Common use of Maintenance of Insurance Policies Clause in Contracts

Maintenance of Insurance Policies. Project Company shall obtain and maintain from and after Financial Close and throughout the term of this Agreement the policies of insurance set forth in the minimum coverage amounts (or if not set forth, on terms and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators of comparable size, technology and location) and during the periods, provided, however, that such minimum amounts may be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition to the foregoing, the Project Company may obtain any additional coverage required by the Lenders or the Laws of Guam, or deemed necessary by Project Company. Project Company shall not be in breach of its obligations hereunder if and to the extent that any particular insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of execution of this Agreement. In the event that any particular insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy and the insurers and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In the alternative, Project Company may satisfy its obligations hereunder by requiring the vendor of such items to insure them in the manner specified herein, provided the vendor names Project Company and the other parties and first provides Project Company with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the materials, equipments, machineries and other items in transit by sea and/or air and/or by motor truck to the site to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erection, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works to the extent that such loss or damage is covered under the C.A.R. policy. Professional indemnity policy: This policy, which the Project Company shall have the option to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage shall be not less than the probable maximum loss value of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due to fire or due to machinery breakdown is not less than one calendar year as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees in accordance with the provisions of Guam labour law. Employer's liability towards temporary workers and other employees. Motor insurance policy (comprehensive cover) to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATION

Maintenance of Insurance Policies. Project Company (a) The Master Servicer shall obtain and use Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain from and after Financial Close and throughout the term of this Agreement the policies of for each Mortgage Loan such insurance set forth in the minimum coverage amounts (or if not set forth, on terms and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators of comparable size, technology and location) and during the periods, provided, however, that such minimum amounts may as is required to be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition maintained pursuant to the foregoingrelated Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Project Company may obtain any additional Master Servicer shall notify the Owner of such breach and, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, cause to be maintained (i) fire and hazard insurance with extended coverage required by in an amount which is at least equal to the Lenders or lesser of the Laws current principal balance of Guam, or deemed necessary by Project Company. Project Company shall not be in breach such Mortgage Loan and the replacement cost of its obligations hereunder if the improvements which are a part of the related Mortgaged Property and (ii) to the extent that any particular the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of execution of this Agreementin respect thereof. In the event that any particular Such flood insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy and the insurers and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In lesser of (y) the alternative, Project Company may satisfy its obligations hereunder by requiring unpaid principal balance of the vendor related Mortgage Loan or (z) the maximum amount of such items to insure them in insurance as is available for the manner specified herein, provided related Mortgaged Property under the vendor names Project Company and National Flood Insurance Act. After notifying the other parties and first provides Project Company with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage Owner pursuant to the materialssecond preceding sentence, equipments, machineries and other items in transit by sea and/or air and/or by motor truck the Master Servicer shall take such action as the Owner reasonably requests with respect to the site maintenance of any other forms of insurance which are required to be maintained pursuant to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erectionrelated Mortgage Loan Documents, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works except to the extent that such insurance is not available at commercially reasonable rates or the Owner, as mortgagee, does not have an insurable interest. The Master Servicer shall, to the extent available at commercially reasonable rates and the Owner, as mortgagee, has an insurable interest, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Owner in writing. All such policies shall be endorsed with standard mortgagee clauses with loss or damage is covered under payable to the C.A.R. policyOwner, and shall be in an amount sufficient to avoid the application of any co-insurance clause. Professional indemnity policy: This policy, The costs of maintaining the insurance policies which the Project Company shall have the option Master Servicer is required to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due pursuant to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage this Section shall be not less than paid by the probable maximum loss value of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due to fire or due to machinery breakdown is not less than one calendar year Master Servicer as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees a Servicing Expense in accordance with Sections 3.03 and 5.02, provided, that the provisions cost of Guam labour law. Employer's liability towards temporary workers and other employees. Motor maintaining insurance policy (comprehensive cover) with respect to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy each REO Property shall be paid pursuant to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATIONSection 3.11.

