Ascertained Net Loss definition

Ascertained Net Loss means such amount in excess of any deductible stated in the Schedule as represents expenses which have been irrevocably expended in connection with the Insured Event(s) which have been necessarily Cancelled, Abandoned, Postponed, Interrupted, Curtailed or Relocated, less such part of the Gross Revenue retained less any savings the Assured is able to effect to mitigate such loss

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Ascertained Net Loss means the: (i) principal outstanding under the Loan Documents (but in no event more than the beginning principal as of the Claim Date as set forth on Schedule C hereto); plus (ii) one Monthly Payment if advanced by Named Insured or its Authorized Agent on or after the Claim Date; plus (iii) any Protective Advance; plus (iv) any prepayment penalty or premium required to be paid by Owner under the Loan Documents but, in no event, to exceed 5% of the principal outstanding under the Loan Documents (but in no event more than the beginning principal as of the Claim Date as set forth on Schedule C hereto); less

Ascertained Net Loss means, with respect to each Property that is the subject of Condemnation:

Examples of Ascertained Net Loss in a sentence

• If the Company pays Ascertained Net Loss in a lump sum, in no event shall the Company's obligation to pay Ascertained Net Loss exceed the outstanding principal balance of the Loan plus unpaid, accrued interest at the rates provided in the Loan Documents from the date the Company is obligated to make payment as provided in Condition C until the date Ascertained Net Loss is paid in full.

• If the Company pays Ascertained Net Loss in periodic payments, in no event shall the Company's obligation to pay Ascertained Net Loss exceed the sum of all periodic payments of Base Rent that would be payable under the Lease, if the Lease had not been terminated, for the period commencing on the effective date of Lease termination and ending on the stated expiration date of the Initial Term of the Lease.

• The Company will pay to the Trustee the Ascertained Net Loss covered under this policy within fifteen (15) business days after the Company receives a sworn proof of loss complying with the requirements of Condition B, together with a duly executed Non-Waiver Agreement in the form of Exhibit A attached hereto.

• The Company shall not be required to pay any Ascertained Net Loss until it receives a proof of loss in compliance with this Condition B.

• If the Company has timely paid the Ascertained Net Loss to the Insured in a lump sum, the Insured shall hold such recovery or other payment in trust for the Company.

• The Company's obligation to pay such amounts that accrue under the Loan Documents shall be in addition to the Company's obligation to pay Ascertained Net Loss, and shall not be eliminated or reduced by provisions in Sections I.C, III.A., III.B., III.C. or the Declarations of this policy limiting the Company's liability for Ascertained Net Loss.

• The Company, at its sole option, may pay Ascertained Net Loss due under this policy in a lump sum or periodically on the date Base Rent payments would have been required of Tenant under the Lease had it not been terminated.

• If the Insured has submitted a proof of loss complying with Section IV.B. prior to the effective date of cancellation, the Company will pay any Ascertained Net Loss due under this policy, deducting therefrom the unpaid premium.

• If the Company elects to pay Ascertained Net Loss in a lump sum, it shall provide the Trustee with fifteen (15) days' prior written notice and shall make such payment on a date on which Base Rent would be payable if the Lease had not been terminated.

• The Trustee shall timely execute and deliver an assignment of rights and other instruments and papers and do whatever additional actions as may be reasonably necessary to secure and to implement such rights as to be assigned by the Trustee to the Company pursuant to this provision subsequent to payment of Ascertained Net Loss which shall satisfy and pay in full the Loan.

More Definitions of Ascertained Net Loss

Ascertained Net Loss means, with respect to each Property that is the subject of Property Damage in the event of a Lease termination, the sum of all periodic payments of Base Rent that would be payable under the Lease, if the Lease had not been terminated, for the period commencing on the effective date of Lease termination and ending on the stated expiration date of the Initial Term of the Lease.

Ascertained Net Loss means, with respect to each Property that is the subject of Property Damage, (1) in the event of a Lease termination, the sum of all periodic payments of Base Rent that would be payable under the Lease, if the Lease had not been terminated, for the period commencing on the effective date of Lease termination and ending on the stated expiration date of the Initial Term of the Lease, or (2) in the event of Rent Abatement, the total Base Rent abated from the date Rent Abatement commences until the earlier of the date Rent Abatement ceases or the stated expiration date of the Initial Term of the Lease.

Ascertained Net Loss means the amount payable to the Insured calculated as follows: