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200501143 (iv) a plan of self- insurance maintained by such Person's parent company provided that the parent company complies with the requirements of (iii) above and guarantees such Person's insurance obligations under this OEA; or (v) a combination of any of the foregoing insurance programs. (b) All insurance provided under Section 10.4(a)(i) or Section 10.4(a)(ii) shall be procured from companies authorized to issue such insurance in the state in which the Shopping Center is located and shall be rated by Best's Insurance Reports not less than B + /X. To the extent any deductible is permitted or allowed as a part of any insurance policy carried by a Person, such Person shall be deemed to be covering the amount thereof under an informal plan of self- insurance; provided, however, that in no event shall any deductible exceed Fifty Thousand Dollars ($50,000.00) in Constant Dollars unless such Person complies with the requirements regarding self- insurance pursuant to Section 10.4(a)(iii) or Section 10.4(a)(iv). Each Party shall furnish to any Party requesting the same, a certificate(s) of insurance, or statement of self- insurance, as the case may be, evidencing that the insurance required to be carried by such Person is in full force and effect. (c) The following shall apply to the insurance required pursuant to Section 10.2: (i) the insurance policy may not be canceled or materially reduced in amount or coverage below the requirements of this OEA, without at least thirty (30) days prior written notice by the insurer to each insured and to each additional insured; (ii) the insurance shall provide for severability of interests; (iii) the insurance shall provide that an act or omission of one of the insureds or additional insureds which would void or otherwise reduce coverage, shall not reduce or void the coverage as to the other insureds; and (iv) the insurance shall provide for contractual liability coverage with respect to the indemnity obligations set forth in this OEA. ARTICLE 11 DEFAULT 11.1 Default. The occurrence of any one or more of the following events shall constitute a material default and breach of this OEA by the non - performing Party (the "Defaulting Party "): (a) The failure to make any payment required to be made under this OEA within ten (10) days after the Defaulting Party has received notice of its failure to make such payment on or before the due date for such payment; or (b) The failure to observe or perform any of the covenants, conditions or obligations of this OEA, other than as described in (a) above, within thirty (30) days after the issuance of a notice by another Party (the Non - Defaulting Party ") specifying the nature of the default claimed; provided, however, if such matter is not susceptible of being cured GALEGAL \STORES \NE \GRAND ISLAND \OEA4.WPD 11/16/04 32