Common use of Environmental Collateral Protection Policy Clause in Contracts

Environmental Collateral Protection Policy. If any underlying Mortgaged Property constituting real property is covered by a secured creditor policy, environmental collateral protection policy, collateral impairment and risk liability policy or other similar policy, in each case with respect to environmental conditions affecting such real property, then the Seller has either: (a) disclosed, or is aware that there has been disclosed, in the application for such policy or otherwise to the insurer under such policy the “pollution conditions” (as defined in such policy) identified in any environmental reports related to such underlying mortgaged property which are in the Seller’s possession or are otherwise known to the Seller; or (b) delivered or caused to be delivered to the insurer or its agent under such policy copies of all environmental reports in the Seller’s possession related to such underlying mortgaged property; in each case, with respect to (a) or (b), to the extent required by such policy or to the extent the failure to make any such disclosure or deliver any such report would materially and adversely affect the borrower’s ability to recover under such policy; (1) all premiums for such insurance have been paid; (2) such insurance is in full force and effect; (3) such insurance has a term of at least 5 years beyond the maturity date of the underlying Mortgage Loan; and (4) rights under such policy inure to the benefit of the lender. With respect to each CMBS Security and CRE CDO Security, the Seller hereby represents and warrants, as of the date herein specified or, if no such date is specified, as of the Closing Date, except as set forth on Schedule III, that:

Environmental Collateral Protection Policy. If any underlying Mortgaged Property constituting real property is covered by a secured creditor policy, environmental collateral protection policy, collateral impairment and risk liability policy or other similar policy, in each case with respect to environmental conditions affecting such real property, then the Seller has either: (a) disclosed, or is aware that there has been disclosed, in the application for such policy or otherwise to the insurer under such policy the “pollution conditions” (as defined in such policy) identified in any environmental reports related to such underlying mortgaged property which are in the Seller’s possession or are otherwise known to the Seller; or (b) delivered or caused to be delivered to the insurer or its agent under such policy copies of all environmental reports in the Seller’s possession related to such underlying mortgaged property; in each case, with respect to (a) or (b), to the extent required by such policy or to the extent the failure to make any such disclosure or deliver any such report would materially and adversely affect the borrower’s ability to recover under such policy; (1) all premiums for such insurance have been paid; (2) such insurance is in full force and effect; (3) such insurance has a term of at least 5 years beyond the maturity date of the underlying such Mortgage Loan; and (4) rights under such policy inure to the benefit of the lender. With respect to each CMBS Security and CRE CDO SecuritySubordinate Loan Interest, the Seller hereby represents and warrants, as of the date herein specified or, if no such date is specified, as of the Closing Date, except as set forth on Schedule III, that: