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umbrella liability insurance with a limit of Ten Million Dollars ($10,000,000.00). The <br />• comprehensive general public liability insurance and the umbrella liability insurance policies shall <br />provide coverage against losses arising out of the liability of Lessee due to its mining operations <br />or any other activity on or pertaining to the New Elk Facility including, (I) premises and <br />operations; (ii) contractual; (iii) contingent; (iv) products; (v) hired vehicles; {vi) non-owned <br />vehicles and (vii) subsidence, pollution or contamination of water, gob pile slides and movement <br />of overburden. <br />(B) Insurance adequate to fully satisfy Lessee's obligations under all state and <br />federal workers compensation statutes including, but not limited to, obligations with respect to <br />pneumoconiosis or "Black Lung." <br />All insurance required under this Section 10 shall be with a reputable insurer(s) licensed <br />to do business in the State of Colorado and shall name Lessor as additional insureds in a manner <br />and form acceptable to insurer(s). All insurance required hereunder shall contain a provision for <br />notice to Lessor of any overdue or unpaid premium and thirty (30) days advance notice to Lessor <br />~, of any proposed cancellation. It is understood by Lessor and Lessee that during the term of this <br />Agreement if any such insurer(s) providing any insurance hereunder either (t) loses its license to <br />conduct business in the State of Colorado, or (ii) is denied the right to write for Lessee or any <br />other customer any business (renewal(s) or new insurance poticy(ies)) in the State of Colorado, <br />or (iii) the A.M. Best Company rating for any such insurer(s) is B or below or drops to 8 or below, <br />then there shall be deemed a failure by Lessee to procure and maintain the insurance coverage <br />required under this Section 10. <br />i 1. Transfers and Encumbrances. <br />(A) Lessee covenants and agrees that it shall not sell, assign, lease, convey, <br />sublease, undertet or transfer any interest whatsoever (hereafter collectively "Transfer"), in whole <br />or in part, in this Agreement to any person or entity in any manner whatsoever without the prior <br />wriften consent of Lessor, and that no such resu(f shat) be brought about by operation of law <br /> <br /> <br />