Common use of Insurance Premium Clause in Contracts

Insurance Premium. In consideration of the issuance by the Insurer of the Policy, the Insurer shall be entitled to receive the Insurance Premium, so long as no Insurer Default or Insurer Insolvency has occurred, as and when due in accordance with the terms of the Premium Side Letter Agreement (i) in the case of Insurance Premium due on or before the Date of Issuance, directly from the Servicer or the Seller and (ii) in the case of Insurance Premium due after the Date of Issuance, first, pursuant to the Sale and Allocation Agreement, and second, to the extent the amounts in subclause first are not sufficient, directly from the Servicer. For purposes of the Sale and Allocation Agreement, the term “Premium Percentage” shall have the meaning set forth in the Premium Side Letter Agreement. The Insurance Premium shall be calculated according to the Premium Side Letter Agreement for the amount due on or before the Date of Issuance and for the amount due on each Payment Date. The Insurance Premium paid hereunder or under the Sale and Allocation Agreement shall be nonrefundable without regard to whether the Insurer makes any payment under the Policy or any other circumstances relating to the Obligations or provision being made for payment of the Obligations prior to maturity. All payments of Insurance Premium to be made to the Insurer shall be made by wire transfer to an account designated from time to time by the Insurer by written notice to the Servicer and the Indenture Trustee.

Insurance Premium. In consideration of the issuance by the Insurer of the Policy, the Insurer shall be entitled to receive the Insurance Premium, so long as no Insurer Default or Insurer Insolvency has occurred, as and when due in accordance with the terms of the Premium Side Letter Agreement (i) in the case of Insurance Premium due on or before the Date of Issuance, directly from the Servicer or the Seller and (ii) in the case of Insurance Premium due after the Date of Issuance, firstFIRST, pursuant to the Sale and Allocation Agreement, and secondSECOND, to the extent the amounts in subclause first FIRST are not sufficient, directly from the Servicer. For purposes of the Sale and Allocation Agreement, the term “"Premium Percentage” " shall have the meaning set forth in the Premium Side Letter Agreement. The Insurance Premium shall be calculated according to the Premium Side Letter Agreement for the amount due on or before the Date of Issuance and for the amount due on each Payment Date. The Insurance Premium paid hereunder or under the Sale and Allocation Agreement shall be nonrefundable without regard to whether the Insurer makes any payment under the Policy or any other circumstances relating to the Obligations or provision being made for payment of the Obligations prior to maturity. All payments of Insurance Premium to be made to the Insurer shall be made by wire transfer to an account designated from time to time by the Insurer by written notice to the Servicer and the Indenture Trustee.