Definition of PLL Policy


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

Each Mortgage Loan set forth on Schedule C to this Exhibit 2 (each, a "Schedule C Loan") is the subject of a Secured Creditor Impaired Property Policy, issued by the issuer set forth on Schedule C (the "Policy Issuer") and effective as of the date thereof (each a "Secured Creditor Policy") or a pollution legal liability policy naming the Seller and its successors and/or assigns as an additional insured (a "PLL Policy"; a Secured Creditor Policy or a PLL Policy, an "Environmental Insurance Policy").
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.
Borrower shall maintain in full force and effect at all times during the term of the Loan the PLL Policy.
Each Environmental Policy covering a Mortgaged Property identified on Schedule C (Representation 12) to this Agreement that constitutes a PLL Policy (1) has a term that is co-terminous with the Stated 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 Mortgage Loan Seller and (3) is in an amount reasonably acceptable to the Mortgage Loan Seller.
To the extent that a claim is made under the PLL Policy by either party, Gramercy Buyer shall be responsible for the payment of the deductible, which deductible shall be paid from the Environmental Deposit to the extent available.