Captive Carrier definition
Captive Carrier means any affiliate of Tenant or any insurance company controlled by and affiliated with Tenant, provided that Tenant uses such insurance company generally and as a regular part of its risk management policies for Tenant and its affiliated entities in their operations. In the event that Landlord requires commercially reasonable changes and/or modifications to any existing insurance coverage and/or the procurement of commercially reasonable additional insurance (including, but not limited to, increases based on inflation) and/or coverage (including, but not limited to, named storm, wind, earthquake, flood or ordinance or law coverage), then Tenant agrees, at its cost, that it will effect such changes and/or modifications and procure such additional insurance and/or coverage. In the event that Tenant fails to comply with any of the requirements set forth in this Article XI, within ten (10) days of the giving of written notice by Landlord to Tenant, (A) Landlord shall be entitled to procure such insurance; and (B) any commercially reasonable sums expended by Landlord in procuring such insurance shall be additional rent and shall be repaid by Tenant, together with interest thereon at the Default Rate, from the time of payment by Landlord until fully paid by Tenant immediately upon written demand therefor by Landlord. If, because Tenant fails to obtain the same as required hereby, Landlord elects to directly obtain any insurance required by this Lease in accordance with the terms hereof, Landlord shall have the right, in addition to charging Tenant for the premiums then due, to charge Tenant for any future premiums due by providing Tenant with a statement setting forth the estimate for the cost of obtaining such insurance pursuant to this Article XI for the upcoming year and charging Tenant, on the first day of each month, an amount equal to one-twelfth (1/12th) of Landlord’s estimate of such insurance costs for that calendar year. If there shall be any increase or decrease in the insurance costs for any year, whether during or after such year, Landlord shall furnish to Tenant a revised statement and the insurance costs shall be adjusted and paid or credited, as the case may be. If a calendar year ends after the expiration or termination of this Lease, the insurance costs payable hereunder shall be prorated to correspond to that portion of the calendar year occurring within the Lease Term.