POLICY PAYMENTS. The Policyholder agrees to pay to GLAIC in the currency specified in the Accumulation Fund Schedule (the “Specified Currency”), and by wire transfer, the Net Deposit Amount on the Deposit Date. Regardless of the Effective Date of the Policy or the Deposit Date specified in the Accumulation Fund Schedule, this Policy shall become effective only upon the receipt by GLAIC, or its designee, of the Net Deposit Amount.
POLICY PAYMENTS. The proceeds of the Sum Insured under the Insurance Policy are payable by the Insurer to the Policyholder. Upon receipt of the payment from the Insurer, the Policyholder will pay these proceeds to the Beneficiaries of the Investor or, in the case of joint Investors, the Beneficiaries of the last surviving Investor. These payments may be less than the amount to which the Investor’s estate is subject to IHT in respect of the applicable Shares held in the Investor’s Portfolio. The Policyholder will only be obliged to pay the proceeds of a successful claim under the Insurance Policy to the Investor’s Beneficiaries to the extent that the Policyholder receives such proceeds from the Insurer. This means that if, for whatever reason, the Insurer is unable or unwilling to pay a claim in relation to an Investor, the Policyholder will have no obligation to make any payment to the Investor's Beneficiaries. Neither the Policyholder nor any Associate of the Policyholder gives any representation or warranty as to the solvency or ability to pay claims of the Insurer or anyone acting on its behalf.
POLICY PAYMENTS. The Policyholder agrees to pay to GELAAC in the currency specified in the Accumulation Fund Schedule (the “Specified Currency”), and by wire transfer, the Net Deposit Amount on the Deposit Date. Regardless of the Effective Date of the Policy or the Deposit Date specified in the Accumulation Fund Schedule, this Policy shall become effective only upon the receipt by GELAAC, or its designee, of the Net Deposit Amount.
POLICY PAYMENTS. (a) If the Indenture Trustee determines that an Insured Amount to be covered by the Policy will exist for the related Payment Date, the Indenture Trustee shall complete the notice in the form of Exhibit A to the Policy (the "Notice") and submit such Notice in accordance with the Policy to the Note Insurer no later than 12:00 P.M., New York City time, on the second Business Day immediately preceding such Payment Date, as a claim for the amount of such Insured Amount.
(b) Upon receipt of an Insured Amount from the Note Insurer on behalf of the Holders of the Notes, the Indenture Trustee shall deposit such Insured Amount in the Note Payment Account and distribute such amount only for purposes of payment to the Notes of the Insured Amount for which a claim was made and such amount may not be applied to satisfy any costs, expenses or liabilities of the Seller, the Depositor, the Indenture Trustee, the Custodian, the Auction Agent or the Broker Dealer. Amounts paid under the Policy, to the extent needed to pay the Insured Amount, shall be disbursed from the Note Payment Account by the Indenture Trustee to the Holders of the Notes in accordance with Section 8.
POLICY PAYMENTS. 46 Section 8.12 Rights of the Note Insurer................................. 48 ARTICLE IX
POLICY PAYMENTS. A. In the event that principal and/or interest due on the Bonds shall be paid by BAM pursuant to the Policy, the Bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the Issuer, the assignment and pledge of the trust estate and all covenants, agreements and other obligations of the Issuer to the Holders shall continue to exist and shall run to the benefit of BAM, and BAM shall be subrogated to the rights of such Holders including, without limitation, any rights that such Holders may have in respect of securities law violations arising from the offer and sale of the Bonds.
B. Notwithstanding anything to the contrary, the Issuer and the Trustee shall agree for the benefit of BAM that:
POLICY PAYMENTS. Available benefits under the Policies with respect to a loss shall be paid to each party as stipulated in the Policies provided that in the event of losses in excess of the limit of any Policy during a policy period, the total policy proceeds shall be allocated (and re-allocated as set forth below) based on the Premium Ratio. In order to assure the distribution of proceeds with respect to a policy period as set forth above in the event of multiple losses in a single policy period, each party agrees to pay the other any previously received amounts under a Policy to the extent necessary to achieve payments in accordance with the Premium Ratio. For the sake of illustration, several examples are set forth on Annex A. Satisfaction of Policy deductibles shall be the responsibility of, and allocated to, each party as set forth in the Policies.
POLICY PAYMENTS a. In the event that principal and/or interest due on the Bonds shall be paid by pursuant to the Policy, the Bonds shall remain outstanding for all purposes, not be defeased or otherwise satisfied and not be considered paid by the Issuer, all covenants, agreements and other obligations of the Issuer to the registered owners shall continue to exist and shall run to the benefit of , and shall be subrogated to the rights of such registered owners, including, without limitation, any rights that such owners may have in respect of securities law violations arising from the offer and sale of the Bonds.
b. Irrespective of whether any such assignment is executed and delivered, the Issuer and the Paying Agent agree for the benefit of that:
i. They recognize that to the extent makes payments directly or indirectly (e.g., by paying through the Paying Agent), on account of principal of or interest on the Bonds, will be subrogated to the rights of such holders to receive the amount of such principal and interest from the Issuer, with interest thereon, as provided and solely form the sources stated in the Security Documents and the Bonds; and
ii. They will accordingly pay to the amount of such principal and interest, with interest thereon, but only from the sources and in the manner provided in the Security Documents and the Bonds for the payment of principal of and interest on the Bonds to holders, and will otherwise treat as the owner of such rights to the amount of such principal and interest.
c. Notwithstanding anything herein to the contrary, the Issuer agrees to pay to , solely from Pledged Funds (as defined in the Resolution) (i) a sum equal to the total of all amounts paid by under the Policy (" Policy Payment"); and (ii) interest on such Policy Payments from the date paid by until payment thereof in full by the Issuer, payable to at the Late Payment Rate per annum (collectively, " Reimbursement Amounts") compounded semi-annually. Notwithstanding anything to the contrary, Reimbursement Amounts shall be, and the Issuer hereby covenants and agrees that the Reimbursements Amounts are, payable from and secured by the Issuer's Pledged Funds on the same basis as with respect to payment of debt service due on the Bonds.