Maintenance of Insurance Policies. Project Company (a) Other than with respect to Third Party Serviced Loans, the Servicer shall use its best efforts to cause each Obligor required to do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided, that if any Mortgage permits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If an Obligor fails to maintain such insurance, the Servicer shall (to the extent available at commercially reasonable terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and maintain from the cost (including any deductible relating to such insurance and after Financial Close and throughout any out-of-pocket cost incurred by the term Servicer in obtaining advice of this Agreement the policies counsel or insurance consultants) of such insurance set forth (or in the minimum coverage amounts case of a master or single interest policy, the incremental cost (or if not set forthincluding any deductible relating to such insurance) of such insurance relating to the specific Mortgaged Property), on terms shall be a Servicer Advance and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators of comparable size, technology and locationshall be reimbursable to the Servicer in accordance with Section 2.10(a)(ii) and during the periods, (vii) and Section 2.11(a)(ii) and (vii); provided, however, that such minimum amounts may be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition to the foregoing, the Project Company may obtain any additional coverage required by the Lenders or the Laws of Guam, or deemed necessary by Project Company. Project Company Servicer shall not be in breach of its obligations hereunder required to incur any such cost if and such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (to the extent that any particular insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on at commercially reasonable terms for reasons other terms) no less insurance coverage than any negligence or default by, or the deterioration was previously required of the financial condition of Project Company from Obligor under the date of execution of this Agreement. In related Mortgage or as is consistent with the event that any particular insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy Servicing Standard and the insurers Credit and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In the alternative, Project Company may satisfy its obligations hereunder by requiring the vendor of such items to insure them in the manner specified herein, provided the vendor names Project Company and the other parties and first provides Project Company with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the materials, equipments, machineries and other items in transit by sea and/or air and/or by motor truck to the site to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erection, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Collection Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works to the extent that such loss or damage is covered under the C.A.R. policy. Professional indemnity policy: This policy, which the Project Company shall have the option to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage shall be not less than the probable maximum loss value of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due to fire or due to machinery breakdown is not less than one calendar year as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees in accordance with the provisions of Guam labour law. Employer's liability towards temporary workers and other employees. Motor insurance policy (comprehensive cover) to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATION.

Maintenance of Insurance Policies. Project Company (a) Other than with respect to Third Party Serviced Loans, the Servicer shall use its best efforts to cause each Obligor required to do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided that if any Mortgage permits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If an Obligor fails to maintain such insurance, the Servicer shall (to the extent available at commercially reasonable terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and maintain from the cost (including any deductible relating to such insurance and after Financial Close and throughout any out-of-pocket cost incurred by the term Servicer in obtaining advice of this Agreement the policies counsel or insurance consultants) of such insurance set forth (or in the minimum coverage amounts case of a master or single interest policy, the incremental cost (or if not set forthincluding any deductible relating to such insurance) of such insurance relating to the specific Mortgaged Property), on terms shall be a Servicer Advance and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators of comparable size, technology and locationshall be reimbursable to the Servicer in accordance with Section 2.10(a)(iii) and during (viii) and Section 2.11(a)(iii) and (viii); provided that the periods, provided, however, that such minimum amounts may be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition to the foregoing, the Project Company may obtain any additional coverage required by the Lenders or the Laws of Guam, or deemed necessary by Project Company. Project Company Servicer shall not be in breach of its obligations hereunder required to incur any such cost if and such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (to the extent that any particular insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on at commercially reasonable terms for reasons other terms) no less insurance coverage than any negligence or default by, or the deterioration was previously required of the financial condition of Project Company from Obligor under the date of execution of this Agreement. In related Mortgage or as is consistent with the event that any particular insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy Servicing Standard and the insurers Credit and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In the alternative, Project Company may satisfy its obligations hereunder by requiring the vendor of such items to insure them in the manner specified herein, provided the vendor names Project Company and the other parties and first provides Project Company with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the materials, equipments, machineries and other items in transit by sea and/or air and/or by motor truck to the site to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erection, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Collection Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works to the extent that such loss or damage is covered under the C.A.R. policy. Professional indemnity policy: This policy, which the Project Company shall have the option to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage shall be not less than the probable maximum loss value of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due to fire or due to machinery breakdown is not less than one calendar year as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees in accordance with the provisions of Guam labour law. Employer's liability towards temporary workers and other employees. Motor insurance policy (comprehensive cover) to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATION.

