Environmental Insurance Policy. On or before the Closing Date, Seller shall obtain environmental liability insurance coverage from a reputable insurance carrier (i) with an aggregate liability coverage limit, premium and coverage term as set forth on Section 5.16 of the Seller Disclosure Schedules, (ii) listing Purchaser and the Seller Entities on the policy as the named insured parties and (iii) otherwise on terms reasonably acceptable to the Seller Entities and Purchaser (the “Environmental Insurance Policy”). All premiums for such coverage, which shall not exceed the premium set forth on Section 5.16 of the Seller Disclosure Schedules (unless otherwise agreed by both Purchaser and Seller), shall be paid in full on the Closing Date, with the Purchaser paying such amount. Seller shall deliver a copy of the Environmental Insurance Policy to Purchaser in advance of the execution thereof in order to allow Purchaser to confirm compliance with this Section 5.16. The Environmental Insurance Policy may not be amended by Purchaser in any manner that is adverse to Seller or any of its Affiliates or any Representatives of the foregoing without Seller’s prior written consent. Notwithstanding anything to the contrary in this Agreement, if any Purchaser Indemnified Party incurs or suffers any Covered Losses to the extent arising out of or resulting from a Closing Date Environmental Liability (the “Environmental Covered Losses”) for which insurance proceeds may be recoverable under the Environmental Insurance Policy, then: (i) Purchaser shall promptly submit a claim under, and use, and shall cause its Affiliates to use, reasonable best efforts to seek full recovery to the extent practicable under, the Environmental Insurance Policy; provided that, if the carrier denies such claim, Purchaser may but shall not be obligated to undertake legal proceedings in pursuit of recovery under the Environmental Insurance Policy; (ii) Purchaser shall keep Seller reasonably informed of the status of such recovery; (iii) Purchaser shall allow Seller reasonable opportunity to participate in seeking such recovery, including, at Seller’s sole cost and expense; (iv) any Environmental Covered Losses for a given condition or incident shall be net of all such proceeds recovered by Purchaser under the Environmental Insurance Policy for such condition or incident; and (v) until Purchaser has consulted in good faith with Seller to determine, in Purchaser’s reasonable discretion, that insurance proceeds are not reasonably expec...
Environmental Insurance Policy. The City and/or JPA currently holds and shall continue to hold an environmental insurance policy covering the Project Site (the “Environmental Insurance Policy”). 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.
Environmental Insurance Policy. Seller has obtained an environmental insurance policy regarding the Property (the “Seller Insurance Policy”) prior to the date hereof. It shall be a condition of Closing that Buyer shall be added as an additional insured under the Seller Insurance Policy; provided, however, Buyer shall remain liable for and shall indemnify, defend and hold Seller harmless from and against any and all loss, cost, damage or expense relating to or arising in connection with any and all self insured retention amounts or deductible amounts payable under or otherwise payable in connection with any claim made under the Seller Insurance Policy. If Buyer obtains an environmental insurance policy (the “Buyer Insurance Policy”) regarding the Property, prior to or after Closing, Seller shall cause the insurer under the Buyer Insurance Policy to add Seller as an additional insured under the Buyer Insurance Policy. The terms of this Section 16.3 shall survive the Closing and not be merged therein.
Environmental Insurance Policy. The term "Environmental Insurance Policy" shall mean that certain insurance policy relating to environmental issues affecting the portion of the Property owned by the Kittery Seller which is set forth on Exhibit O attached hereto.
Environmental Insurance Policy. It shall be a condition precedent to Purchaser’s obligation to proceed to Closing that Seller deliver to Purchaser on or prior to Closing a binding commitment for: Premises Pollution Liability (PPL), Pollution Legal Liability (or commercially reasonable equivalent), covering Purchaser and its designated affiliates, from one of the following carriers, AIG, ACE, XL, CHUBB or Zurich, which at the time of binding shall be no less than A-rated, providing the coverages set forth below for the Property: · Bodily Injury, Property Damage and Remediation Costs for pre-existing unknown pollution conditions (i.e. soil or groundwater impacts not identified in Seller’s existing environmental reports) · Third party claims for Bodily Injury and Property Damage for known pollution conditions (i.e. those conditions identified in Seller’s existing environmental reports) · Govenmentally-mandated Remediation Costs relating to known pollution conditions (i.e. those conditions identified in Seller’s existing environmental reports.) Such policy shall include those customary Schedules/Endorsements required to establish the coverages listed above. $3,000,000 Limit (per incident/aggregate, with respect to the Property and the Front Buildings)/ $ 100K deductible/self-insured retention / 5 year term The premium will be a one time payment for 5 years of coverage, with documentation reasonably satisfactory to Purchaser confirming payment by Seller. Capitalized terms above shall have the meanings typically accorded such terms in the Premises Pollution Liability or commercially reasonable equivalent policies underwritten and issued by the insurance carriers listed above. In the event that such condition precedent fails, Purchaser may, as its sole and exclusive remedy, terminate the Agreement by written notice to Seller and receive a return of the Deposit.
