Common use of Baxter Insurance Clause in Contracts

Baxter Insurance. In the event that the net worth of Baxter shall at any time be reduced to less than $2 billion U.S., Baxter shall, at its own expense, establish and at all times that such net worth is not maintained until three (3) years after the last delivery of a System under this Agreement maintain products liability insurance in an amount not less than $5,000,000 each occurrence combined single limit bodily injury and property damage, PROVIDED THAT such insurance is available on commercially reasonable terms. The insurance policy shall be endorsed to name Cerus as an additional insured and to provide for written notification to Cerus by the insurer not less than thirty (30) days prior to cancellation, non-renewal or material change. A certificate of insurance evidencing compliance with this section and referencing this Agreement shall be furnished to Cerus by Baxter within ten (10) days of the date that Baxter becomes obligated to establish such insurance.

Baxter Insurance. In the event that the net worth of Baxter shall at any time be reduced to less than $2 billion U.S., Baxter shall, at its own expense, establish and at all times that such net worth is not maintained until three (3) years after the last delivery of a System under this Agreement maintain products liability insurance in an amount not less than $5,000,000 each occurrence combined single limit bodily injury and property damage, PROVIDED THAT provided that such insurance is available on commercially reasonable terms. The insurance policy shall be endorsed to name Cerus as an additional insured and to provide for written notification to Cerus by the insurer not less than thirty (30) days prior to cancellation, non-renewal or material change. A certificate of insurance evidencing compliance with this section and referencing this Agreement shall be furnished to Cerus by Baxter within ten (10) days of the date that Baxter becomes obligated to establish such insurance.