Maintenance of Insurance Policies. Project Company (a) Other than with respect to Third Party Serviced Loans, the Servicer shall use its best efforts to cause each Obligor required to do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided that if any Mortgage permits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If an Obligor fails to maintain such insurance, the Servicer shall (to the extent available at commercially reasonable terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and maintain from the cost (including any deductible relating to such insurance and after Financial Close and throughout any out-of-pocket cost incurred by the term Servicer in obtaining advice of this Agreement the policies counsel or insurance consultants) of such insurance set forth (or in the minimum coverage amounts case of a master or single interest policy, the incremental cost (or if not set forth, on terms and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators any deductible relating to such insurance) of comparable size, technology and location) and during the periods, provided, however, that such minimum amounts may be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition insurance relating to the foregoingspecific Mortgaged Property), shall be a Servicer Advance and shall be reimbursable to the Project Company may obtain any additional coverage required by Servicer in accordance with Section 2.10 and Section 2.11; provided that the Lenders or the Laws of Guam, or deemed necessary by Project Company. Project Company Servicer shall not be in breach of its obligations hereunder required to incur any such cost if and such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (to the extent that any particular insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on at commercially reasonable terms for reasons other terms) no less insurance coverage than any negligence or default by, or the deterioration was previously required of the financial condition of Project Company from Obligor under the date of execution of this Agreement. In related Mortgage or as is consistent with the event that any particular insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy Servicing Standard and the insurers Credit and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In the alternative, Project Company may satisfy its obligations hereunder by requiring the vendor of such items to insure them in the manner specified herein, provided the vendor names Project Company and the other parties and first provides Project Company with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the materials, equipments, machineries and other items in transit by sea and/or air and/or by motor truck to the site to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erection, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Collection Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works to the extent that such loss or damage is covered under the C.A.R. policy. Professional indemnity policy: This policy, which the Project Company shall have the option to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage shall be not less than the probable maximum loss value of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due to fire or due to machinery breakdown is not less than one calendar year as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees in accordance with the provisions of Guam labour law. Employer's liability towards temporary workers and other employees. Motor insurance policy (comprehensive cover) to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATION.

Maintenance of Insurance Policies. Project Company (a) The Servicer shall obtain and use its Reasonable Efforts to cause the Borrower of each Mortgage Loan to maintain from and after Financial Close and throughout the term of this Agreement the policies of for each Mortgage Loan such insurance set forth in the minimum coverage amounts (or if not set forth, on terms and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators of comparable size, technology and location) and during the periods, provided, however, that such minimum amounts may as is required to be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition maintained pursuant to the foregoingrelated Mortgage Loan Documents. If the Borrower fails to maintain such insurance, then the Project Company may obtain any additional Servicer shall notify the Master Servicer of such breach and, to the extent available at commercially reasonable rates, cause to be maintained (i) fire and hazard insurance with extended coverage required by in an amount which is at least equal to the Lenders or lesser of the Laws current principal balance of Guam, or deemed necessary by Project Company. Project Company shall not be in breach such Mortgage Loan and the replacement cost of its obligations hereunder if the improvements which are a part of the related Mortgaged Property and (ii) to the extent that any particular the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of execution of this Agreementin respect thereof. In the event that any particular Such flood insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy and the insurers and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In lesser of (y) the alternative, Project Company may satisfy its obligations hereunder by requiring unpaid principal balance of the vendor related Mortgage Loan or (z) the maximum amount of such items to insure them in insurance as is available for the manner specified herein, provided related Mortgaged Property under the vendor names Project Company and National Flood Insurance Act. After notifying the other parties and first provides Project Company with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage Master Servicer pursuant to the materialssecond preceding sentence, equipments, machineries and other items in transit by sea and/or air and/or by motor truck the Servicer shall take such action as the Master Servicer reasonably requests with respect to the site maintenance of any other forms of insurance which are required to be maintained pursuant to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erectionrelated Mortgage Loan Documents, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works except to the extent that such insurance is not available at commercially reasonable rates or the Master Servicer, or after Securitization the Securitization trust, as mortgagee, does not have an insurable interest. The Servicer shall, to the extent available at commercially reasonable rates, maintain for each REO Property no less insurance coverage than was previously required with respect to the related Mortgaged Property or as may be required at any time by the Master Servicer in writing. All such policies, except for policies maintained for any REO Mortgaged Property, shall be endorsed with standard mortgagee clauses with loss or damage is covered under payable to the C.A.R. policyMaster Servicer, and shall be in an amount sufficient to avoid the application of any co-insurance clause. Professional indemnity policy: This policy, The costs of maintaining the insurance policies which the Project Company shall have the option Servicer is required to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due pursuant to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage this Section shall be not less than paid by the probable maximum loss value of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due to fire or due to machinery breakdown is not less than one calendar year Servicer as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees in accordance with the provisions of Guam labour law. Employer's liability towards temporary workers and other employees. Motor insurance policy (comprehensive cover) to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATIONServicing Advance.

