Definition of PLL Policy

  1. PLL Policy means any pollution legal liability insurance policy covering all of the Locations obtained by Buyer in connection with the transactions contemplated by this Agreement which identifies Sellers, the Companies, Buyer and their respective Affiliates as named insureds. Such PLL Policy, to the extent available in the marketplace, will cover remediation costs and third-party liability for all Hazardous Substance contamination. The PLL Policy will be written for a five-year term and will have limits of $5,000,000 and a self-insured retention of $50,000.

Examples of PLL Policy in a sentence

  1. Each Environmental Insurance Policy covering a Mortgaged Property identified on Schedule C to this Exhibit 2 that constitutes a PLL Policy (1) has a term that is co-terminous with the Maturity Date (or, in the case of an ARD Loan, the Anticipated Repayment Date) of the related Mortgage Loan, (2) provides for a deductible in an amount reasonably acceptable to the Seller and (3) is in an amount reasonably acceptable to the Seller.
  2. PLL Policy shall mean that Pollution Legal Liability Policy # ZRE 5911449 dated August 19, 2013 issued by Zurich American Insurance Company.

Definition of PLL Policy in Stock and Membership Interest Purchase Agreement

PLL Policy means any pollution legal liability insurance policy covering all of the Locations obtained by Buyer in connection with the transactions contemplated by this Agreement which identifies Sellers, the Companies, Buyer and their respective Affiliates as named insureds. Such PLL Policy, to the extent available in the marketplace, will cover remediation costs and third-party liability for all Hazardous Substance contamination. The PLL Policy will be written for a five-year term and will have limits of $5,000,000 and a self-insured retention of $50,000.