Holder Representative and the Lien of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Lender as additional insureds, as their respective interests may appear, appear (3the "ADDITIONAL INSUREDS"). All insurance policies required to be maintained pursuant to the terms hereof shall also provide for at least 30 days' prior written notice (10 days if as a result of non-payment) cause by the insurance carrier to each Additional Insured in the event of cancellation, non-renewal, termination, expiration or material change. The Facility Lessee will place the insurance required by the terms of this Section 11 with insurance companies to which agree to waive all claims for premiums from, and all subrogation rights against, the Owner Lessor, Additional Insureds. All the Owner Participant, the Equity Investor, the OP Guarantor and Lease Indenture Trustee and the Pass Through Trustees, (4) cause such insurance maintained pursuant to this Section 11 shall be primary without right of contribution of any other insurance carried by or on behalf of the Owner Lessor, the Owner Participant, the Equity Investor, the OP Guarantor and, so long as the Lessor Notes are outstanding and the Lien each of the Lease Indenture has not been discharged, the Lease Indenture Trustee and the Pass Through Trustees Additional Insureds with respect to their respective its interests in the Facility and the Facility Site. Subject to Section 11.6, (5) if any liability insurance required under to the provisions of this Section 11 is allowed to be written extent available on a "claims made" basiscommercially reasonable terms, then such insurance shall include (i) the retroactive date (as such term is specified in each such policy) shall be no later than the date hereof and (ii) each time any policy written on a "claims made" basis is not renewed or the retroactive date of such policy is changed the Facility Lessee will use its best efforts to provide that the respective interests of the Additional Insureds shall obtain not be invalidated by any act or neglect of the Facility Lessee, or any breach or violation by the Facility Lessee of any warranties, declarations or conditions contained in such policies or by the use of the Facility for purposes more hazardous than permitted by such policies. Additionally, to the extent available on commercially reasonable terms, the Facility Lessee will use its best efforts to provide that such policies shall be endorsed to provide that, inasmuch as the policies are written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the exception of limits of liability, shall operate in the manner as if there were a separate policy covering each insured. The Facility Lessee shall, at its own expense, make or cause to be obtained for each such policy or policies an extended reporting period coverage, or "tail" for three years after made all proofs of loss and take all other steps necessary to collect the expiration proceeds of such policy or policies, and (6) subject to Section 11.7(a), name the Lease Indenture Trustee and the Owner Lessor, as their interests may appear, as loss payee with respect to the property, boiler and machinery insurance.
Appears in 1 contract