PLL Policy Sample Clauses

PLL Policy. Prior to the payment in full of the Debt, Borrower shall not terminate the PLL Policy or enter into or otherwise suffer or permit any modification, amendment (including any endorsement), supplement or replacement thereof or thereto without the prior written consent of Administrative Agent.

PLL Policy. 14, 34 PLL Policy-Covered Costs ..................................................................................................... 14, 98 PRA ............................................................................................................................................. 100 Pre-Development Phase ................................................................................................................ 14 Pre-Development Phase A ............................................................................................................ 14 Pre-Development Phase A Fee ............................................................................................... 14, 52 -x- 16200.002-2444287 Pre-Development Phase B ............................................................................................................ 15 Pre-Development Phase B Fee................................................................................................ 15, 53 Pre-Development Phase Budget ................................................................................................... 28 Pre-Development Phase C ............................................................................................................ 15 Pre-Development Phase C Fee...................................................................................................... 15 Pre-Development Phase D ............................................................................................................ 15 Pre-Development Phase Fee ......................................................................................................... 15 Pre-Development Phase Payment Application ............................................................................. 51 Pre-Development Phase Schedule ................................................................................................ 27

PLL Policy. Evidence of payment of the full premium of the PLL Policy naming the Company as the insured party.

PLL Policy. The PLL Policy shall have been issued and shall be (i) in full force and effect and (ii) valid, binding and enforceable against the Qualified Insurer named therein, in each case in accordance with the terms of the PLL Policy.

PLL Policy. On the Closing Date, Purchaser shall procure a pollution legal liability insurance policy (“PLL Policy”) from Navigators Specialty Insurance Company, covering all of the Locations under this Agreement, the Locations as defined in the Circle K Purchase Agreement and the Real Property as defined in the Terminal Purchase Agreement, and naming Purchaser (and Purchaser’s Affiliates) and Circle K (and Circle K’s Affiliates) as the named insured, and also naming Seller, Shareholder, the Property Sellers under this Agreement, the Property Sellers under the Circle K Purchase Agreement and Terminal Seller under the Terminal Purchase Agreement as additional insureds thereunder. Coverage of the above-described additional insureds shall be primary, not contributory or excess, provided that coverage shall be expressly excess of amounts payable from the Alabama Tank Fund. The PLL Policy shall have a five (5) year term, policy limit of Five Million and No/100 Dollars ($5,000,000.00), and a self-insured retention (“SIR”) of Fifty Thousand and No/100 Dollars ($50,000.00). Seller agrees to pay at the Closing one-half (½) of the premium of the PLL Policy; provided that Seller’s share of the premium shall {B0968884.12} not exceed One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00), in the aggregate, under this Agreement, the Circle K Purchase Agreement and the Terminal Purchase Agreement. The PLL Policy shall provide coverage for the costs of Remedial Measures for (i) pollution conditions existing as of the Closing Date but then unknown to Seller, a Property Seller, a Property Seller under the Circle K Purchase Agreement, Terminal Seller under the Terminal Purchase Agreement, Shareholder, Purchaser or Circle K (“Unknown Pre-existing Pollution”), and (ii) pollution conditions first occurring after the Closing Date (“New Pollution”). The PLL Policy also shall provide coverage for third-party liability associated with Unknown Pre-existing Pollution, New Pollution and pollution conditions known and disclosed as of the Closing Date (“Known Pollution”). Navigators Specialty Insurance Company will provide Seller with written notice at least thirty (30) days prior to cancellation, non-renewal or material change in the PLL Policy. Purchaser shall be responsible for any payments within the SIR, to the extent incurred to address claims related to New Pollution at the Locations, to the extent such New Pollution can be reasonably determined to have first occurred on or after...