Environmental Insurance Policy. The Buyer shall obtain (i) at or before Closing, a binder (the “Binder”) with respect to an environmental insurance policy with (x) a minimum term of five (5) years, (y) a minimum of $5,000,000 in single occurrence and aggregate coverage and (z) a deductible or self-retention amount no greater than $100,000 and (ii) as promptly as practicable following Closing, and in any event not later than seven Business Days after the Closing, a full environmental insurance policy (together with the Binder, the “Environmental Insurance Policy”). The Environmental Insurance Policy shall be reasonably satisfactory to the Buyer and the Seller. The Buyer shall be the insured party under the Environmental Insurance Policy and the Seller and /or any Affiliates of the Seller identified by the Seller shall be named as the additional insured parties. The Environmental Insurance Policy shall cover potential liabilities arising under any Environmental Law related to remediation of pollution and third-party claims, subject to customary terms and conditions of similar policies. The Buyer shall be responsible for the cost of the premium with respect to the Environmental Insurance Policy at its sole cost and expense. If the Environmental Insurance Policy is not obtained due to intentional fraud by the Seller, the limitations set forth in Section 8.5(a)(iv) and Section 8.5(a)(v) shall be disregarded with respect to the indemnification obligations of the Seller. If the Environmental Insurance Policy is not obtained due to intentional fraud by the Buyer, the limitations set forth in Section 8.5(a)(iv) shall be disregarded with respect to the indemnification obligations of the Buyer.
Environmental Insurance Policy. For a period of not less than eighteen (18) months after the Closing Date, the Company shall maintain in effect the Environmental Insurance Policy and, during such period, the Company shall not amend the Environmental Insurance Policy to cancel or otherwise remove the Waiver of Subrogation Endorsement in favor of the Trustee, on behalf of the ESOP, relating to this Agreement; provided, however, that in the event that the Company or its Subsidiary ceases to occupy any premises covered, by the Environmental Insurance Policy, the Company shall not be required to maintain the Environmental Insurance Policy in effect in respect of such premises from and after the time of such cessation.
Environmental Insurance Policy. On the Closing Date, Seller and Purchaser shall obtain environmental pollution legal liability insurance coverage from a reputable insurance carrier: (i) with an aggregate liability coverage limit of not less than $5,000,000, (ii) with a coverage term to include not less than the five (5) year period subsequent to the Closing Date, (iii) listing Seller and Purchaser on the policy as co-insured parties, and (iii) otherwise on terms mutually acceptable to Seller and Purchaser. All premiums for such coverage shall be paid in full on the Closing Date, with Seller paying fifty percent (50%) of such amount and Purchaser paying the remainder of such amount.
Environmental Insurance Policy. Subject to the issuance of the BRAC subsidy set forth below, Acton, Carlisle and Westford agree to purchase the Pollution Legal Liability Select environmental insurance policy under Option 3 set forth in the PLL Select Premium Indication dated July 15, 2014, issued by the AIG Property Casualty Insurance Agency, Inc. attached hereto as Exhibit A, utilizing the AIG Specialty Insurance Company Form # 104827 (05/14) attached hereto as Exhibit B, with such further amendments and endorsements thereto as the towns and the insurer may agree upon prior to the policy’s inception date (collectively the “Policy”). The first named insured on the Policy shall be the Town of Acton and the additional named insureds shall be the Town of Carlisle and the Town of Westford. The Policy’s inception date shall be the date that the Town of Acton as the first named insured and the lead community under the IMA shall execute with the Massachusetts Department of Transportation (“MDOT”) a Lease Agreement for the BFRT Corridor within Acton or as soon thereafter as reasonably possible. The Policy shall have a policy period of five (5) years, a per incident coverage limit of three million dollars ($3,000,000), and an aggregate coverage limit of nine million dollars ($9,000,000).
Environmental Insurance Policy. Heritage Fields and City covenant and agree to cooperate in connection with obtaining from the insurer of the American International Specialty Lines Insurance Company Policy Number EPP 1956943 (the "Environmental Insurance Policy") an endorsement to the Environmental Insurance Policy reflecting the change in ownership of the properties described in this Section 4.
