1978-07-19 Regular Meeting - Laserfiche WebLink

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• .~ 8 • as are customarily carried by others engaged in a similar business enterprise for death of or bodily injury to any one person; for death and bodily injury claims resulting from any one accident; and for property damage; (e) Boiler and pressure vessel (including pressure pipes) explosion insurance in an appropriate amount (with deductible provisions) with respect to all boilers, pressure vessels and pressure pipes installed on the project; (f) Such workmen's compensation or employer's liability insurance as may be required by law and such surety, theft .and other insurance as is customarily carried by others in a similar business enterprise. All such insurance policies shall contain waiver of subrogation clauses in favor of the issuer, lessee and ultimate lessee and shall be taken out and maintained in generally recognized responsible insurance companies, qualified under the laws of the State of Texas to assume the respective risks undertaken. All such insurance policies except those in (d) and (f) above shall provide that the proceeds of such insurance shall be payable to the trustee; provided that all losses may be adjusted by ultimate lessee, subject to the approval of the trustee. All policies evidencing the insurance required to be carried shall be deposited with the trustee. Prior to the expiration of any such policy, ultimate lessee will furnish the trustee satisfactory evidence that such policy has been renewed • or replaced by another policy, or that there is no necessity therefor. "Full insurable value" shall mean the actual replacement value less physical depreciation. All policies of insurance shall contain an undertaking by the respective insurers to the extent obtainable that such policies shall not be modified or cancelled without at least ten (10) days' written notice to the trustee. (8) In the event of the (a) Taking of substantially all of the project under eminent domain proceedings, or (b) The destruction of substantially all of the project, the trustee (upon the written request of the issuer) shall have the right to (i) call all outstanding bonds of the issuer (delivered to provide the project) at the price of par and accrued interest to date of redemption, and (ii) to apply the proceeds it has received to the redemption of such bonds. The ultimate lessee shall also be obligated to supplement funds held by the trustee as may be required to retire such indebtedness. •