Commercially Reasonable Rates definition

Commercially Reasonable Rates has the meaning assigned in Section 3.1(1)(k).
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Commercially Reasonable Rates means a rate, for the Terrorism Insurance portion of Borrowers’ insurance policy only, that is equal to or less than 50% of the total cost of the remaining portion of the all-risk policy that will then co-exist with the Terrorism Insurance at the time the Terrorism Insurance is considered for purchase (the “Fifty Percent Rate”). As used in this Section, “commercially reasonable efforts” shall mean that Borrowers have obtained and provided to Administrative Agent written quotes for Terrorism Insurance from at least three (3) insurers each calendar quarter during any period that Terrorism Insurance for the Properties is not in place. If after using commercially reasonable efforts, Borrowers are unable to obtain 100% replacement cost Terrorism Insurance at Commercially Reasonable Rates, then unless Administrative Agent in its sole discretion approves otherwise, Borrowers will use commercially reasonable efforts to purchase the maximum amount of Terrorism Insurance as may be then available at a premium which is equal to the Fifty Percent Rate, provided the amount of such coverage would be for at least $50,000,000 (the “TIC Amount”). Should Borrowers, after using commercially reasonable efforts, be unable to purchase at least the TIC Amount of coverage of Terrorism Insurance at a cost equal to or less than the Fifty Percent Rate, then Borrower shall provide written notice thereof to the Administrative Agent. In such event, the Borrower shall have the right, exercisable by delivering a written notice signed by the Borrowers and the Guarantor within ten (10) Business Days of the lapse of such coverage, to cause Guarantor to indemnify the Administrative Agent and the Lenders, on a full recourse basis, for any and all Losses, up to an aggregate limit of $10,000,000, which they may incur or suffer which would have been covered by Terrorism Insurance had such coverage been in effect. In the event the Borrowers and Guarantor fail to timely deliver such notice, the Administrative Agent shall have the right (but not the obligation) to force place at least $10,000,000 of coverage of Terrorism Insurance for the Properties, and Borrowers agree to promptly reimburse Administrative Agent for the actual premium costs of such force-placed Terrorism Insurance up to an amount equal to the Fifty Percent Rate (it being understood that Borrower shall not be required to reimburse the Administrative Agent for said Terrorism Insurance premiums if at any time during the term of the Loa...
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Commercially Reasonable Rates. The amount that a prudent institutional investor in commercial real estate would be willing to pay for the subject required insurance coverage.
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Examples of Commercially Reasonable Rates in a sentence

  • In the event MFSI furnishes text, data or graphics in formats other than as provided in the MFSI Content Specifications, then Telescan may charge MFSI for the effort required to incorporate such text or data into the Service in accordance with Commercially Reasonable Rates and Terms.

  • Except for the Standard Features and generally available upgrades and revisions as expressly provided above, Telescan and MFSI must mutually agree in writing upon the addition of other features or modifications and the terms and conditions which shall be at Commercially Reasonable Rates and Terms.


More Definitions of Commercially Reasonable Rates

Commercially Reasonable Rates means that the premium for terrorism coverage does not increase the overall property and casualty coverage premiums in excess of 50% of the overall cost as of the Closing Date of the policy without terrorism insurance, as such cost may be increased annually by the percentage of increase in the Consumer Price Index for All Urban Consumers for Washington-Baltimore, DC-MD-VA-WV: All items (1982-1984 = 100) published by the Bureau of Labor Statistics, United States Department of Labor from such index on the Closing Date. Lender reserves the right to require from time to time the following additional insurance: boiler and machinery; flood; worker’s compensation; and/or building law or ordinance. Borrower shall keep the Project insured against loss by flood if the Project is located currently or at any time in the future in an area identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as such acts may from time to time be amended) in an amount at least equal to the lesser of (i) the maximum amount of the Loan or (ii) the maximum limit of coverage available under said acts. Any such flood insurance policy shall be issued in accordance with the requirements and current guidelines of the Federal Insurance Administration. Borrower shall maintain use and occupancy insurance covering, as applicable, rental income or business interruption, with coverage in an amount not less than twelve (12) months anticipated gross rental income or gross business earnings, as applicable in each case, attributable to the Project. Borrower shall not maintain any separate or additional insurance which is contributing in the event of loss unless it is properly endorsed and otherwise reasonably satisfactory to Lender in all respects. Subject to Section 3.2, the proceeds of insurance paid on account of any damage or destruction to the Project shall be paid to Lender to be applied as provided in Section 3.2.
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Related to Commercially Reasonable Rates

