Lease Enhancement Policy definition

Lease Enhancement Policy. With respect to a Credit Lease Loan, any non-cancelable credit lease enhancement insurance policy that insures against certain losses arising out of casualty and/or condemnation of the related Mortgaged Property.

Lease Enhancement Policy. With respect to a Credit Lease Loan, any non-cancelable residual value insurance policy or credit lease enhancement insurance policy that insures against certain losses arising out of casualty and/or condemnation of the related Mortgaged Property.

Lease Enhancement Policy. A non-cancelable credit lease enhancement insurance policy that insures against certain losses arising out of casualty or condemnation of the related Mortgaged Property, the form of which has been approved by the Rating Agencies.

Examples of Lease Enhancement Policy in a sentence

• In the event that the Master Servicer receives notice of any termination of a Lease Enhancement Policy or a Residual Value Insurance Policy, the Master Servicer shall, within three Business Days after receipt of such notice, notify the Rating Agencies and the Trustee of such termination in writing.

• Costs and expenses (other than extraordinary enforcement expenses related to the enforcement of the Lease Enhancement Policy, including related judicial proceedings and "out-of-pocket" costs and expenses of outside legal counsel) incurred by the Master Servicer in connection with this Section 3.28 shall be reimbursable out of the Servicing Compensation only.

• None of the Depositor, the Master Servicer or the Special Servicer shall be liable for making any payments under the Lease Enhancement Policy.

• Notwithstanding anything provided in the two preceding sentences, the Master Servicer shall only be obligated to maintain or cause to be maintained with respect to each Mortgaged Property the types and amounts of insurance required pursuant to Section 3.07, and any actions taken by the Master Servicer with respect to the Lease Enhancement Policy shall be consistent with the related Mortgage Loan documents.

• Any legal fees incurred in connection with a resolution of such termination of a Lease Enhancement Policy or a Residual Value Insurance Policy shall be paid by the Master Servicer and shall be reimbursable to it as a Trust Fund expense (to the extent not required to be paid, and not actually paid, by the related Mortgagor under the applicable Mortgage Loan documents).

More Definitions of Lease Enhancement Policy

Lease Enhancement Policy. With respect to a Credit Lease Loan, the related insurance policy, if any, covering the exercise by the related credit tenant of certain rights to terminate or abate rent in the event of a casualty or condemnation with respect xx xhe related Mortgaged Property.

Lease Enhancement Policy. With respect to Mortgage Loan number 19 on the Mortgage Loan Schedule, any non-cancelable lease enhancement insurance policy that insures against certain losses arising out of casualty and/or condemnation of the related Mortgage Property.

Lease Enhancement Policy means an insurance policy that provides, subject to customary exclusions, that in the event of a permitted termination or abatement of a Credit Tenant Lease by the related Credit Tenant as a result of a casualty or condemnation, the insurer under such policy will be required to make a specified insurance payment.

Lease Enhancement Policy means any lease enhancement insurance policy issued in respect of a Commercial Mortgage Loan by an acceptable insuror to or in favor of CLF or Bank.

Lease Enhancement Policy means any lease enhancement insurance policy issued by National Fire & Marine Insurance Company (or any replacement insurer approved by the Buyer) in favor of the Seller.

Lease Enhancement Policy. An insurance policy that provides, subject to customary exclusions, that in the event of a permitted termination or abatement of a Credit Lease by the related Tenant as a result of a casualty or condemnation, the insurer under such policy will be required to make a specified insurance payment.

Lease Enhancement Policy. With respect to Mortgage Loan number __ on the Mortgage Loan Schedule, any non-cancelable lease enhancement insurance policy that insures against certain losses arising out of casualty and/or condemnation of the related Mortgage Property.