Establishment of Insurance Trust Sample Clauses

Establishment of Insurance Trust. (i) In order to maximize the interests of the Noteholders in the Insurance Policy (and to comply with requirements under applicable law relating to the ability of the Insurer to issue the Insurance Policy), the Insurer on the date hereof shall, as a condition to the issuance of the Notes, issue the Insurance Policy to The Bank of New York, as insurance trustee (the “Insurance Trustee”) acting on behalf of a grantor trust established on the date hereof (the “Insurance Trust”) for the benefit of the Noteholders in their capacity as sole beneficiaries of the Insurance Trust (the “Trust Beneficiaries”). (ii) The Insurance Trust shall operate pursuant to the Insurance Trust Agreement in the form attached hereto as Exhibit G (the “Insurance Trust Agreement”) pursuant to which the Insurance Trustee will hold the Insurance Policy as a credit enhancement and support (on the terms and conditions set forth in the Insurance Policy), for an amount equal to 90% of the Covered Interest Period Amounts (the “Insured Portion”). As set forth in the Insurance Trust Agreement: (1) the Insurance Trust shall engage in no business activities other (A) than holding the Insurance Policy and the other Insurance Trust Property, (B) prosecuting claims thereunder, (C) securing payment of claims for the benefit of the holders from time to time of the Notes as Trust Beneficiaries, causing payment of any such claims to be paid to the Indenture Trustee, or to the extent that the Principal Paying Agent shall remain appointed hereunder, the Principal Paying Agent, for deposit to the Payment Account and payment therefrom of the Insured Portion of the Covered Interest Period Amounts that is or are the subject of a claim paid under the Insurance Policy in accordance with its terms, (D) accepting the assignment described in Section 5.2(d) and (E) other activities incidental thereto; (2) the beneficial interests in the Insurance Trust shall be owned, legally and beneficially, by the Noteholders in the form of an undivided interest in the property and assets of the Insurance Trust, which shall consist solely of (A) the Insurance Policy and all rights thereunder and all proceeds thereof, (B) the Covered Interest Period Amounts subject to the rights of the Insurer under the Insurance Policy including, without limitation, the Insurer’s rights of subrogation and (C) all the Insurance Trust’s rights under this Indenture and the other Transaction Documents and all other payments by any Person in respect...
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Related to Establishment of Insurance Trust

  • Certificate of Insurance/Endorsements A certificate of insurance from an insurer with a Best's rating of no less than A- indicating compliance with the required coverages has been received by State Procurement Bureau, X.X. Xxx 000000, Xxxxxx, XX 00000-0000. The certificates must name the State of Montana as certificate holder and Contractor shall provide copies of additional insured endorsements required by Contractor’s commercial general liability and automobile liability policies. Contractor must notify State immediately of any material change in insurance coverage, such as changes in limits, coverages, change in status of policy, etc. State reserves the right to require complete copies of insurance policies at all times.

  • Certificate of Insurance Contractor must provide a Certificate of Insurance form to the City of Sparks to evidence the insurance policies and coverage required of Contractor.

  • Certificate of Insurer – Insurance Coverage Concurrently with any delivery of financial statements under Section 8.01(a), a certificate of insurance coverage from each insurer with respect to the insurance required by Section 8.07, in form and substance satisfactory to the Administrative Agent, and, if requested by the Administrative Agent or any Lender, all copies of the applicable policies.

  • Maintenance of Insurance Policies The Servicer shall, in accordance with its customary practices, policies and procedures, require that each Obligor shall have obtained physical damage insurance covering the Financed Vehicle as of the execution of the related Receivable. The Servicer shall, in accordance with its customary practices, policies and procedures, track such physical damage insurance with respect to each Receivable.

  • Effect of Insurance Acceptance of the insurance required by this Agreement shall not relieve CONTRACTOR from liability under this provision. This provision shall apply to all claims for damages related to CONTRACTOR’s performance hereunder, regardless of whether any insurance is applicable or not. The insurance policy limits set forth herein shall not act as a limitation upon the amount of indemnification or defense to be provided hereunder.

  • Assignment of Insurance As additional security for the payment and performance of the Obligations, the Borrower hereby assigns to the Lender any and all monies (including, without limitation, proceeds of insurance and refunds of unearned premiums) due or to become due under, and all other rights of the Borrower with respect to, any and all policies of insurance now or at any time hereafter covering the Collateral or any evidence thereof or any business records or valuable papers pertaining thereto, and the Borrower hereby directs the issuer of any such policy to pay all such monies directly to the Lender. At any time, whether or not a Default Period then exists, the Lender may (but need not), in the Lender's name or in the Borrower's name, execute and deliver proof of claim, receive all such monies, endorse checks and other instruments representing payment of such monies, and adjust, litigate, compromise or release any claim against the issuer of any such policy.

  • Maintenance of the Primary Insurance Policies (a) The Master Servicer shall not take, or permit any Servicer (to the extent such action is prohibited under the applicable Servicing Agreement) to take, any action that would result in noncoverage under any applicable Primary Insurance Policy of any loss which, but for the actions of such Master Servicer or Servicer, would have been covered thereunder. The Master Servicer shall use its best reasonable efforts to cause each Servicer (to the extent required under the related Servicing Agreement) to keep in force and effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain such insurance), primary mortgage insurance applicable to each Mortgage Loan in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. The Master Servicer shall not, and shall not permit any Servicer (to the extent required under the related Servicing Agreement) to, cancel or refuse to renew any such Primary Insurance Policy that is in effect at the date of the initial issuance of the Mortgage Note and is required to be kept in force hereunder except in accordance with the provisions of this Agreement and the related Servicing Agreement, as applicable. (b) The Master Servicer agrees to present, or to cause each Servicer (to the extent required under the related Servicing Agreement) to present, on behalf of the Trustee and the Certificateholders, claims to the insurer under any Primary Insurance Policies and, in this regard, to take such reasonable action as shall be necessary to permit recovery under any Primary Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Sections 3.07 and 3.08, any amounts collected by the Master Servicer or any Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Collection Account, subject to withdrawal pursuant to Sections 3.07 and 3.08.

  • Policies of Insurance At City’s request, the Artist shall provide City with the actual policies providing the coverage required above.

  • Form of insurance The form of the insurance shall be approved by the Director and the City Attorney; such approval (or lack thereof) shall never: (i) excuse non-compliance with the terms of this Section; or (ii) waive or estop the City from asserting its rights to terminate this Agreement. The policy issuer shall: (i) have a Certificate of Authority to transact insurance business in Texas; or (ii) be an eligible non-admitted insurer in the State of Texas and have a Best’s rating of at least B+, and a Best’s Financial Size Category of Class VI or better, according to the most current Best’s Key Rating Guide.

  • Termination of Insurance A. Your policy will lapse if you do not pay your premium when due. B. We may cancel your policy by mailing written notice to you at your most recent address in our records. We will send you this notice ten (10) days before we cancel your policy. C. You may cancel your policy at any time by notifying us in writing. D. We will refund unearned premiums on a prorated basis if either you or we cancel your policy.

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