Common use of Additional Insurance Clause in Contracts

Additional Insurance. In the event that Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplement, the Indenture Trustee may at its option, upon prior written notice to Issuer, provide such insurance and, in such event, Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notes, on the amount of the cost to the Indenture Trustee of such insurance which Issuer shall have failed to maintain. If after the Indenture Trustee has provided such insurance, Issuer then obtains the coverage provided for in Section 5.04(g) which was replaced by the insurance provided by the Indenture Trustee, and Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The Indenture Trustee shall cancel the insurance it has provided pursuant to the first sentence of this Section 5.04(g)(ii). In such event, Issuer shall reimburse the Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A Notes. In addition, at any time the Indenture Trustee may at its own expense carry insurance with respect to its interest in the Portfolio Railcars, provided that such insurance does not interfere with Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g) or adversely affect Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its optionshall, if directed in writing by the Requisite Majority, upon prior written notice to Issuerthe Issuer and paid for out of funds in the Collections Account, provide obtain such insurance and, in such event, Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notes, on the amount of the cost to the Indenture Trustee of such insurance which Issuer shall have failed to maintaininsurance. If after the Indenture Trustee has provided obtained such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided obtained pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee Collections Account for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A Notes. In addition, at any time if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, the Indenture Trustee may at its own expense carry shall obtain such insurance with such agent with respect to its interest in the Portfolio RailcarsRailcars at the expense of the Noteholders, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) , with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its optionshall, if directed in writing by the Requisite Majority, upon prior written notice to Issuerthe Issuer and paid for out of funds in the Collections Account, provide obtain such insurance and, in such event, Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notes, on the amount of the cost to the Indenture Trustee of such insurance which Issuer shall have failed to maintaininsurance. If after the Indenture Trustee has provided obtained such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided obtained pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee Collections Account for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A Notes. In addition, at any time if directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, the Indenture Trustee may at its own expense carry shall obtain such insurance with such agent with respect to its interest in the Portfolio RailcarsRailcars at the expense of the Holders, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) , with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notesof Equipment Notes (or, if more than one Class of Equipment Notes was issued on the same date, the lowest of the Stated Rates on such Classes, determined as of the most recent Determination Date), on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s 's payment thereof at the such Stated Rate on the most recently issued Class A NotesRate. In addition, at any time the Indenture Trustee may at its own expense carry insurance with respect to its interest in the Portfolio Railcars, provided that such insurance does not interfere with the Issuer’s 's ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s 's insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s 's insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s 's obligations hereunder, other than with respect to Portfolio Railcars) , with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Equipment Notes, on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A Equipment Notes. In addition, at any time the Indenture Trustee may at its own expense carry insurance with respect to its interest in the Portfolio Railcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Equipment Notes, on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A Equipment Notes. In addition, at any time the Indenture Trustee may at its own expense carry insurance with respect to its interest in the Portfolio Railcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) , with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notesof Equipment Notes (or, if more than one Class of Equipment Notes was issued on the same date, the lowest of the Stated Rates on such Classes, determined as of the most recent Determination Date), on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the such Stated Rate on the most recently issued Class A NotesRate. In addition, at any time the Indenture Trustee may at its own expense carry insurance with respect to its interest in the Portfolio Railcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) , with respect to which such payments have been made.

Additional Insurance. In the event that Issuer the Owner shall fail to maintain insurance as herein provided or provided provided, in any Series SupplementSection 4.07 or, if applicable, Section 4.09, the Indenture Trustee may at its option, upon prior written notice to Issuerthe Owner (provided Owner has not procured the necessary insurance in the interim and notified the Indenture Trustee in reasonable detail of the procurement, coverage and term thereof), provide such insurance and, in such event, Issuer the Owner shall, upon demand from time to time time, reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A NotesLate Rate, on the amount of the cost to the Indenture Trustee of such insurance which Issuer the Owner shall have failed to maintain. If after the Indenture Trustee has provided such insurance, Issuer the Owner then obtains the coverage provided for in Section 5.04(g) 4.07 which was replaced by the insurance provided by the Indenture Trustee, and Issuer the Owner provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided pursuant to the first sentence of this Section 5.04(g)(ii)paragraph. In such event, Issuer the Owner shall reimburse the Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A NotesLate Rate. In addition, at any time the Indenture Trustee (either directly or in the name of Loan Participant) or the Loan Participant may at its own expense carry insurance with respect to its interest in the Portfolio RailcarsUnits, provided that such insurance does not interfere with Issuerthe Owner’s ability to insure the Portfolio Railcars Equipment as required by this Section 5.04(g) Article IV or adversely affect Issuerthe Owner’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar Unit shall remain with Issuerthe Owner’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee or the Loan Participant pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance Indenture Trustee or the Loan Participant, as the case may be, without reducing or otherwise affecting Issuerthe Owner’s obligations hereunder, other than with respect to Portfolio Railcars) with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its option, upon prior written notice to the Issuer, provide such insurance and, in such event, the Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notesof Equipment Notes (or, if more than one Class of Equipment Notes was issued on the same date, the lowest of the Stated Rates on such Classes, determined as of the most recent Determination Date), on the amount of the cost to the Indenture Trustee of such insurance which the Issuer shall have failed to maintain. If after the Indenture Trustee has provided such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the such Stated Rate on the most recently issued Class A NotesRate. In addition, at any time the Indenture Trustee may at its own expense carry insurance with respect to its interest in the Portfolio Railcars, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) , with respect to which such payments have been made.

Additional Insurance. In the event that the Issuer shall fail to maintain insurance as herein provided or provided in any Series Supplementprovided, the Indenture Trustee may at its optionshall, if directed in writing by the Requisite Majority, upon prior written notice to Issuerthe Issuer and paid for out of funds in the Collections Account, provide obtain such insurance and, in such event, Issuer shall, upon demand from time to time reimburse the Indenture Trustee for the cost thereof together with interest from the date of payment thereof at the Stated Rate on the most recently issued Class A Notes, on the amount of the cost to the Indenture Trustee of such insurance which Issuer shall have failed to maintaininsurance. If after the Indenture Trustee has provided obtained such insurance, the Issuer then obtains the coverage provided for in Section 5.04(g5.04(f)(i) which was replaced by the insurance provided by the Indenture Trustee, and the Issuer provides the Indenture Trustee with evidence of such coverage reasonably satisfactory to the Indenture Trustee. The , the Indenture Trustee shall cancel the insurance it has provided obtained pursuant to the first sentence of this Section 5.04(g)(ii5.04(f)(ii). In such event, the Issuer shall reimburse the Indenture Trustee Collections Account for all costs to the Indenture Trustee of cancellation, including without limitation any short rate penalty, together with interest from the date of the Indenture Trustee’s payment thereof at the Stated Rate on the most recently issued Class A Notes. In addition, at any time if [Master Indenture] directed in writing by the Requisite Majority to obtain insurance through a specified insurance agent, the Indenture Trustee may at its own expense carry shall obtain such insurance with such agent with respect to its interest in the Portfolio RailcarsRailcars at the expense of the Holders, provided that such insurance does not interfere with the Issuer’s ability to insure the Portfolio Railcars as required by this Section 5.04(g5.04(f) or adversely affect the Issuer’s insurance or the cost thereof, it being understood that all salvage rights to each Portfolio Railcar shall remain with the Issuer’s insurers at all times. Any insurance payments received from policies maintained by the Indenture Trustee pursuant to the previous sentence shall be retained by the applicable Person obtaining such insurance without reducing or otherwise affecting the Issuer’s obligations hereunder, other than with respect to Portfolio Railcars) , with respect to which such payments have been made.