Common use of Self-Insurance Clause in Contracts

Self-Insurance. Notwithstanding the foregoing, each Constructing Entity may self-insure to meet the minimum insurance requirements of this Section 11 to the extent it maintains a self-insurance program; provided that such Constructing Entity’s senior secured debt is rated at investment grade or better by Standard & Poor’s and its self-insurance program meets the minimum insurance requirements of this Section 11. For any period of time that a Constructing Entity’s senior secured debt is unrated by Standard & Poor’s or is rated at less than investment grade by Standard & Poor’s, it shall comply with the insurance requirements applicable to it under this Section 11. In the event that a Constructing Entity is permitted to self-insure pursuant to this section, it shall notify the other Construction Parties that it meets the requirements to self-insure and that its self-insurance program meets the minimum insurance requirements in a manner consistent with that specified in Section 11.5.

Self-Insurance. Notwithstanding the foregoing, each Constructing Entity may self-insure to meet the minimum insurance requirements of this Section 11 section to the extent it maintains a self-insurance program; provided that such Constructing Entity’s senior secured debt is rated at investment grade or better by Standard & Poor’s and its self-insurance program meets the minimum insurance requirements of this Section 11. For any period of time that a Constructing Entity’s senior secured debt is unrated by Standard & Poor’s or is rated at less than investment grade by Standard & Poor’s, it shall comply with the insurance requirements applicable to it under this Section 11. In the event that a Constructing Entity is permitted to self-insure pursuant to this section, it shall notify the other Construction Parties that it meets the requirements to self-insure and that its self-insurance program meets the minimum insurance requirements in a manner consistent with that specified in Section 11.511.6 of this Appendix III.

Self-Insurance. Notwithstanding the foregoing, each Constructing Entity may self-insure to meet the minimum insurance requirements of this Section 11 11section to the extent it maintains a self-insurance program; provided that such Constructing Entity’s senior secured debt is rated at investment grade or better by Standard & Poor’s and its self-insurance program meets the minimum insurance requirements of this Section 11. For any period of time that a Constructing Entity’s senior secured debt is unrated by Standard & Poor’s or is rated at less than investment grade by Standard & Poor’s, it shall comply with the insurance requirements applicable to it under this Section 11. In the event that a Constructing Entity is permitted to self-insure pursuant to this section, it shall notify the other Construction Parties that it meets the requirements to self-insure and that its self-insurance program meets the minimum insurance requirements in a manner consistent with that specified in Section 11.511.56 of this Appendix III.