Environmental Insurance Policy means, with respect to any Mortgage Loan or the related Mortgaged Property or REO Property, any insurance policy covering pollution conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgage Loan, Mortgaged Property or REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.
Environmental Insurance Policy means the environmental insurance policy covering the Property substantially and materially in the form existing as of the date of this Agreement, naming Administrative Agent as an additional insured issued by an insurance company which has an A.M. Best Company financial and performance rating of A-IX or better and is qualified or authorized by the Laws of the State to assume the risks covered by such policy.
Environmental Insurance Policy has the meaning set forth in Section 6.15.
Examples of Environmental Insurance Policy in a sentence
The Redeveloper and the lender of the Redeveloper shall be specifically named as additional insureds on the Environmental Insurance Policy.
The City and/or JPA shall provide a Certified Copy of the Environmental Insurance Policy to the Redeveloper on or before Closing.
Except for the amounts payable by Seller at Closing pursuant to Section 2.04, all costs of the Regulatory Closure Bond and the Environmental Insurance Policy shall be payable by Purchaser.
The aggregate acquisition consideration for the Purchased Assets is comprised of (i) Ten Dollars ($10.00); (ii) the assumption by Purchaser of the Assumed Liabilities; (iii) the Performance Bonds; and (iv) Purchaser’s Environmental Insurance Policy and Indemnification Obligations in favor of the Seller Indemnitees as set forth in this Agreement.
The Parties will cooperate with each other in pursuing any claims under the Environmental Insurance Policy.
More Definitions of Environmental Insurance Policy
Environmental Insurance Policy. (ii) as of the Cut-off Date the Environmental Insurance Policy is in full force and effect, there is no deductible and the trustee is a named insured under such policy, (iii)(a) a property condition or engineering report was prepared, if the related Mortgaged Property was constructed prior to 1985, with respect to asbestos-containing materials (“ACM”) and, if the related Mortgaged Property is a multifamily property, with respect to radon gas (“RG”) and lead-based paint (“LBP”), and (b) if such report disclosed the existence of a material and adverse LBP, ACM or RG environmental condition or circumstance affecting the related Mortgaged Property, the related Mortgagor (A) was required to remediate the identified condition prior to closing the Mortgage Loan or provide additional security or establish with the mortgagee a reserve in an amount deemed to be sufficient by the Seller, for the remediation of the problem, and/or (B) agreed in the Mortgage Loan documents to establish an operations and maintenance plan after the closing of the Mortgage Loan that should reasonably be expected to mitigate the environmental risk related to the identified LBP, ACM or RG condition, (iv) on the effective date of the Environmental Insurance Policy, the Seller as originator had no knowledge of any material and adverse environmental condition or circumstance affecting the Mortgaged Property (other than the existence of LBP, ACM or RG) that was not disclosed to the Policy Issuer in one or more of the following: (a) the application for insurance, (b) a Mortgagor questionnaire that was provided to the Policy Issuer, or (c) an engineering or other report provided to the Policy Issuer, and (v) the premium of any Environmental Insurance Policy has been paid through the maturity of the policy’s term and the term of such policy extends at least five years beyond the maturity of the Mortgage Loan.
Environmental Insurance Policy means the environmental insurance policy required to be purchased by Buyer pursuant to Section 7.05(a)(i).
Environmental Insurance Policy. Means, collectively, the environmental insurance policy or policies covering any or all of the Properties, in form and substance reasonably acceptable to Agent, naming Agent (on behalf of Lenders) as additional insured.
Environmental Insurance Policy means that certain claims-made, transaction-based pollution legal liability policy, including all appendices thereto, contemplated to be issued at the Closing in connection with this Agreement, in a form reasonably acceptable to Buyer, subject to any additional exclusions identified as of the binding of such policy, with a minimum liability limit of at least $200,000,000.
Environmental Insurance Policy is defined in Section 6.13(c) of this Agreement.
Environmental Insurance Policy has the meaning specified in Exhibit VI.
Environmental Insurance Policy means a pollution legal liability environmental insurance policy obtained by Buyer with respect to the Business, Owned Real Property, or Leased Real Property, and in form reasonably acceptable to Buyer.