TC Cap definition

TC Cap means an amount equal to two (2) times the premium for a separate “Special Form” or “All Risks” policy or equivalent policy insuring only the Property on a stand-alone basis (including, without limitation, the insurance required pursuant to Sections 7.1(a)(i) and (iii) hereof) at the time that any Terrorism Coverage is excluded from any Applicable Policy.

TC Cap shall have the meaning set forth in Section 6.1(a)(ix) hereof.

TC Cap means an amount equal to two (2) times the premium then currently payable in respect of the property, business interruption/loss of rents and liability insurance required under the loan agreement (without giving effect to the cost of terrorism, flood, and earthquake and windstorm components of such insurance at the time terrorism coverage is excluded from any policy).

Examples of TC Cap in a sentence

• If any payment of Total Compensation that would otherwise be due to the Executive pursuant to the Original Agreement or other Board action is reduced by any amount (the “Unpaid Amount”) as a result of the application of this Section, then the Company shall accrue an obligation to pay to the Executive the Unpaid Amount (such aggregate accrued amount, as it may be increased or decreased during the TC Cap Period, the “Deferred Obligation”).

• Notwithstanding the foregoing, in no event shall Borrower be required to pay annual premiums in excess of the TC Cap (defined below) in order to obtain the Terrorism Coverage (but Borrower shall be obligated to purchase such portion of the Terrorism Coverage as is obtainable by payment of annual premiums equal to the TC Cap).

• If any payment of Total Compensation exceeds the TC Cap, the Executive shall, promptly following his discovery of such overpayment, return the excess portion of such payment (the “Overpayment”) to the Company, and the amount of the Overpayment shall be added to the Deferred Obligation.

• If any dispute arises between the Company and the Executive in any way relating to the TC Cap, the amount that may be paid to the Executive under the PSP Agreements, the aggregate deferred amount owing to the Executive pursuant to Section 2 of this Amendment or the interpretation or implementation of this Amendment, the Parties shall attempt first to resolve such dispute by good faith discussions between the Executive and the disinterested members of the Board.

More Definitions of TC Cap

TC Cap means a premium in an amount to provide coverage equal to the outstanding principal balance of the Loan.

TC Cap means two times the amount of the Insurance Premiums that are payable at such time in respect of the casualty and business interruption/rental loss insurance required hereunder (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance).

TC Cap means an amount equal to two (2) times the then-current property insurance premium that is payable at such time in respect of the property, business interruption/rental loss and liability insurance required hereunder (without giving effect to the cost of the terrorism, flood, earthquake and windstorm components of such casualty and business interruption/rental loss insurance at the time that any terrorism insurance is excluded from any Policy). Notwithstanding the foregoing insurance company rating requirements set forth in Section 6.1(b), as long as TRIPRA is in effect providing the Applicable Federal Backstop Percentage (as defined below) of terrorism coverage, Borrower may obtain terrorism coverage as required by this Section 6.1(a) written by Gryphon Core, LLC, through one of its protected cells, a captive insurer, provided the following conditions are met and continue to be satisfied: (1) Gryphon Core, LLC and its protected cell(s) are and remain a licensed captive insurance company which is authorized to issue an insurance policy affording coverage to the Sponsor, and is operating in good standing within the applicable captive domicile and in compliance with all applicable state and federal laws, and (2) Borrower shall obtain reinsurance with a cut through endorsement acceptable to Administrative Agent from an insurance company meeting the foregoing rating requirements for the remaining portion of such coverage not subject to the Applicable Federal Backstop Percentage. As used herein, the “Applicable Federal Backstop Percentage” shall mean the then applicable federal share of compensation for insured losses of an insurer under TRIPRA;

TC Cap means for each calendar year, an annual Insurance Premium that is equal to $0.125 per $100 of the “total insured value” of the Property (where “total insured value” shall mean the 100% replacement cost of the Improvements and the personal property on the Property and the required business income value).

TC Cap has the meaning ascribed to such term in Section 12.5 hereof.

TC Cap means (A) for casualty insurance, the lesser of (i) premiums due to obtain terrorism insurance for the full insurable replacement cost value of the Property and/or Improvements and one (1) year lost gross rents value, or (ii) the amount of terrorism insurance that can be purchased by the premium generated by a rate of $0.20 per $100 of the Improvements and Personal Property’s Total Insured Value; and (B) for liability insurance, premiums equal to $0.15 per net rentable square foot of the Property. For purposes hereof, “Total Insured Value” shall mean the full insurable replacement cost of the Improvements plus one (1) year lost gross rents value.

TC Cap means $230,335.