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Section 5.4 Insurance Policies. The proceeds of the insurance carried pursuant to the provisions of Section 5.3 hereof shall be applied as provided in Section 6.1 hereof. 1\11 such insurance shall be taken out and maintained :i.n responsible insurance companies selected by the Borrower and approved by the initial purchaser or purchasers of the Bonds, and such insurance shall be noncancellable by the insurer except upon 30 days' notice to the Trustee. All policies evidencing such insurance shall pro- vide that loss shall be payable to the Issuer, the Trustee and the Borrower as their respective interests may appear, and the cer- tificates thereof shall be deposit~~ with the Trustee. Evidence of renewal of all such policies shall be furnished to the Trustee no latar than the policies' respective expiration dates. If a policy shall provide that the insurance benefits thereunder shall be payable through any period of grace beyond the stated expira- tion date, for the purposes of this l\greeinent such policy's expiration date shall be deemed to be the last day of such grace period. Section 5.5 Advances by Issuer or Trustee, In the event ~1at the Borrower fails to pay the premiums on policies to provide the full insurance coverage required by this Agreement, fails to pay the taxes and other charg es required to be paid by the aorrower at or prior to the time they are required to be paid, or fails to keep the Project in good order and repair and in as reasonably safe condition as its operations permit, the Issuer or the Trustee, after first notifying the Borrower of any such failure on its part, may (but shall not be oblig~ted to) pay the premiums on such insurance, pay such taxes or other charges, or make such repairs, renewals an~ replacements as may be necessary to maintain the Project in as reasonably safe condition as the Borrower's operations permit and the Project in good order and repair, respectively: and all amounts so advanced therefor by the Issuer or the Trustee shall beco:ne an additional obligation of the narrower to the Issuer or to the Trustee, as the case :nay be, which amounts will be paid by the Borrower, Any remedy herein vested in tlH? Issuer or the Trustee for the collection of the Loan Payments shall also be available to the [ssuer ana the Trustee for the collection of all such amounts so advanced. Section 5,6 Indemnity of lssuer and Trustee. The Issuer shall not l)e liable for, and tile Borrower shall <lefenu, inde,nnify and holu the Issuer harmless again::Jt, any claim for loss or damage to property or for any injury to or Jeath of any person that ~ay be occasioned on account of any Jefect in the Project, including any expenses incur:-re,J by the Issuer in connection \-lit~ the ,lefense of any claim ag,eiinst it arisin1 out ,.:,f any such loss, rlamaqe, injury or. ueath, The Borrower will provi~e Eor:-and insure in the -27-