Common use of Ratings of Insurers Clause in Contracts

Ratings of Insurers. Borrower shall maintain insurance coverage with one or more domestic primary insurers reasonably acceptable to Administrative Agent, having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies); provided, however, such rating requirements will deemed to be satisfied if (A) the required insurance is provided by a syndicate of five (5) or more insurers with (i) at least sixty percent (60%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least thirty percent (30%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%) of the total coverage under policies provided by carriers having an AM Best Rating of at least “A-VIII” (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)); or (B) the required insurance is provided by a syndicate of four (4) or fewer insurers with (i) at least seventy-five percent (75%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least fifteen percent (15%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%)of the total coverage under policies under such policies provided by carriers having an AM Best Rating of at least “A-VIII (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)). Seismic Insurance required pursuant to Section 6.1.11 shall not be required to satisfy the foregoing rating requirements, provided that such Seismic Insurance shall be required to be provided by insurers having an AM Best Rating of A-VIII, if available. All insurers providing insurance required by this Agreement shall be authorized to issue insurance in the applicable State.

Ratings of Insurers. Borrower shall maintain insurance coverage with one or more domestic primary insurers reasonably acceptable to Administrative AgentLender, having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies); provided, however, such rating requirements will deemed to be satisfied if (A) the required insurance is provided by a syndicate of five (5) or more insurers with (i) at least sixty percent (60%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least thirty percent (30%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%) of the total coverage under policies provided by carriers having an AM Best Rating of at least “A-VIII” (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)); or (B) the required insurance is provided by a syndicate of four (4) or fewer insurers with (i) at least seventy-five percent (75%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least fifteen percent (15%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%)of the total coverage under policies under such policies provided by carriers having an AM Best Rating of at least “A-VIII VIII” (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)). Seismic Insurance required pursuant to Section 6.1.11 shall not be required to satisfy the foregoing rating requirements, provided that such Seismic Insurance shall be required to be provided by insurers having an AM Best Rating of A-VIII, if available. Notwithstanding the foregoing, after a Securitization, required insurance may be obtained from insurers that do not satisfy the foregoing ratings requirements if Borrower shall have obtained a Rating Agency Confirmation with respect thereto. All insurers providing insurance required by this Agreement shall be authorized to issue insurance in the applicable State.

Ratings of Insurers. Borrower shall maintain insurance coverage with one or more domestic primary insurers reasonably acceptable to Administrative Agent, having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies); provided, however, such rating requirements will deemed to be satisfied if (A) the required insurance is provided by a syndicate of five (5) or more insurers with (i) at least sixty percent (60%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least thirty percent (30%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%) of the total coverage under policies provided by carriers having an AM Best Rating of at least “A-:VIII” (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)); or (B) the required insurance is provided by a syndicate of four (4) or fewer insurers with (i) at least seventy-five percent (75%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least fifteen percent (15%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%)of the total coverage under policies under such policies provided by carriers having an AM Best Rating of at least “A-VIII :VIII” (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)). Seismic Insurance required pursuant to Section 6.1.11 shall not be required to satisfy the foregoing rating requirements, provided that such Seismic Insurance shall be required to be provided by insurers having an AM Best Rating of “A-:VIII”, if available. All insurers providing insurance required by this Agreement shall be authorized to issue insurance in the applicable State.

Ratings of Insurers. Borrower shall maintain insurance coverage with one or more domestic primary insurers reasonably acceptable to Administrative Agent, having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies); provided, however, such rating requirements will deemed to be satisfied if (A) the required insurance is provided by a syndicate of five (5) or more insurers with (i) at least sixty percent (60%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least thirty percent (30%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%) of the total coverage under policies provided by carriers having an AM Best Rating of at least “A-VIII” (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)); or (B) the required insurance is provided by a syndicate of four (4) or fewer insurers with (i) at least seventy-five percent (75%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least fifteen percent (15%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%)of the total coverage under policies under such policies provided by carriers having an AM Best Rating of at least “A-VIII (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)). Seismic Insurance required pursuant to Section 6.1.11 shall not be required to satisfy the foregoing rating requirements, provided that such Seismic Insurance shall be required to be provided by insurers having an AM Best Rating of A-VIII, if available. All insurers providing insurance required by this Agreement shall be authorized to issue insurance in the applicable State, however, non-admitted issuers may be utilized if they meet or exceed the rating requirements of this clause.

