Agenda - Council - 07/12/2022 - Laserfiche WebLink

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(b) The Company agrees to carry rental loss insurance (the cost of which shall be paid by the Charter School through rental payments under the Lease) or cause the Charter School to carry at the Charter School's sole cost and expense business interruption insurance or business extra expense insurance providing for rent loss coverage in an amount equal to at least one hundred twenty percent(120%) of the maximum debt service on the Bonds due for a period of eighteen (18) months. The costs of such insurance shall be paid by the Charter School through rental payments under the Lease. Any such policy will be payable directly to the Trustee upon the occurrence of any damage to the Project Building that renders all or any portion of the Project Building unusable. (c) Pursuant to the Lease to the extent applicable, the Company agrees to cause the Charter School to carry (i) automobile insurance protecting the Charter School against liability for injuries to persons and property in the minimum amount of$1,000,000; and (ii) errors and omissions insurance with a coverage limit not less than $1,500,000, including coverage for abuse; (iii) workers compensation insurance, with statutory coverage; and(iv) cyber liability coverage in the minimum amount of$1,000,000. Section 4.8 Deposit of Lease Revenues to Revenue Fund, The Company hereby covenants and agrees that the Lease Payments due from the Charter School under the Lease shall be paid directly to the Trustee by automatic transfer (ACH payment, wire transfer or other electronic means) from the Sweep Account pursuant to the requirements of this Loan Agreement, the Lease, the Pledge Agreement and the Account Control Agreement, within one (1) Business Day of receipt, for deposit by the Trustee into the Revenue Fund. Amounts received as Lease Payments shall be transferred by the Trustee under the provisions of Article V of the Indenture from the Revenue Fund as required under the terms of the Indenture and shall be credited against the payments required under Section 4.2(a), (c) and (d) above. Section 4.9 Insurance During Construction. The Company shall provide or cause to be provided or maintained at all times during the process of constructing the 2022 Project and, from time to time at the request of the Trustee or the Majority Bondholder(s), shall furnish the Trustee with proof of the following insurance: (a) Builder's risk insurance, written on the so-called "Builder's Risk Completed Value Basis," and payable to Trustee as mortgagee in an amount equal to [one hundred percent (100%)] [PLEASE DISCUSS WITH DEAL TEAM] of the insurable value of the 2022 Project at the date of completion, and with coverage available in nonreporting form on the so-called "all risk" form of policy subject to deductibles in the [maximum amount of$ ] [PLEASE DISCUSS WITH DEAL TEAM]; (b) Commercial general liability insurance (including operations, contingent liability, operations of subcontractors, completed operations and contractual liability insurance) together with an Owner's Contractor's Policy with limits against bodily injury and property damage of not less than $1,000,000 for each occurrence, and $2,000,000 in the aggregate, subject to reasonable deductibles (to accomplish the above-required limits, an umbrella excess liability policy may be used); and (c) Workers' compensation insurance, with statutory coverage. 15 730911770