  • Commercially Reasonable or “Commercially Reasonable Efforts” means, with respect to any action required to be made, attempted or taken by a Party under this Agreement, the level of effort in light of the facts known to such Party at the time a decision is made that: (a) can reasonably be expected to accomplish the desired action without a material increase in costs incurred by such Party; (b) is consistent with Prudent Industry Practices; and (c) takes into consideration the amount of advance notice required to take such action, the duration and type of action and the competitive environment in which such action occurs.

  • Commercially Reasonable Efforts means (i) with respect to any objective by any party, commercially reasonable, diligent, good faith efforts to accomplish such objective as such party would normally use to accomplish a similar objective under similar circumstances; and (ii) with respect to any objective relating to the development or commercialization of any product by any party, efforts and resources normally used by such party with respect to a product owned by such party at a similar stage in the development or life of such product.

  • Reasonable Commercial Efforts means, with respect to the applicable obligation of the Company, reasonable commercial efforts for similarly situated, publicly-traded companies.

  • Commercially Sensitive Information means the Information (i) listed in the Commercially Sensitive Information Schedule; or (ii) notified to the Authority in writing (prior to the commencement of this Contract) which has been clearly marked as Commercially Sensitive Information comprised of information:

  • Applicable Rating means the rating assigned to each Class of the Series 2013-T3 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:

  • Contractor Commercially Sensitive Information means the information listed in the Contractor Commercial Sensitive Information Annex to the Contract being information notified by the Contractor to the Authority which is acknowledged by the Authority as being commercially sensitive information.

  • Reasonable grounds means that a reasonable person in your position would also suspect the information indicates misconduct or a breach of the law.

  • Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.

  • Reasonable cost means a cost for a service or item that is consistent with the market standards for comparable services or items.

  • Developed exclusively at private expense means development was accomplished entirely with costs charged to indirect cost pools, costs not allocated to a government contract, or any combination thereof.

  • Non-Commercial Use means any use or activity where a fee is not charged and the purpose is not the sale of a good or service, and the use or activity is not intended to produce a profit.

  • Reasonable Efforts means, with respect to any action required to be made, attempted, or taken by an Interconnection Party or by a Construction Party under Tariff, Part IV or Tariff, Part VI, an Interconnection Service Agreement, or a Construction Service Agreement, such efforts as are timely and consistent with Good Utility Practice and with efforts that such party would undertake for the protection of its own interests. Regional Entity:

  • Applicable Rate means a percentage per annum equal to:

  • Commercial Use means the use to which the material can commercially be put.

  • Reasonable Costs means the reasonable actual costs and expenses incurred by us in carrying out any further Audit under this Contract, including, but not limited to, reasonable travel and subsistence costs;

  • reasonable measures means appropriate measures which are commensurate with the money laundering or terrorism financing risks;

  • Public Debt Rating means, as of any date and subject to the provisions of the next succeeding sentence, the lowest rating that has been most recently announced by each of S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Borrower. For purposes of the foregoing: (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Applicable Margin shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Applicable Margin shall be set in accordance with Level 6 under the definition of Applicable Percentage or Applicable Margin, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable Percentage and the Applicable Margin shall be based upon the higher of such ratings, except that, in the event that the lower of such ratings is more than one level below the higher of such ratings, the Applicable Percentage and the Applicable Margin shall be based upon the level immediately below the higher of such ratings; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.

  • Financially Literate means the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Corporation’s financial statements.