Common use of Risks to be Insured Clause in Contracts

Risks to be Insured. With respect to each Pool A Property, each Loan Party shall procure or cause to be procured, and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``A'' (or its equivalent) or better by Xxxxxx X. Best Company, Inc., (iii) with a financial size rating of VIII (or its equivalent) or better, by Xxxxxx X. Best Company, Inc., and (iv) otherwise satisfactory to the Agent; PROVIDED, HOWEVER, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHER, HOWEVER, that (1) each insurer of CapStar's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that such carrier(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStar's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``A-'' (or its equivalent) by Xxxxxx X. Best Company, Inc. and have a financial size rating of ``VIII'' (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that, in the event CapStar or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the Agent. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the Agent in its sole discretion. The insurance to be procured and maintained by CapStar and its Subsidiaries is the following:

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Capstar Hotel Co)

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Risks to be Insured. With respect to each Pool A Mortgaged Property, each Loan Party Borrower shall procure and maintain, or shall cause a Mortgaged Property Subsidiary to be procured, procure and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``"A'' " (or its equivalent) or better by Xxxxxx X. Best Company, Inc., (iii) with a financial size rating of VIII (or its equivalent) or better, by Xxxxxx X. Best Company, Inc., and (iv) otherwise satisfactory to the Agent; PROVIDEDprovided, HOWEVER, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHER, HOWEVERhowever, that (1) each insurer of CapStarCOPT's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' "A-" (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that such carrier(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStarCOPT's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``"A-'' " (or its equivalent) by Xxxxxx X. Best Company, Inc. and have a financial size rating of ``"VIII'' " (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that, in the event CapStar COPT or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the Agent. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Mortgaged Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the Agent in its sole discretion. The insurance to be procured and maintained by CapStar COPT and its Subsidiaries is the following:

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Corporate Office Properties Trust)

Risks to be Insured. With respect to each Pool A Mortgaged Property, each Loan Party shall procure or cause to be procured, and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``"A'' " (or its equivalent) or better by Xxxxxx X. Best Company, Inc., (iii) with a financial size rating of VIII (or its equivalent) or better, by Xxxxxx X. Best Company, Inc., and (iv) otherwise satisfactory to the Administrative Agent; PROVIDEDprovided, HOWEVERhowever, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Mortgaged Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHERprovided, HOWEVERfurther, however, that (1) each insurer of CapStar's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that such carrier(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStarthe Borrower's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``"A-'' " (or its equivalent) by Xxxxxx X. Best Company, Inc. and have a financial size rating of ``"VIII'' " (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that, in the event CapStar the Borrower or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the Administrative Agent. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the Administrative Agent in its sole discretion. The insurance to be procured and maintained by CapStar the Borrower and its Subsidiaries is the following:

Appears in 1 contract

Samples: Credit Agreement (Capstar Hotel Co)

Risks to be Insured. With respect to each Pool A Mortgaged Property, each Loan Party Borrower shall procure and maintain, or shall cause a Mortgaged Property Subsidiary to be procured, procure and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``"A'' " (or its equivalent) or better by Xxxxxx X. Alfred M. Best Company, Inc., (iii) with a financial size rating of VIII VXXX (or its xx xts equivalent) or better, by Xxxxxx X. Alfred M. Best Company, Inc., and (iv) otherwise satisfactory to the AgentXxxxx; PROVIDEDxxovided, HOWEVER, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHER, HOWEVERhowever, that (1) each insurer of CapStarCOPT's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' "A-" (or its equivalent) by Xxxxxx X. Alfred M. Best Company, Inc.; it being understood and agreed that such carrier(ssucx xxxxxxx(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStarCOPT's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``"A-'' " (or its equivalent) by Xxxxxx X. Alfred M. Best Company, Inc. and have a financial size rating of ``VIII'' "VIIX" (or its xx xxs equivalent) by Xxxxxx X. Alfred M. Best Company, Inc.; it being understood and agreed that, in the event CapStar xxx xxxxt COPT or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the Agent. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Mortgaged Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the Agent in its sole discretion. The insurance to be procured and maintained by CapStar COPT and its Subsidiaries is the following:

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Corporate Office Properties Trust)