Ratings of Insurers. Borrower shall The Mortgagors will maintain a portion of ------------------- the insurance coverage described in Section 13.1(a) above for each Mortgaged Property (in an amount at least equal to the Maximum Foreseeable Casualty Loss for such Mortgaged Property) and the insurance coverage described in Section 13.1(d) above, in each case with either the insurers who insure the Mortgaged Properties on the date of this Mortgage or one or more domestic other primary insurers reasonably acceptable to Administrative Agent, having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies); provided, however, such rating requirements will deemed to be satisfied if (A) the required insurance is provided by or a syndicate of five (5) i.e., either a consortium or more insurers with (i) at least sixty percent (60%a co-insurance group) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies), (ii) at least thirty percent (30%) of the total coverage under such policies provided by carriers having claims-paying-ability and financial strength ratings by S&P of not less than “BBB+” (and its equivalent by the other Rating Agencies) (without duplication with the carriers having ratings by S&P of not less than “A-” (and its equivalent by the other Rating Agencies)), and (iii) the remaining ten percent (10%) of the total coverage under policies provided by carriers having an AM Best Rating of at least “A-VIII” (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)); or (B) the required insurance is provided by a syndicate of four (4) or fewer - - insurers with (i) through which at least seventy-five percent (75%) of the total coverage under such policies provided by (if there are four or fewer members of the syndicate) or at least sixty percent (60%) of the coverage (if there are five or more members of the syndicate) is with carriers having claims-paying-having) a claims paying ability and financial strength ratings by S&P of not less than “A-” (and its equivalent "A2" by the Rating Agency (or its equivalent); the coverage described in clauses (b) and (e) of Section 13.1 above shall be maintained with either the insurers who insure the Mortgaged Properties on the date of this Mortgage or one or more other Rating Agencies), primary insurers having (iior a syndicate (as defined above) of insurers through which at least fifteen seventy-five percent (1575%) of the total coverage under such policies provided by (if there are four or fewer members of the syndicate) or at least sixty percent (60%) of the coverage (if there are five or more members of the syndicate) is with carriers having claims-paying-having) a claims paying ability and financial strength ratings by S&P of not less than “BBB+” "A2". The coverage described in clause (and its equivalent by the other Rating Agenciesc) (without duplication of Section 13.1 above shall be maintained with the carriers either an insurer having ratings by S&P a claims paying ability of not less than “A-” (and its equivalent "A" or the applicable state workers' compensation fund. In each case, however, if no providers of such insurance are so rated, the requirement for such rating shall be the highest rating then given to insurers by the other Rating Agencies)), and Agency; provided that in the case of a syndicate (iiias defined above) the remaining ten percent (10%)of the total coverage under policies under such policies provided by carriers having an AM Best Rating of at least “A-VIII (without duplication with the carriers having ratings by S&P of not less than “A-” or “BBB+” (and their equivalents by the other Rating Agencies)). Seismic Insurance required pursuant to Section 6.1.11 shall not be required failing to satisfy the foregoing rating requirementstest, provided that such Seismic Insurance supplementary qualifying coverage shall be required within ninety (90) days of the date any of the Mortgagors learn of such failure only to the extent the syndicate (as defined above) fails to satisfy the test. If, during the term of the Notes, any insurer providing insurance coverage required under this Mortgage becomes insolvent, the Mortgagors agree to use commercially reasonable efforts to replace the insurance provided by any such insurer within thirty (30) days after any of the Mortgagors first receives notice of such insolvency. All insurance coverage shall be provided by one or more primary insurers having an AM Xxxxxx X. Best Rating Company, Inc. rating of "A-VIII" or better, except to the extent that insurance in force on the date of this Mortgage does not satisfy such criteria or that any of the providers of such insurance on the date hereof may hereafter be downgraded or if availableotherwise approved by the Mortgagee. All insurers providing insurance required by this Agreement Section 13 shall be authorized to issue insurance in the state or states where each Mortgaged Property covered by such insurer is located. The insurance coverage required under this Article 13 may be effected under a blanket policy or policies covering the Mortgaged Properties and other properties and assets not constituting Mortgaged Properties; provided that any such blanket policy shall specify, except in the case of public liability insurance, the portion of the total coverage of such policy that is allocated to the Mortgaged Properties, and any sublimits in such blanket policy applicable Stateto the Mortgaged Properties, which amounts shall not be less than the amounts required pursuant to Section 13.1 and which shall in any case comply in all other respects with the requirements of this Article 13.