Agenda - Council - 08/13/2013 - Laserfiche WebLink

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similarly situated. The term "full insurable value," as used herein, shall mean the actual replacement value, without deduction for physical depreciation or at the option of the Company any lesser amount which is equal to or greater than the principal amount of all of the Bonds then Outstanding. Alternatively, the Company may insure or cause to be insured such property under a blanket insurance policy or policies which cover not only such property but other properties. Any insurance policy issued pursuant to the preceding paragraph of this Section shall be so written or endorsed as to make losses, if any, payable to the Trustee and the Company as their respective interests may appear. The Net Proceeds of the insurance required in this Section shall be applied as provided in Section 5.2 hereof. Each insurance policy provided for in this Section and Sections 4.7 and 4.9 hereof shall contain a provision to the effect that the insurance company shall not cancel the policy or modify it without first giving written notice thereof to the Trustee and the Company at least 30 days in advance of such cancellation or modification under present policies and 30 days under policies acquired hereafter; provided, that if the Company delivers to the Trustee a written report of an Insurance Consultant stating that the cost of obtaining any of such insurance policies is prohibitively expensive or that any of such insurance policies cannot be obtained, then, failure of the Company to comply with the covenant to obtain any such insurance policy shall not constitute a Default hereunder. In addition, the Company agrees that it shall review, at least once every 3 years, the coverage provided by each of such insurance policies and provide a report thereon to the Trustee; such review shall be conducted by an Insurance Consultant. Section 4.7 Public Liability and Other Insurance. (a) The Company agrees to carry or cause the School to carry public liability insurance with one or more reputable insurance companies in minimum amounts of S 1,000,000 for any one occurrence in connection with the Schoolhouse and an aggregate of $2,000,000 for the Company as a whole. The Issuer and the Trustee shall be made additional insureds under such policy or policies. The insurance provided by this Section may be by blanket insurance policy or policies. (b) The Company agrees to cause the School, pursuant to the Lease, to carry automobile insurance protecting the School against liability for injuries to persons and property, with a coverage limit not less than, and a deductible amount not greater than, those customarily included in similar policies carried by similar entities similarly situated. (c) The Company agrees to carry business interruption insurance providing for rent loss coverage for 12 months. Section 4.8 Deposit of Lease Revenues to Revenue Fund. The Company hereby covenants and agrees that the Lease payments due from the School under the Lease shall be automatically transferred to the Trustee from the Sweep Account pursuant to the Pledge Agreement, on the 20th day of each month, for deposit into the Revenue Fund. Amounts transferred from the Revenue Fund pursuant to Section 5.04 of the Indenture shall be credited against the payments required under Section 4.2(a) through (d) above. 19 5600861v1