Examples of Captive Insurance Subsidiary in a sentence
To the extent that the Borrower or its Subsidiaries are permitted under this Agreement to incorporate or otherwise form new Subsidiaries, the Borrower agrees that such new Subsidiary shall be added as a Guarantor under this Agreement and the Guaranty, and shall execute such Guaranty; provided, however, that the Captive Insurance Subsidiary shall not be subject to this section.
The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies (which shall include an Approved Captive Insurance Subsidiary) in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates and as otherwise required by Section 6.07.
Each Borrower hereby acknowledges that the issuance of Letters of Credit for the account of the Captive Insurance Subsidiary inures to the benefit of the Borrowers, and that each Borrower’s business derives substantial benefits from the business of the Captive Insurance Subsidiary.
Each Borrower irrevocably waives any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the obligations of the Captive Insurance Subsidiary in respect of such Letter of Credit.
The properties of each Borrower and each of its Subsidiaries are insured with (a) financially sound and reputable insurance companies not Affiliates of the Company or (b) a Captive Insurance Subsidiary, in each case, in such amounts and covering such risks, and with respect to clause (a), with such deductibles, as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where such Borrower or the applicable Subsidiary operates.