Common use of Commercial Property Insurance Clause in Contracts

Commercial Property Insurance. insuring for all risks of physical loss or damage to: • Flood/Earthquake/Windstorm with limits /deductibles evaluated and approved by Investor on an annual basis • Mechanical and electrical breakdown including all forms of testing; • Hail, lighting, strike, riot, vandalism, and malicious mischief; • All real and personal property of the Project Company whether fixed, in-transit, or stored off-site including warehouse facilities. The limits shall be sufficient to cover the maximum potential loss any one occurrence; • Extra expense including expediting expense; • Debris removal; • Automatic reinstatement of limits except for flood, quake; Policy shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Limits of policy will be at least the replacement value of the Project (excluding the value of the land, foundations and engineering expenses). The policy shall have a deductible of no greater than $50,000 per occurrence. The policy shall not contain Coinsurance provisions unless Agreed Amount is endorsed. Coverage shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Business Interruption is required in an amount enough to cover gross projected revenues for [***] months OR the longest lead time to repair or replace major equipment; whichever is greater. Contingent Business Income is also required in an amount sufficient to cover contingent related supplier / offtaker losses. The Project and Holding Co. shall be a Named Insured on the policy. The policy shall include [***] Confidential Treatment Requested an endorsement naming Firstar Development, LLC as Additional Insured and, to the extent permitted under the Financing Documents, Loss Payee, and shall allow the Tax Credit Investor to be associated in the adjustment of any claim.

Appears in 1 contract

Samples: Equity Capital Contribution Agreement (Bloom Energy Corp)

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Commercial Property Insurance. insuring for all risks of physical loss or damage to: • Flood/Earthquake/Windstorm with limits /deductibles evaluated and approved by Investor on an annual basis • Mechanical and electrical breakdown including all forms of testing; • Hail, lighting, strike, riot, vandalism, and malicious mischief; • All real and personal property of the Project Company whether fixed, in-transit, or stored off-site including warehouse facilities. The limits shall be sufficient to cover the maximum potential loss any one occurrence; • Extra expense including expediting expense; • Debris removal; • Automatic reinstatement of limits except for flood, quake; Policy shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Limits of policy will be at least the replacement value of the Project (excluding the value of the land, foundations and engineering expenses). The policy shall have a deductible of no greater than $50,000 per occurrence. The policy shall not contain Coinsurance provisions unless Agreed Amount is endorsed. Coverage shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Business Interruption is required in an amount enough to cover gross projected revenues for [***] 12 months OR the longest lead time to repair or replace major equipment; whichever is greater. Contingent Business Income is also required in an amount sufficient to cover contingent related supplier / offtaker losses. EQUITY CAPITAL CONTRIBUTION AGREEMENT (BLOOM) Block DocID The Project and Holding Co. shall be a Named Insured on the policy. The policy shall include [***] Confidential Treatment Requested an endorsement naming Firstar Development, LLC as Additional Insured and, to the extent permitted under the Financing Documents, Loss Payee, and shall allow the Tax Credit Investor to be associated in the adjustment of any claim.

Appears in 1 contract

Samples: Interparty Agreement (Bloom Energy Corp)

Commercial Property Insurance. insuring for all risks of physical loss or damage to: • Flood/Earthquake/Windstorm with limits /deductibles evaluated and approved by Investor on an annual basis • Mechanical and electrical breakdown including all forms of testing; • Hail, lighting, strike, riot, vandalism, and malicious mischief; • All real and personal property of the Project Company whether fixed, in-transit, or stored off-site including warehouse facilities. The limits shall be sufficient to cover the maximum potential loss any one occurrence; • Extra expense including expediting expense; • Debris removal; • Automatic reinstatement of limits except for flood, quake; Policy shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Limits of policy will be at least the replacement value of the Project (excluding the value of the land, foundations and engineering expenses). The policy shall have a deductible of no greater than $50,000 per occurrence. The policy shall not contain Coinsurance provisions unless Agreed Amount is endorsed. Coverage shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Business Interruption is required in an amount enough to cover gross projected revenues for [***] months OR the longest lead time to repair or replace major equipment; whichever is greater. Contingent Business Income is also required in an amount sufficient to cover contingent related supplier / offtaker losses. EQUITY CAPITAL CONTRIBUTION AGREEMENT (BLOOM) Block DocID [***] Confidential Treatment Requested The Project and Holding Co. shall be a Named Insured on the policy. The policy shall include [***] Confidential Treatment Requested an endorsement naming Firstar Development, LLC as Additional Insured and, to the extent permitted under the Financing Documents, Loss Payee, and shall allow the Tax Credit Investor to be associated in the adjustment of any claim.

Appears in 1 contract

Samples: Equity Capital Contribution Agreement (Bloom Energy Corp)

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Commercial Property Insurance. insuring for all risks of physical loss or damage to: • Flood/Earthquake/Windstorm with limits /deductibles evaluated and approved by Investor on an annual basis • Mechanical and electrical breakdown including all forms of testing; • Hail, lighting, strike, riot, vandalism, and malicious mischief; • All real and personal property of the Project Company whether fixed, in-transit, or stored off-site including warehouse facilities. The limits shall be sufficient to cover the maximum potential loss any one occurrence; • Extra expense including expediting expense; • Debris removal; • Automatic reinstatement of limits except for flood, quake; Policy shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Limits of policy will be at least the replacement value of the Project (excluding the value of the land, foundations and engineering expenses). The policy shall have a deductible of no greater than $50,000 per occurrence. The policy shall not contain Coinsurance provisions unless Agreed Amount is endorsed. Coverage shall provide for claims to be paid based upon replacement cost of the lost or damaged property without deduction for depreciation. Business Interruption is required in an amount enough to cover gross projected revenues for [***] 12 months OR the longest lead time to repair or replace major equipment; whichever is greater. Contingent Business Income is also required in an amount sufficient to cover contingent related supplier / offtaker losses. The Project and Holding Co. shall be a Named Insured on the policy. The policy shall include [***] Confidential Treatment Requested an endorsement naming Firstar Development, LLC as Additional Insured and, to the extent permitted under the Financing Documents, Loss Payee, and shall allow the Tax Credit Investor to be associated in the adjustment of any claim.

Appears in 1 contract

Samples: Equity Capital Contribution Agreement (Bloom Energy Corp)

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