ASSETS, WITHOUT
INTERRUPTION, AT ITS OWN EXPENSE, POLICIES OF INSURANCE WITH RESPONSIBLE
INSURANCE COMPANIES COVERING SUCH RISKS, AND WITH SUCH POLICY LIMITS,
DEDUCTIBLES AND ENDORSEMENTS AS ARE CUSTOMARY FOR THE RESPONSIBLE CONDUCT OF
BUSINESSES SIMILAR TO THE GAMING BUSINESS IN SIZE AND OPERATION IN THE STATE,
AND IN ANY EVENT, (A) ALL LEGALLY-REQUIRED WORKERS' COMPENSATION INSURANCE,
(B) COMPREHENSIVE GENERAL LIABILITY INSURANCE WITH MINIMUM LIMITS OF $1,000,000
PER OCCURRENCE, (C) UMBRELLA LIABILITY INSURANCE PROVIDING EXCESS LIABILITY
COVERAGE OVER AND ABOVE THE FOREGOING UNDERLYING INSURANCE POLICIES UP TO A
MINIMUM LIMIT OF $4,000,000, (D) BUSINESS INTERRUPTION INSURANCE OF NOT LESS
THAN $50,000,000, (E) PROPERTY INSURANCE PROTECTING GAMING ASSETS AND THE GAMING
BUSINESS FOR POSSIBLE DAMAGE BY FIRE, LIGHTNING, WIND-STORM OTHER DAMAGE,
VANDALISM, RIOT,
40
EARTHQUAKE, CIVIL COMMOTION, TERRORISM, MALICIOUS MISCHIEF, HURRICANE AND SUCH
OTHER RISKS AND HAZARDS AS ARE FROM TIME TO TIME COVERED BY AN "ALL RISK" POLICY
OR A PROPERTY POLICY COVERING "SPECIAL" CAUSES OF LOSS, (F) BUILDERS ALL-RISK
INSURANCE WITH RESPECT TO ANY IMPROVEMENTS OR EXPANSION OF GAMING ASSETS WHERE
IT IS REASONBLY PRUDENT TO OBTAIN SUCH INSURANCE, AND (G) IN ANY EVENT, SUCH
INSURANCE WITH RESPECT TO GAMING BUSINESS AND GAMING ASSETS AS IS MAINTAINED AS
OF THE CLOSING DATE AS DESCRIBED IN SCHEDULE 4.3.
THE INSURANCE DESCRIBED IN
CLAUSE (E) SHALL PROVIDE COVERAGE OF NOT LESS THAN THE GREATER OF (A) THE AMOUNT
OF ALL OF THE OBLIGATIONS OR (B) 100% OF ACTUAL REPLACEMENT VALUE (AS DETERMINED
AT EACH POLICY RENEWAL BASED ON THE F.W. DODGE BUILDING INDEX OR SOME OTHER
RECOGNIZED MEANS) OF ANY IMPROVEMENTS WITH A DEDUCTIBLE NO GREATER THAN 2% OF
THE OVERALL VALUE.
(B)
COMPANIES. ALL POLICIES AFOREMENTIONED SHALL
BE WRITTEN WITH INSURANCE COMPANIES LICENSED AND ADMITTED TO DO BUSINESS IN THE
STATE WHERE THE BORROWER IS OPERATING AND SHALL BE RATED NO LOWER THAN "A XII"
IN THE MOST RECENT EDITION OF A.M. BEST'S AND "AA" IN THE MOST RECENT EDITION OF
STANDARD & POOR'S, OR SUCH OTHER CARRIER REASONABLY ACCEPTABLE TO THE LENDER.
ALL SUCH POLICIES DISCUSSED ABOVE SHALL BE ENDORSED TO PROVIDE THAT IN THE EVENT
OF A CANCELLATION, NON-RENEWAL OR MATERIAL MODIFICATION, THE LENDER SHALL
RECEIVE THIRTY (30) DAYS' PRIOR WRITTEN NOTICE THEREOF. THE BORROWER SHALL
FURNISH THE LENDER WITH CERTIFICATES OF INSURANCE EXECUTED BY AN AUTHORIZED
AGENT OF EACH CARRIER EVIDENCING COMPLIANCE WITH ALL INSURANCE PROVISIONS
DISCUSSED ABOVE ON AN ANNUAL BASIS.
THE BORROWER SHALL ALSO FURNISH A COPY OF
THE DECLARATION PAGE OF EACH POLICY REQUIRED BY THIS SECTION 4.3 AND POLICY
ENDORSEMENTS EVIDENCING THE APPROPRIATE STATUS OF THE LENDER (AS LOSS PAYEE,
ADDITIONAL INSURED, ETC.) UNDER EACH POLICY. CERTIFICATES OF INSURANCE EXECUTED
BY AN AUTHORIZED AGENT OF EACH CARRIER PROVIDING INSURANCE EVIDENCING
CONTINUATION OF ALL COVERAGES SHALL BE PROVIDED ON THE CLOSING DATE AND ANNUALLY
ON OR BEFORE TEN (10) DAYS PRIOR TO EXPIRATION OF EACH POLICY.
ALL CERTIFICATES
AND OTHER NOTICES RELATED TO THE INSURANCE PROGRAM SHALL BE DELIVERED TO THE
LENDER CONCURRENTLY WITH THE DELIVERY OF SUCH CERTIFICATES OR NOTICES TO SUCH
CARRIER