Credit Insurance Policy. A copy of the Credit Insurance Policy, executed by the parties thereto.
Credit Insurance Policy. Borrower shall maintain the Policy in full force and effect at all times, cooperate with Bank, Servicer, and Underwriter in the administration of the Policy and the submitting of claims thereunder, and make all premium payments required to be made thereunder. Borrower shall deliver the originals or copies (which copies shall be certified if requested by Bank) of the Policy to Bank with satisfactory lender’s loss payable endorsements naming Bank, as sole loss payee, assignee, and additional insured, as its interests may appear; provided, that, following the purchase of a Designated Receivable, Bank will provide instructions to replace Parent as loss payee with respect to such Designated Receivable. Upon the date of this Agreement, and from time to time thereafter upon Bank’s request, Borrower shall provide Bank with a statement from Underwriter providing the foregoing coverage, acknowledging in favor of Bank the continued effectiveness of the foregoing insurance clauses. If Borrower fails to provide and pay for the Policy, Bank may, at its option, but shall not be required to, procure the same and charge Borrower therefor as a part of the Obligations.
Credit Insurance Policy. The Policy shall at any time be cancelled, terminated, suspended, declared unenforceable or unlawful, or otherwise ineffective, other than by the natural expiration of the Policy on (a) the date it was initially scheduled to expire or (b) if the Policy is replaced, substituted, extended, or amended, with Bank’s consent and approval, to provide a later scheduled expiration date, such later scheduled expiration date;
Credit Insurance Policy. Each of the Obligors shall observe and comply with all the terms and provisions of the Credit Insurance Policy required to be observed or performed by it during any period that the obligations of any Eligible Offtaker with respect to any Designated Receivable used to satisfy the Specified Coverage Ratio is covered by the Credit Insurance Policy. Aracruz Celulose shall use good faith efforts to promptly obtain an endorsement or other agreement of the insurer providing for the payment of claims related to Designated Receivables (only to the extent such Designated Receivable is from a Person not otherwise an Eligible Offtaker) directly to the Export Collateral Account.
Credit Insurance Policy. (a) At all times while (x) the Seller is maintaining the Credit Insurance Policy, (y) any Pool Receivable is being reported in any Information Package as an Insured Receivable or (z) any Pool Receivable is being included in the Net Receivables Pool Balance as an Insured Receivable: (i) the Seller shall maintain the Credit Insurance Policy in full force and effect; (ii) the Seller shall pay all premiums and other amounts due by the Seller from time to time under the Credit Insurance Policy when due in accordance with the terms thereof; (iii) the Seller and the Servicer shall refrain from taking any action or omitting to take any action which could reasonably be expected to prejudice or limit the Seller’s or the Administrative Agent’s rights to payment under the Credit Insurance Policy; (iv) the Seller and the Servicer shall enforce the obligations of the applicable Credit Insurer under the Credit Insurance Policy; (v) the Seller and the Servicer shall maintain all records and documents that may be necessary to make claims for reimbursement under the Credit Insurance Policy; (vi) the Seller shall, and the Servicer shall cause the Seller to, perform all its other obligations under the Credit Insurance Policy in accordance with the terms thereof (including, without limitation, delivering information regarding the relevant Pool Receivables and notices of insolvency with respect to the Insured Obligor when required pursuant to the terms of the Credit Insurance Policy); (vii) the Seller and Servicer shall advise promptly the Administrative Agent of any payment the Seller receives directly under the Credit Insurance Policy, any denial of coverage under the Credit Insurance Policy, any cancelation of the Credit Insurance Policy or any other information received in connection with the Credit Insurance Policy which is material to the payment of any claim thereunder; (viii) Neither the Seller nor Servicer shall amend, modify or waive (or consent to any such amendment, modification or waiver of) any provision of the Credit Insurance Policy, other than extensions of the term of the Credit Insurance Policy, without the Administrative Agent’s prior written consent; and (ix) The Seller and Servicer shall deliver any additional
(b) If the Seller fails to pay any premium or other amount due under the Credit Insurance Policy, the Administrative Agent may (in its discretion) pay such premium or other amount from the Sold Assets or Seller Collateral or from its own funds in ord...
Credit Insurance Policy. The First sentence of the fifth paragraph of the policy is hereby amended to read as follows: "The Company's liability for loss with respect to the Insured Loan of any one borrower shall be limited to Two Hundred Fifty Thousand Dollars ($250,000), provided such Insured Loan meets all of the qualifications set forth in the Company's 'Qualifying specifications for Guideline Underwriting' and Company Sanctioned Guidelines in effect on the date of such Insured Loan, unless a higher limit has been specifically approved by the Company and endorsed hereon."
Credit Insurance Policy. Each of the Obligors and the Importer shall observe and comply with all the terms and provisions of the Credit Insurance Policy required to be observed or performed by it during any period that the obligations of any Eligible Offtaker with respect to any Designated Receivable used to satisfy the Specified Coverage Ratio, or any Unencumbered Receivable used to satisfy the Specified Unencumbered Receivables Ratio, is covered by the Credit Insurance Policy. The Guarantor shall use good faith efforts to promptly obtain an endorsement, in form and substance satisfactory to the Administrative Agent, providing for the payment of claims related to Designated Receivables (only to the extent such Designated Receivable is from a Person not otherwise an Eligible Offtaker) directly to the Collateral Account.
Credit Insurance Policy. Buyer has purchased an accounts receivable policy from AIG (attached hereto as Exhibit E) (“AIG Policy”) for the purpose of insuring the payment of Buyer’s receivables by the Insured Designated Customers. Buyer shall name Supplier as a beneficiary under the AIG Policy. Buyer shall maintain this policy in good standing until such time that Buyer and Supplier both agree otherwise. Buyer and Supplier shall meet at least once every ninety (90) days to evaluate the AIG Policy. Any changes to the AIG Policy are subject to Supplier’s approval. Buyer shall be responsible for the payment for all costs for maintaining the AIG Policy. Buyer agrees that it will not extend any credit to an Insured Designated Customer that exceeds the applicable credit limit coverage for such Insured Designated Customer under the AIG Policy. Buyer agrees that the total amount owed to Buyer by the Uninsured Designated Customers will not exceed 20% of the total amount owed to Buyer by all Designated Customers.
Credit Insurance Policy. The First sentence of the fifth paragraph of the policy is hereby amended to read as follows:
Credit Insurance Policy. Xxxxx intends to obtain a credit insurance policy (the “Credit Insurance Policy”) from QBE Insurance Corporation, a Delaware corporation and a wholly-owned subsidiary of QBE Insurance Group Ltd., an Australian company, for its own account with respect to the Purchased Receivables, or such other insurer as is acceptable to Xxxxx. Seller agrees to comply with its obligations hereunder in connection with the Credit Insurance Policy.
