Environmental Insurance Policy definition

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. With respect to any Mortgaged Property or REO Property, any insurance policy covering pollution conditions and/or other environmental conditions in effect with respect to such Mortgaged Property or REO Property.

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.

Examples of Environmental Insurance Policy in a sentence

• 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.

• 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.

• In the case of the Newark Bay CAD cell, the permit required the Port of New York/New Jersey to procure an Owner Controlled Environmental Insurance Policy with a limit of $20,000,000 and a deductible of $100,000 relating to the construction, operation, management, and eventual closure of the Newark Bay CAD cell.

• For the avoidance of doubt, this Section 6.05(b) and not Section 6.05(a), shall apply with respect to the Environmental Insurance Policy.

• 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.

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, 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 has the meaning set forth in Section 6.15.

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 means the environmental insurance policy required to be purchased by Buyer pursuant to Section 7.05(a)(i).

Environmental Insurance Policy has the meaning specified in Exhibit VI.

Environmental Insurance Policy means the Pollution Legal Liability Select Policy issued by Chartis Specialty Insurance Company as of March 1, 2012 with Ferro as the named insured, as modified prior to the Closing (i) to exclude Ferro’s Edison, New Jersey facility from coverage, (ii) to make ASI a named insured, and (iii) to exclude ASI from the prior owner exception from coverage.