Terrorism Premium Cap definition
Terrorism Premium Cap means an amount equal to two times the amount of the insurance premium that is payable in respect of the Property including business interruption/rental loss insurance as well as general liability and umbrella liability required under the Loan Documents (without giving effect to the cost of terrorism and earthquake components of such property and business interruption/rental loss insurance) at the time that such Terrorism Coverage is excluded from the applicable Policy.
Terrorism Premium Cap means an amount equal to 100% of the aggregate Insurance Premiums payable with respect to all the insurance coverage under Section 7.1.1
Terrorism Premium Cap means an amount equal to 150% of the aggregate Insurance Premiums payable with respect to all the insurance coverage under Section 7.1.1(a) above for the last policy year in which coverage for terrorism was included as part of the “all risk” (excluding California earthquake, tier 1 wind and Flood insurance) property policy required by subsection (a) above, adjusted annually by a percentage equal to the increase in the Consumer Price Index (hereinafter defined) and (ii) “Consumer Price Index” means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, New York Metropolitan Statistical Area, All Items (1982-84 = 100), or any successor index thereto, approximately adjusted, and in the event that the Consumer Price Index is converted to a different standard reference base or otherwise revised, the determination of adjustments provided for herein shall be made with the use of such conversion factor, formula or table for converting the Consumer Price Index as may be published by the Bureau of Labor Statistics or, if said Bureau shall not publish the same, then with the use of such conversion factor, formula or table as may be published by ▇▇▇▇▇▇▇▇-▇▇▇▇, Inc., or any other nationally recognized publisher of similar statistical information; and if the Consumer Price Index ceases to be published, and there is no successor thereto (i) such other index as Lender and Borrower shall agree upon in writing or (ii) if Lender and Borrower cannot agree on a substitute index, such other index, as reasonably selected by Lender. Borrower shall obtain the coverage required under this subsection (j) from a carrier which otherwise satisfies the rating criteria specified in Section 7.1.2 below (a “Qualified Carrier”) or in the event that such coverage is not available from a Qualified Carrier, Borrower shall obtain such coverage from the highest rated insurance company providing such coverage.
Examples of Terrorism Premium Cap in a sentence
Such terrorism coverage shall be in an amount equal to the lesser of (A) the sum of the Principal Indebtedness, the Senior Mezzanine Loan Principal Indebtedness and the Junior Mezzanine Loan Principal Indebtedness, and (B) the amount of terrorism insurance coverage that Borrower can purchase (using reasonably diligent efforts) for an annual premium equal to the Terrorism Premium Cap.
If the Terrorism Premium Cap is not sufficient to purchase the amount of Terrorism Coverage required by Sections 3.2(a)(i) and (iii) above, then Borrower shall purchase the amount of Terrorism Coverage that is available for the Terrorism Premium Cap.
The Terrorism Premium Cap shall be adjusted annually for increases in the CPI Index.
If the Terrorism Premium Cap is not sufficient to purchase the amount of Terrorism Coverage required by Sections 6.1(a)(i) and (iii) above, then Borrower shall purchase the amount of Terrorism Coverage that is available for the Terrorism Premium Cap.
Such terrorism coverage shall be in an amount equal to the lesser of (A) the sum of the Principal Indebtedness and the Mezzanine Loan Principal Indebtedness, and (B) the amount of terrorism insurance coverage that Borrower can purchase (using reasonably diligent efforts) for an annual premium equal to the Terrorism Premium Cap.
More Definitions of Terrorism Premium Cap
Terrorism Premium Cap means an amount equal to the greater of (A) the product of the rate of $.10 per $100 times the lesser of (1) the outstanding principal balance of the Mortgage Loan and (2) the sum of one hundred percent (100%) of the full replacement cost and the required amount of rental loss and/or business income interruption insurance and (B) two (2) times the amount of annual insurance premium that is payable at such time for the insurance coverage required pursuant to the Mortgage Loan documents (without giving effect to the cost of terrorism coverage, named storm coverage to the extent the Mortgaged Property is located in Tier 1 or Tier 2 wind zones, or flood and earthquake coverage to the extent the Mortgaged Property is located in high risk zones as respects such perils).
Terrorism Premium Cap means an amount equal to 150% of the aggregate Insurance Premiums payable with respect to all the insurance coverage under Section 7.1.1
Terrorism Premium Cap means an amount equal to two (2) times the annual allocable amount of the total insurance premium that is then payable with respect to the
Terrorism Premium Cap shall have the meaning set forth in Section 6.1(a) hereof.
Terrorism Premium Cap the meaning set forth in Section 7.5(a)(xi).
Terrorism Premium Cap means an amount equal to the greater of (1) $0.10 per $100 of insurable value of the Property and (2) two (2) times the then-current insurance premiums for a “Special Causes of Loss” or “All Risk” Policy (including business income/rental loss) insuring only the applicable Individual Property on a stand-alone basis at the time the terrorism coverage is excluded;
Terrorism Premium Cap means an amount equal to the greater of (A) the product of the rate of $0.10 per $100 times the lesser of (1) the Outstanding Principal Balance and (2) the sum of one hundred percent (100%) of the Full Replacement Cost and the required amount of rental loss and/or business income interruption insurance and (B) two (2) times the amount of annual insurance premium that is payable at such time for the insurance coverage required pursuant to Section 5.1.1(a)(i) and Section 5.1.1(a)(iii) of this Agreement (without giving effect to the cost of terrorism coverage, named storm coverage to the extent the Property is located in Tier 1 or Tier 2 zones, or flood and earthquake coverage to the extent the Property is located in high risk zones as respects such perils). To the extent that insurance pursuant to this Section 5.1.1(i) is maintained pursuant to a blanket policy, if such blanket policy covers more than one property within a one thousand foot radius of the Property (the “Radius”), the limits of any such policy shall be adequate to maintain the coverage set forth in this Section 5.1.1(i) for each property within the Radius that is covered by such blanket policy calculated on a total insured value basis, to the extent such coverage is commercially available.