UMBRELLA
LIABILITY POLICY SHALL BE PURCHASED WITH A LIMIT OF NOT LESS THAN FIFTY MILLION
DOLLARS ($50,000,000.00) PROVIDING EXCESS COVERAGE OVER ALL LIMITS AND COVERAGES
INDICATED IN PARAGRAPHS (F), (H) AND (I) ABOVE.
THE LIMITS CAN BE OBTAINED BY A
COMBINATION OF PRIMARY AND EXCESS UMBRELLA POLICIES, PROVIDED THAT ALL LAYERS
FOLLOW FORM WITH THE UNDERLYING POLICIES INDICATED IN (F), (H) AND (I) ARE
WRITTEN ON AN "OCCURRENCE" FORM.
THIS POLICY SHALL BE ENDORSED TO INCLUDE THE
AGENT BANK AS AN ADDITIONAL INSURED ON BEHALF OF THE BANKS, IN THE SAME MANNER
SET FORTH IN SECTION 5.09(F) HEREINABOVE.
L.
KEY MAN LIFE INSURANCE.
THE
BORROWER CONSOLIDATION SHALL MAINTAIN KEY-MAN LIFE INSURANCE ON THE LIFE OF
ARNEAULT IN AN AGGREGATE AMOUNT OF NO LESS THAN EIGHT MILLION DOLLARS
($8,000,000.00).
EACH SUCH KEY MAN LIFE INSURANCE POLICY OR POLICIES SHALL
DESIGNATE MTRI AS THE BENEFICIARY THEREOF AND SHALL PROVIDE THAT WRITTEN NOTICE
SHALL BE GIVEN TO AGENT BANK NO LESS THAN THIRTY (30) DAYS PRIOR TO ANY
CANCELLATION OR TERMINATION THEREOF.
M.
RATINGS.
ALL POLICIES INDICATED ABOVE
SHALL BE WRITTEN WITH INSURANCE COMPANIES LICENSED AND ADMITTED TO DO BUSINESS
IN ALL STATES WHERE THE BORROWER CONSOLIDATION, OR ANY OF THEM, IS OPERATING AND
SHALL BE RATED NO LOWER THAN "A XII" IN THE MOST RECENT ADDITION OF A.M. BEST'S
AND "AA" IN THE MOST RECENT EDITION OF STANDARD & POOR'S, OR SUCH OTHER CARRIER
REASONABLY ACCEPTABLE TO AGENT BANK.
ALL POLICIES DISCUSSED ABOVE SHALL BE
ENDORSED TO PROVIDE THAT IN THE EVENT OF A
90
CANCELLATION, NON-RENEWAL OR MATERIAL MODIFICATION, AGENT BANK SHALL RECEIVE
THIRTY (30) DAYS PRIOR WRITTEN NOTICE THEREOF.
THE BORROWERS SHALL FURNISH
AGENT BANK WITH CERTIFICATES OF INSURANCE EXECUTED BY AN AUTHORIZED AGENT
EVIDENCING COMPLIANCE WITH ALL INSURANCE PROVISIONS DISCUSSED ABOVE ON AN ANNUAL
BASIS.
THE BORROWERS SHALL ALSO FURNISH ACTUAL POLICY ENDORSEMENTS EVIDENCING
APPROPRIATE STATUS OF AGENT BANK (AS MORTGAGEE, LOSS PAYEE AND ADDITIONAL
INSURED).
CERTIFICATES OF INSURANCE EXECUTED BY AN AUTHORIZED AGENT OF EACH
CARRIER PROVIDING INSURANCE EVIDENCING CONTINUATION OF ALL COVERAGES WILL BE
PROVIDED ON THE CLOSING DATE AND ANNUALLY ON OR BEFORE TEN (10) DAYS PRIOR TO
THE EXPIRATION OF EACH POLICY.
ALL CERTIFICATES AND OTHER NOTICES RELATED TO
THE INSURANCE PROGRAM SHALL BE DELIVERED TO AGENT BANK CONCURRENTLY WITH THE
DELIVERY OF SUCH CERTIFICATES OR NOTICES TO SUCH CARRIER OR TO BORROWERS, OR ANY
OF THEM, AS APPLICABLE.
N.
OTHER COVERAGE.
ANY OTHER INSURANCE
REASONABLY REQUESTED BY AGENT BANK OR REQUISITE LENDERS IN SUCH AMOUNT AND
COVERING SUCH RISKS AS MAY BE REASONABLY REQUIRED AND CUSTOMARY IN THE RACE
TRACK HOTEL/CASINO INDUSTRY IN THE GENERAL LOCATION OF THE HOTEL/CASINO
FACILITIES.
APPROVAL OF ANY INSURANCE BY AGENT BANK SHALL NOT BE A
REPRESENTATION OF SOLVENCY OF ANY INSURER OR SUFFICIENCY OF ANY COVERAGE
REQUIRED UNDER THIS CREDIT AGREEMENT.
ALL REQUIREMENTS ARE CONSIDERED MINIMUM
IN TERMS OF THE PURCHASE AND MAINTENANCE OF INSURANCE UNDER THIS CREDIT
AGREEMENT.
SECTION 5.10.
TAXES.
THROUGHOUT THE TERM OF THE
CREDIT FACILITY, BORROWERS SHALL PREPARE AND TIMELY FILE OR CAUSE