Maintenance of Insurance Policies. Project Company (a) Other than with respect to Third Party Serviced Loans, the Servicer shall use its best efforts to cause each Obligor required to do so pursuant to the related Underlying Instruments to maintain in respect of the related Mortgaged Property all insurance coverage as is required under the related Mortgage; provided, that if any Mortgage permits the holder thereof to dictate to the Obligor the insurance coverage to be maintained on such Mortgaged Property, the Servicer shall impose such insurance requirements as are consistent with the Servicing Standard and the Credit and Collection Policy. If an Obligor fails to maintain such insurance, the Servicer shall (to the extent available at commercially reasonable terms as reasonably determined by the Servicer, which shall be entitled to rely on an opinion of counsel or insurance consultants in making such determination) obtain such insurance (which may be through a master or single interest policy) and maintain from the cost (including any deductible relating to such insurance and after Financial Close and throughout any out-of-pocket cost incurred by the term Servicer in obtaining advice of this Agreement the policies counsel or insurance consultants) of such insurance set forth (or in the minimum coverage amounts case of a master or single interest policy, the incremental cost (or if not set forthincluding any deductible relating to such insurance) of such insurance relating to the specific Mortgaged Property), on terms shall be a Servicer Advance and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators of comparable size, technology and locationshall be reimbursable to the Servicer in accordance with Section 2.10(a)(iii) and during the periods, (viii) and Section 2.ll(a)(iii) and (viii); provided, however, that such minimum amounts may be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition to the foregoing, the Project Company may obtain any additional coverage required by the Lenders or the Laws of Guam, or deemed necessary by Project Company. Project Company Servicer shall not be in breach of its obligations hereunder required to incur any such cost if and such Servicer Advance would constitute a Nonrecoverable Advance. The Servicer shall also cause to be maintained for each REO Property (to the extent that any particular insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on at commercially reasonable terms for reasons other terms) no less insurance coverage than any negligence or default by, or the deterioration was previously required of the financial condition of Project Company from Obligor under the date of execution of this Agreement. In related Mortgage or as is consistent with the event that any particular insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy Servicing Standard and the insurers Credit and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In the alternative, Project Company may satisfy its obligations hereunder by requiring the vendor of such items to insure them in the manner specified herein, provided the vendor names Project Company and the other parties and first provides Project Company with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the materials, equipments, machineries and other items in transit by sea and/or air and/or by motor truck to the site to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erection, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Collection Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works to the extent that such loss or damage is covered under the C.A.R. policy. Professional indemnity policy: This policy, which the Project Company shall have the option to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage shall be not less than the probable maximum loss value of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due to fire or due to machinery breakdown is not less than one calendar year as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees in accordance with the provisions of Guam labour law. Employer's liability towards temporary workers and other employees. Motor insurance policy (comprehensive cover) to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATION.

Maintenance of Insurance Policies. Project Company (a) The Servicer shall obtain and use its best efforts to cause each Borrower to maintain from and after Financial Close and throughout the term of this Agreement the policies of or to cause to be maintained for each Loan such insurance set forth in the minimum coverage amounts (or if not set forth, on terms and conditions, including sub-limits, deductibles and exclusions that are obtained by independent power generators of comparable size, technology and location) and during the periods, provided, however, that such minimum amounts may as is required to be changed from time to time with the written consent of GPA, which consent may not be unreasonably withheld or delayed. In addition maintained pursuant to the foregoingrelated Loan Documents. If the Borrower fails to maintain such insurance, then the Project Company may obtain any additional Servicer shall notify the Initial Class A Certificateholder of such breach and, to the extent available at commercially reasonable rates, cause to be maintained (i) fire and hazard insurance with extended coverage required by in an amount which is at least equal to the Lenders or lesser of the Laws current principal balance of Guam, or deemed necessary by Project Company. Project Company shall not be in breach such Loan and the replacement cost of its obligations hereunder if the improvements which are a part of the related Mortgaged Property and (ii) to the extent that any particular the Mortgaged Property is located in a federally designated special flood hazard area, flood insurance policy, or amount of coverage or any particular term of policy is not or ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of execution of this Agreementin respect thereof. In the event that any particular Such flood insurance policy or amount of coverage required to be maintained hereunder ceases to be available on commercially reasonable terms for reasons other than any negligence or default by, or the deterioration of the financial condition of Project Company from the date of this Agreement, Project Company shall notify GPA of such occurrence promptly upon becoming aware of it, and GPA shall have the option to procure such particular policy or amount of coverage and to require Project Company to reimburse it for the cost thereof up to an amount not exceeding the premium paid by Project Company immediately