or operating debt related to the Project without the Recipient’s consent (iii) the Project(s) are not encumbered by any registered encumbrances other than Permitted Encumbrances, (iv) the Proponent remains in good standing under the Permitted Encumbrances and (v) any work orders issued against the Project(s) by any governmental entity, agency or official are addressed to the satisfaction of the Recipient;

(c) obtain all the insurance the a reasonably prudent person carrying out the Project would obtain, including at least $2,000,000 in commercial general liability insurance, and all other the insurance required by the main body of the TPA read as if it applied to the Proponent and/or the Proponent’s Project, and including:

1. Builder’s Risk Insurance (property insurance) for the full replacement value of the completed construction projects, including a negotiated sub-limit for earthquake and flood. The policy must include the following:

   1. replacement cost value;

   2. stated amount of co-insurance;

   3. waiver of subrogation; and

   4. loss payable in favour of the Recipient and the Indemnified Parties.

2. Boiler and Machinery Insurance (including pressure objects, machinery objects and service supply objects) on a comprehensive basis. The policy must include the following:

   1. repair and/or replacement value;

   2. stated amount co-insurance;

   3. waiver of subrogation; and

   4. loss payable in favour of the Recipient and the Indemnified Parties.

3. Wrap Up Liability Insurance for Third Party Bodily Injury, Personal Injury and Property Damage to an inclusive limit per occurrence and products and completed operations aggregate that a reasonably prudent person undertaking such a Project would obtain. The insurance shall be in the joint names of the Recipient, the Indemnified Parties, all other contractors, sub-contractors, suppliers and/or tradesmen while working on the site, engineers, architects, consultants or other person which the Recipient may