PLL Policy definition

PLL Policy shall have the meaning set forth in Section 6.1(a)(xiii) hereof.

PLL Policy shall have the meaning set forth in Section 7.1 hereof.

PLL Policy means a Pollution Legal Liability Insurance with terms customary for this type of transaction procured by Buyer on the Closing Date.

Examples of PLL Policy in a sentence

• 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.

• 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.

• Buyer or its designated Affiliate shall be the “first named insured”, the Purchased Subsidiaries shall be, to the extent possible, “named insureds” and, at Seller’s request, the Seller shall be an “additional insured”, each under the PLL Policy (or any renewal, replacement or extension thereof).

• Buyer will provide evidence to Seller of the binding of the PLL Policy at or before Closing and a copy of the final PLL Policy as soon as practicable thereafter.

More Definitions of PLL Policy

PLL Policy means the Pollution Legal Liability Select Policy issued by American International Group, Inc. covering the Portfolio Assets.

PLL Policy or “PLL Policies”) covering the Properties scheduled thereon for an initial reporting period of 7 years with a coverage limit of $5,000,000 for each occurrence and an aggregate of $10,000,000 with self-insured retention of no more than $50,000 per event for clean-up costs and legal liability third-party claims, except for a per event $50,000 self-insured retention for dry cleaning constituents. Such PLL Policies (i) shall be dedicated solely to the Properties and Borrower shall not be permitted to add any additional locations during the policy term; (ii) name the Administrative Agent as an additional named insured with an automatic right of assignment to one designated lender party in the event of default throughout the policy term; (iii) in the event the policy is cancelled by the insurers, a copy of such cancellation notice shall also be mailed to Administrative Agent; (iv) shall not be cancelled or materially modified by Borrower without prior written consent from Administrative Agent; and (v) shall, throughout the policy term, include the same coverages, terms, conditions and endorsements (and shall not be amended in any way without the prior written consent of Administrative Agent) as the PLL Policies approved at Closing; and

PLL Policy means the pollution legal liability policy issued by Chartis, policy no. PLS 14221103, with a policy term of December 22, 2010 to December 22, 2020.

PLL Policy has the meaning set forth in Section 6.1(a)(ix) hereof. “Policy” and “Policies” has the meaning set forth in Section 6.1(b) hereof. “Prepaid Revenues” has the meaning set forth in Section 3.1(b) hereof. “Prepayment Date” has the meaning set forth in Section 2.5.1 hereof.

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.

PLL Policy means Seller’s Pollution Legal Liability Select Policy (No. 19043128) as in effect on the date hereof.

PLL Policy means that Pollution Legal Liability Policy # ZRE 5911449 dated August 19, 2013 issued by Zurich American Insurance Company.