Insurance Syndicate. The loan documents requires all carriers to have a financial strength of “A” or better from S&P and “A2” or better by Xxxxx’x to the extent Xxxxx’x rates the insurance companies; provided that required insurance may be provided by an insurance syndicate subject to certain conditions, including: (A) 60% (if five or more) or 75% (if four or fewer) of aggregate policy limits must be provided by carriers with minimum S & P claims paying ability rating of “A” and “A2” or better by Xxxxx’x, to the extent Xxxxx’x rates the insurance companies; and (B) the remaining 40% (if five or more) or 25% (if four or fewer) shall be provided by carriers with minimum S & P financial strength rating of “BBB” and “Baa2” by Xxxxx’x (or A.M. Best’s “A:VIII” if not Xxxxx’x –rated).
Insurance Syndicate. The loan documents permit required insurance to be provided by a syndicate, subject to certain conditions, including: (A) first layer of syndicated coverage shall be provided by carriers with minimum S&P financial strength rating of “A”, (B) 60% (if five or more) or 75% (if four or fewer) of aggregate policy limits must be provided by carriers with minimum S&P financial strength rating of “A”, and (C) each carrier in syndicate must have minimum S&P financial strength rating of “BBB”.
Insurance Syndicate. The loan documents permit required coverages to be provided by an insurance syndicate satisfying certain requirements, as follows: (A) if such syndicate consists of 5 or more members, at least 60% of the coverage is provided by insurers that meet the Insurance Ratings Requirements and up to 40% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least “A” by S&P or at least “A2” by Mxxxx’x, or “A” or better by Fitch (if Fitch rate the securitization and the applicable insurers) and (B) if such syndicate consists of 4 or fewer members, at least 75% of the coverage is provided by insurers that meet the Insurance Ratings Requirements and up to 25% of the coverage is provided insurers that have a claims paying or financial strength rating of at least “A” by S&P or at least “A2” by Mxxxx’x, or “A” or better by Fitch (if Fitch rate the securitization and the applicable insurers).
Insurance Syndicate. The loan documents permit required coverages to be provided by an insurance syndicate satisfying certain requirements, as follows: (A) if such syndicate consists of 5 or more members, at least 60% of the coverage (and 100% of the first layers of such coverage) shall be provided by Qualified Insurers, and up to 40% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least S&P “BBB” or Mxxxx’x “Baa2” and (B) if such syndicate consists of 4 or fewer members, at least 75% of the coverage (and 100% of the first layers of such coverage) shall be provided by Qualified Insurers, and up to 25% of the coverage is provided by insurers that have a claims paying or financial strength rating of at least S&P “BBB” or Mxxxx’x “Baa2”. “Qualified Insurers” means insurers having a claims paying or financial strength rating of at least S&P “A-” or Mxxxx’x “A3”.
Insurance Syndicate. The loan documents provide that required insurance may be supplied by a syndicate of insurers, in which event 75% (if there are 4 or fewer insurers) or 60% (if five or more insurers) of such coverage, must be with insurers rated S & P “BBB” or better (and the equivalent rating by Fitch and Xxxxx’x). There is no minimum A.M. Best’s rating for insurance providers that is specified. Members of the current property insurance syndicate have at least one of the following minimum ratings: (A) A.M Best’s rating of “A:VIII”, (B) S & P rating of “A-” or (C) Xxxxx’x rating of “A3”.
Insurance Syndicate. The loan documents permit required insurance to be provided by a syndicate, subject to certain conditions, including: (A) first layer of syndicated coverage shall be provided by carriers with minimum S & P financial strength rating of “A”, (B) 60% (if five or more) or 75% (if four or fewer) of aggregate policy limits must be provided by carriers with minimum S & P financial strength rating of “A”, and (C) each carrier in syndicate must have minimum S & P financial strength rating of “BBB”. 18 Hampton Inn & Suites – Boise (Loan No. 11) Borrower’s obligations to provide required insurance coverages are suspended if condominium association maintains insurance stipulated by condominium documents or in-place, subject to lender approval. The condominium association is not required to obtain business interruption insurance, nor is windstorm coverage expressly required. The condominium association is permitted to determine that any required coverages are not available or realistically affordable and to decline coverage on such basis. The condominium association documents do not specify a minimum insurer rating. Casualty policies must provide for payment of proceeds to the association, as trustee for the unit owners and their mortgagees. As to (i) apportionments of proceeds and (ii) decisions to restore following casualty, the consent of both Unit 5 (the borrower’s unit) and Unit 6 is required, subject to dispute resolution procedures. In-place insurance includes all program-required coverages, however. 00 Xxx Xxxxxx Xxxx Xxxxxx Xxxxxxxx Xxxxxx (Loan No. 25) Xxxxx Fargo (pad site tenant) is leased fee, where tenant or other non-borrower party constructed improvements and either maintains its own insurance or self-insures. Subject to applicable restoration obligations, casualty proceeds are payable to tenant or other non-borrower party and/or its leasehold mortgagee.
Insurance Syndicate. The loan documents permit insurance to be obtained through a syndicate of insurers, provided that, at least 75% of the insured amount (if there are four (4) or fewer members of the syndicate) or at least 60% of the insured amount (if there are 5 or more members of the syndicate) is with carriers having a claims paying ability rating of “A” or better by S&P, and the balance of the coverage is, in each case, provided by insurers with a claims paying ability rating of “BBB” or better by S&P.
(i) Master Tenant Self-Insurance Option. Borrower’s obligation to provide required insurance (including property, rent loss, commercial general liability and terrorism coverage) is suspended if master (multi-property) tenant (Cabela’s Wholesale) elects to provide third party insurance and/or self-insure in accordance with its master lease. The master lease permits the master tenant to self- insure if the lease guarantor (Bass Pro Group, LLC) maintains a minimum net worth of $250,000,000. The master tenant has no rent abatement or termination remedies for any reason during the loan term. The provisions of the master lease shall control disbursement of any casualty proceeds. The master lease is guaranteed by Bass Pro Group, LLC (S&P “B+”/ Moody’s “Ba3”). The master tenant has not currently provided notice of its election to self-insure.
(ii) Property Insurance Deductible. If the master tenant provides third party insurance, the loan documents permit a property insurance deductible in an amount equal to the greater of (A) $1,500,000 or (B) 5% of the insurable value of the constituent properties. The aggregate insurable value of the mortgaged properties is $130,050,000, so up to a $6,500,000 property insurance deductible would be permitted. The in-place property insurance provides for a $250,000 deductible.
Insurance Syndicate. The loan documents permit insurance to be obtained through a syndicate of insurers, provided that, at least 75% of the insured amount (if there are four (4) or fewer members of the syndicate) or at least 60% of the insured amount (if there are 5 or more members of the syndicate) is with carriers having a claims paying ability rating of “A” or better by S&P, and the balance of the coverage is, in each case, provided by insurers with a claims paying ability rating of “BBB” or better by S&P.