Risks to be Insured. With respect to each Pool A Property, each Loan Party Borrower shall procure or cause to be procured, and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``"A'' " (or its equivalent) or better by Xxxxxx X. Alfred M. Best Company, Inc., (iii) with a financial size rating of VIII VXXX (or its xx xts equivalent) or better, by Xxxxxx X. Alfred M. Best Company, Inc., and (iv) otherwise satisfactory to the AgentAgenx; PROVIDED, HOWEVER, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHERXXXXXXED, HOWEVER, that (1) each insurer of CapStarCOPT's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' "A-" (or its equivalent) by Xxxxxx X. Alfred M. Best Company, Inc.; it being understood and agreed that such carrier(ssucx xxxxxxx(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStarCOPT's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``"A-'' " (or its equivalent) by Xxxxxx X. Alfred M. Best Company, Inc. and have a financial size rating of ``VIII'' "VIIX" (or its xx xxs equivalent) by Xxxxxx X. Alfred M. Best Company, Inc.; it being understood and agreed that, in the event CapStar xxx xxxxt COPT or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the Agent. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the Agent in its sole discretion. The insurance to be procured and maintained by CapStar COPT and its Subsidiaries is the following:

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Corporate Office Properties Trust)

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Risks to be Insured. With respect to each Pool A Property, each Loan Party Borrower shall procure or cause to be procured, and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``"A'' " (or its equivalent) or better by Xxxxxx X. Best Company, Inc., (iii) with a financial size rating of VIII (or its equivalent) or better, by Xxxxxx X. Best Company, Inc., and (iv) otherwise satisfactory to the AgentLender; PROVIDEDprovided, HOWEVER, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHER, HOWEVERhowever, that (1) each insurer of CapStarRoyale's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' "A-" (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that such carrier(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStarRoyale's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``"A-'' " (or its equivalent) by Xxxxxx X. Best Company, Inc. and have a financial size rating of ``"VIII'' " (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that, in the event CapStar Royale or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the AgentLender. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the Agent Lender in its sole discretion. The insurance to be procured and maintained by CapStar Royale and its Subsidiaries is the following:

Appears in 1 contract

Samples: Senior Secured Credit Agreement (Royale Investments Inc)

Risks to be Insured. With respect to each Pool A Mortgaged Property, each Loan Party Borrower shall procure and maintain, or shall cause a Mortgaged Property Subsidiary to be procured, procure and each Loan Party shall maintain or cause to be maintained continuously in effect, insurance coverage issued by an insurer (i) authorized to issue such insurance in all applicable jurisdictions, (ii) rated ``"A'' " (or its equivalent) or better by Xxxxxx X. Best Company, Inc., (iii) with a financial size rating of VIII (or its equivalent) or better, by Xxxxxx X. Best Company, Inc., and (iv) otherwise satisfactory to the Agent; PROVIDEDprovided, HOWEVER, that the requirements set forth in clauses (ii) and (iii) above with respect to any Pool A Property shall be subject to any requirements of any related Ground Lease; PROVIDED FURTHER, HOWEVERhowever, that (1) each insurer of CapStarCOPT's or any of its Subsidiaries' umbrella liability insurance policies as of the Closing Date (and any renewal thereof by such insurers), may be rated ``A- '' "A-" (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that such carrier(s) shall comply with the requirement set forth in clause (ii) above, and (2) as of the Closing Date, the insurers of CapStarCOPT's or any of its Subsidiaries' earthquake, flood and wind insurance policies (and any renewals thereof by such insurers, respectively) may be rated ``"A-'' " (or its equivalent) by Xxxxxx X. Best Company, Inc. and have a financial size rating of ``"VIII'' " (or its equivalent) by Xxxxxx X. Best Company, Inc.; it being understood and agreed that, in the event CapStar COPT or any of its Subsidiaries procures any earthquake, flood or wind insurance from a carrier other than the carrier providing such insurance on the Closing Date, such carrier shall comply with the requirements set forth in clauses (ii) and (iii) above unless otherwise approved by the Agent. Each Loan Party shall pay, and shall cause each of its Subsidiaries to pay, in a timely manner all premiums due in connection therewith. All insurance policies shall be issued by insurers doing business as admitted licensed carriers in the state where such Mortgaged Property is located, and shall be authorized and licensed to issue insurance in such state unless otherwise approved by the 58 Agent in its sole discretion. The insurance to be procured and maintained by CapStar COPT and its Subsidiaries is the following:

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Corporate Office Properties Trust)

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