prior to such insurance becoming unavailable on commercially reasonable terms (provided that the terms of such policy and the insurers and reinsurers providing it are otherwise substantially the same as those of the policy that it replaces). Insurance Requirements for the Construction Period Cargo transportation insurance (imports and re-exported items): This insurance shall cover all materials, equipments, machineries, spares and other items for incorporation into the Facility against all risks of physical loss or damage while in transit by sea and\or air and/or by land conveyance and/or sending by post from the country of origin anywhere in the world to the site, or vice versa, from the time the insured items leave the warehouse or the factory and\or place of storage for shipment to the site (final destination named in the policy), plus war, strikes, riot and civil commotions in accordance with the provisions of institute cargo clause "A", war, strikes, and civil commotions or land transit "All Risks clause". Coverage shall be in an amount equal to the cost, freight and all other expenses and fees. In lesser of (y) the alternative, Project Company may satisfy its obligations hereunder by requiring unpaid principal balance of the vendor related Loan or (z) the maximum amount of such items insurance as is available for the related Mortgaged Property under the National Flood Insurance Act. After notifying the Initial Class A Certificateholder pursuant to insure them the second preceding sentence, the Servicer shall take such action as the Servicer deems to be in the manner specified herein, provided best economic interests of the vendor names Project Company and the other parties and first provides Project Company Certificateholders with evidence of such insurance, a copy of which shall be provided to GPA upon request. Name of insureds include Project Company, GPA and all other concerned parties. Delay in start up following cargo transport insurance: This insurance shall cover debt service and fixed costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage respect to the materials, equipments, machineries and maintenance of any other items in transit by sea and/or air and/or by motor truck forms of insurance which are required to be maintained pursuant to the site to the extent covered under the cargo transport insurance. This insurance shall indicate indemnity period not less than one calendar year as from the date of the occurrence of the risk covered under the transport policy. Insurances Required During Construction Period Plus Erectionrelated Loan Documents, Trial Testing and Commissioning Period Plus Debt Service and Fixed Operation and Maintenance Costs Loss Due to Delay Contractors all risks policy (C.A.R. Policy): This insurance shall cover all permanent and temporary works at the site in the course of execution, including machinery and equipment for incorporation in the Facility, against all risks of physical loss or damage (other than nuclear risk, penalties, consequential losses, cash, vehicles, vessels and aircraft) and shall include cover for loss or damage caused by faulty design, defective workmanship and defective material. Coverage shall be not less than the probable maximum loss value of the items covered. Coverage also shall include equipment, machinery used by the concerned parties plus removal of debris, and third party liability plus cross liability during the period of construction plus one calendar year maintenance period. Delay in start up following C.A.R. incidents: This insurance shall cover debt service and fixed operation and maintenance costs incurred following delays in reaching the Required Commercial Operation Date as a direct result of physical loss or damage to the works except to the extent that such insurance is not available or the mortgagee, does not have an insurable interest. The Servicer shall, to the extent available at commercially reasonable rates, maintain for each Foreclosure Property no less insurance coverage than was previously required with respect to the related Mortgaged Property. All such policies shall be endorsed with standard mortgagee clauses with loss or damage is covered under payable to the C.A.R. policyOwner Trustee, and shall be in an amount sufficient to avoid the application of any co-insurance clause. Professional indemnity policy: This policy, The costs of maintaining the insurance policies which the Project Company shall have the option Servicer is required to obtain and maintain if it considers it necessary taking into account the financial standing of the Construction Contractor, covers any loss or damage due pursuant to negligence, error, mistakes, faults and/or defaults or any other risks cover under P.I. policy which occurred during the period of construction or erection. This policy shall include a sum insured equal to the said losses and/or damage. Insurances Requirements after Construction Stage Properties insurance: Subject to all risks policy to cover buildings, structures, fittings, equipments, machineries, appliances and/or other items. This insurance to cover the said properties against: Fire and other allied perils plus debt service and fixed operation and maintenance costs due to fire and/or other allied perils. To cover the physical loss or damage due to sudden and unforeseen cause. This policy shall include the machinery breakdown perils subject to Munich-Re specimen or similar policy wording and also to cover debt service and fixed operation and maintenance costs due to machinery breakdown. Note: Coverage this Section shall be not less than paid by the probable maximum loss value Servicer as a Servicing Advance; provided, however, that the costs of the items covered. Indemnity period for debt service and fixed operation and maintenance costs due maintaining insurance with respect to fire or due each Foreclosure Property shall be paid pursuant to machinery breakdown is not less than one calendar year as from the date of occurrence of the original risk. Workmen's compensations policy for all workers and employees in accordance with the provisions of Guam labour law. Employer's liability towards temporary workers and other employees. Motor insurance policy (comprehensive cover) to include third party liability plus the cars and all vehicles and spares and appliances. Public liability insurance policy to cover any legal liability (bodily injuries and damages to property). Such policy should be sufficient to cover, at a minimum, US$ [ ] for any one occurrence and in aggregate US$ [ ] for bodily injuries and US$ [ ] for property damages. LIABILITY AND INDEMNIFICATIONSection 5.12.