Blanket and or Master Policies Primary and Excess Policies Clause Samples

Blanket and or Master Policies Primary and Excess Policies. (1) The insurance required by the provisions of this Exhibit may, at Funding Recipient’s option, be effected by blanket and/or umbrella policies issued to Funding Recipient covering the Vehicles paid for or intended to be paid for, directly or indirectly with the proceeds of the Funding and other properties owned or leased by Funding Recipient, provided such policies otherwise comply with the provisions of this Agreement and allocate to such Vehicles the specified coverage, including, without limitation, the specified coverage for all insureds required to be named as “named insureds” or “additional insureds” hereunder, without possibility of reduction or coinsurance by reason of, or because of damage to, any other properties named therein. If the insurance required by this Agreement shall be effected by any such blanket or umbrella policies, Funding Recipient shall furnish to DDC certified copies of such policies together with schedules annexed thereto setting forth the amount of insurance applicable to such Vehicles and proof reasonably satisfactory to DDC that the premiums for at least the first year of the term of each of such policies (or installment payments then required to have been paid on account of such premiums) shall have been paid. (2) The liability insurance required to be carried by Funding Recipient pursuant to this Exhibit may, at the option of Funding Recipient, be effected through any combination of layers of primary and excess coverages, provided that such policies otherwise comply with the provisions of this Exhibit and afford the amounts of coverage required by this Exhibit for all insureds required to be named as insureds hereunder.