CONSISTENT WITH THE
COMMERCIAL PROPERTY INSURANCE POLICY REQUIRED UNDER SUBSECTION (I) ABOVE;
(VII)
UMBRELLA LIABILITY INSURANCE IN AN AMOUNT NOT LESS THAN
$100,000,000.00, WITH THE PRIMARY $1,000,000.00 ON AN OCCURRENCE BASIS AND THE
EXCESS $100,000,000.00 ON AN AGGREGATE BASIS, ON TERMS CONSISTENT WITH THE
COMMERCIAL GENERAL LIABILITY INSURANCE POLICY REQUIRED UNDER SUBSECTION (II)
ABOVE;
(VIII)
MOTOR VEHICLE LIABILITY COVERAGE FOR ALL OWNED AND NON-OWNED
VEHICLES, INCLUDING RENTED AND LEASED VEHICLES CONTAINING MINIMUM LIMITS PER
OCCURRENCE, INCLUDING UMBRELLA COVERAGE, OF $101,000,000.00;
(IX)
INSURANCE FOR LOSS RESULTING FROM PERILS AND ACTS OF TERRORISM ON
TERMS (INCLUDING AMOUNTS) CONSISTENT WITH THE INSURANCE REQUIRED UNDER
SUBSECTIONS (I), (II), (III), (IV), (VI) AND (VII) ABOVE (SUBJECT TO A
DEDUCTIBLE THAT IS SATISFACTORY TO THE LENDER) AT ALL TIMES DURING THE TERM OF
THE LOAN; AND
(X)
MARINA OPERATIONS INSURANCE, AT SUCH TIME AS OPERATIONS AT ANY
MARINA SHALL COMMENCE, INCLUDING: (A) LIABILITY INSURANCE ARISING FROM LOSS OR
DAMAGE TO PRIVATE PLEASURE CRAFT AND SMALL COMMERCIAL WATERCRAFT; AND (B) BODILY
INJURY AND PROPERTY DAMAGE LIABILITY;
(XI)
ALL-RISK MARINE CARGO INSURANCE ON AN ANNUAL BASIS COVERING CARGO
WORLDWIDE IN THE EVENT OF PHYSICAL LOSS OR DAMAGE FROM EXTERNAL CAUSES IN THE
AMOUNT OF NOT LESS THAN 110% OF THE C.I.F. VALUE, SUCH INSURANCE TO INCLUDE: (A)
WHILE CARGO IS IN THE NORMAL COURSE OF TRANSIT FROM THE POINT OF ORIGIN; (B)
MARINE BUSINESS INTERRUPTION INSURANCE; (C) PROCESSING OF CARGO IN FOREIGN
COUNTRIES; (D) ON-SITE AND OFF-SITE STORAGE AT SPECIFIC LOCATIONS; AND
(E) EXHIBITION COVERAGE;
59
(XII)
UPON THIRTY (30) DAYS' WRITTEN NOTICE FROM LENDER, SUCH OTHER
REASONABLE INSURANCE, IN SUCH REASONABLE AMOUNTS, AS LENDER FROM TIME TO TIME
MAY REASONABLY REQUEST AGAINST SUCH OTHER INSURABLE HAZARDS WHICH AT THE TIME
ARE COMMONLY INSURED AGAINST FOR PROPERTY SIMILAR TO THE PROJECT LOCATED IN OR
AROUND KAPALUA, HAWAII.
(B)
ALL INSURANCE PROVIDED FOR IN SECTION 16.2(A) HEREOF SHALL BE OBTAINED
UNDER VALID AND ENFORCEABLE POLICIES (COLLECTIVELY, THE "POLICIES" OR IN THE
SINGULAR, THE "POLICY"), AND SHALL BE SUBJECT TO THE APPROVAL OF LENDER AS TO
INSURANCE COMPANIES, AMOUNTS, DEDUCTIBLES, LOSS PAYEES AND INSUREDS.
THE
POLICIES SHALL BE ISSUED BY FINANCIALLY SOUND AND RESPONSIBLE INSURANCE
COMPANIES AUTHORIZED TO DO BUSINESS IN THE STATE AND HAVING A CLAIMS PAYING
ABILITY RATING OF "A" OR BETTER BY S&P OR "A2" OR BETTER BY MOODY'S.
THE
POLICIES DESCRIBED IN SECTION 16.2(A) (OTHER THAN THOSE STRICTLY LIMITED TO
LIABILITY PROTECTION) SHALL DESIGNATE LENDER AS LOSS PAYEE.
NOT LESS THAN TEN
(10) DAYS PRIOR TO THE EXPIRATION DATES OF THE POLICIES THERETOFORE FURNISHED TO
LENDER, CERTIFICATES OF INSURANCE EVIDENCING THE RENEWAL OF THE POLICIES,
ACCOMPANIED BY EVIDENCE SATISFACTORY TO LENDER OF PAYMENT OF THE PREMIUMS
THEREUNDER (THE "INSURANCE PREMIUMS"), SHALL BE DELIVERED BY BORROWER TO LENDER.
(C)
ANY BLANKET INSURANCE POLICY SHALL SPECIFICALLY ALLOCATE TO THE PROJECT
THE AMOUNT OF COVERAGE FROM TIME TO TIME REQUIRED HEREUNDER AND SHALL OTHERWISE
PROVIDE THE SAME PROTECTION AS WOULD A SEPARATE POLICY INSURING ONLY THE PROJECT
IN COMPLIANCE WITH THE PROVISIONS OF SECTION 16.2(A) HEREOF.
(D)
ALL