Optional Pre-Closing Verification of Coverage Sample Clauses

Optional Pre-Closing Verification of Coverage. At the option of Purchaser, with respect to each Policy, within two (2) Business Days after the Escrow Agent’s receipt of the Acknowledgment, the Purchaser or its designee shall make a telephonic verification with the Insurer that (i) such Policy is in-force and did not lapse at any time on or prior to the date of such telephonic verification, (ii) such Policy is not in any Grace period and no Premium payments are due with respect to such Policy within fifteen (15) calendar days after the projected Settlement Date relating to such Policy, (iii) the sole owner and the sole beneficiary of such Policy on the books and records of such Insurer is the Purchaser or its designee as indicated in the Change Forms, (iv) such Policy has not become subject to a collateral assignment recorded with the Insurer, (v) the Seller has not taken any loans on, or withdrawals from, the Policy, (vi) the Face Value of such Policy and the Policy loan is as set forth in Schedule I and the cash surrender value of such Policy is not less than the most current information set forth in the Policy File, and (vii) the Insurer has not raised or announced its intent to increase the cost of insurance or other policy expenses with respect to such Policy since the last anniversary date for such Policy. The Purchaser shall promptly, and in any event no later than the Business Day after making such telephonic verification, notify the Seller and the Escrow Agent by email either (A) that the information in this Section 2(e) has been verified and that the conditions precedent to the consummation of the acquisition of the applicable Policy have been satisfied (or waived by the Purchaser in its sole and absolute discretion) or (B) that the information in this Section 2(e) has not been verified or that the conditions precedent to the consummation of the acquisition of the applicable Policy have not been satisfied.
Sample 1
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