Extract to table

The purpose of this memorandum is to identify where the insurance requirements of the two sets of loan documents overlap, diverge, or create potential compliance gaps that must be addressed prior to closing

The Mezzanine Term Sheet provides that the mezzanine borrower shall cause the mortgage borrower to maintain all insurance required under the Senior Mortgage Loan documents, and that such insurance shall also comply with the additional requirements set forth in the Mezzanine Loan Agreement

This incorporation mechanism means that, in practice, the insurance program must satisfy the more stringent of the two sets of requirements on a provision-by-provision basis

Castleton must provide evidence confirming that Fortis Indemnity meets this threshold

Best rating of A (Excellent) / Financial Size Category IX, which would satisfy both lenders' requirements, but this must be confirmed in writing by Castleton with a current copy of the rating affirmation

Each participating carrier must independently satisfy the minimum rating requirement, and the lead carrier (Fortis Indemnity, or such other carrier as may be designated) must be acceptable to both Ironclad and Granite Peak