Full Replacement Values Clause Samples

Full Replacement Values. Borrower shall at all times maintain property insurance as defined in Section 8.1(a)(i) subject to the following: (a) Borrower shall annually determine a fair and reasonable replacement cost (total insurable value - TIV) for each asset insured and report said TIV to the insurance carrier or panel of insurers. The TIV will be comprised of the cost of the building (exclusive of costs of excavations, foundations, underground utilities and footings), contents, and a twelve (12) month BI value (business income). Said BI values shall be calculated annually using the most recent annual operating profit and loss statements by an independent third party; provided, that, in no event shall the limit available for the Property be less than an amount equal to the Full Replacement Cost of the Property plus eighteen (18) months of BI Values. (b) Wind/named storm limits shall be subject to review and approval by Lender based upon the schedule of locations and values sharing such limits and such other documentation required by Lender, including, but not limited to, PML reports for all assets insured in the portfolio. (c) Critical high hazard earthquake coverage (California & Pacific Northwest) replacement costs shall be calculated as referenced in Section 8.2(a) above. Borrower, through an independent third party qualified to perform such risk analysis using the most current RMS software, or its equivalent, will annually determine using an exceeding probability analysis a probable maximum loss (PML) estimate inclusive of loss amplification for all assets insured in the portfolio. The “limits” of high hazard earthquake coverage will be equal to or exceed the 500 year return period. All insured assets participate equally in the cost allocation and are equally insured. (d) Intentionally omitted.
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Full Replacement Values. Borrower shall at all times maintain property insurance as defined in Section 8.1(a)(i) subject to the following: (a) The actual replacement cost of (i) the Improvements (exclusive of costs of excavations, foundations, underground utilities and footings) and Personal Property (“Full Replacement Cost”) at the Property and (ii) the business income/rental loss (“BI”) values are set forth on Schedule 8.2(a). At each renewal and subject to Lender’s reasonable approval, Borrower shall annually determine a fair and reasonable total insurable value (“TIV”) for each asset insured and report said TIVs to insurance carriers or panel of insurers. The TIV shall be defined as the total of (1) the Full Replacement Cost of the Property and (2) a BI value of twelve (12) months. Said BI values shall be calculated annually using the most recent annual operating profit and loss statements by an independent third party; provided that, in no event shall the limit available for the Property be less than an amount equal to the Full Replacement Cost of the Property plus eighteen (18) months of BI.
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Related to Full Replacement Values

  • Benchmark Replacement Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the affected Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis.

  • Benchmark Replacement Setting Notwithstanding anything to the contrary herein or in any other Loan Document:

  • VALUATION PERIOD Each Division will be valued at the end of each Valuation Period on a Valuation Date. A Valuation Period is each Business Day together with any non-Business Days before it. A Business Day is any day the New York Stock Exchange (NYSE) is open for trading, and the SEC requires mutual funds, unit investment trusts, or other investment portfolios to value their securities. ACCUMULATION VALUE The Accumulation Value of this Contract is the sum of the amounts in each of the Divisions of the Variable Separate Account and General Account. You select the Divisions of the Variable Separate Account and General Account to which to allocate the Accumulation Value. The maximum number of Divisions to which the Accumulation Value may be allocated at any one time is shown in the Schedule. ACCUMULATION VALUE IN EACH DIVISION ON THE CONTRACT DATE On the Contract Date, the Accumulation Value is allocated to each Division as elected by you, subject to certain terms and conditions imposed by us. We reserve the right to allocate premium to the Specially Designated Division during any Right to Examine contract period. After such time, allocation will be made proportionately in accordance with the initial allocation(s) as elected by you. ON EACH VALUATION DATE At the end of each subsequent Valuation Period, the amount of Accumulation Value in each Division will be calculated as follows:

  • Tool Replacement Personal tools worn out and/or broken on the job will be replaced on a like- for-like basis by the Employer, provided the tool is turned in to the Employer and the Employer had knowledge the tool was being used on the job. If an employee has his/her tools stolen from a state vehicle, the Employer will replace those tools, as long as no employee negligence has occurred.

  • Weekend Differential Employees assigned to State institutions other than Maine State Prison shall be eligible for a weekend differential of fifty cents ($.50) per hour to the base for shifts beginning between 10:00 p.m. Friday and 9:59 p.m.