Residual Value Insurance Sample Clauses

Residual Value Insurance. The Owner Participant shall have received an opinion from the RVI Advisor addressed to the Owner Participant in form and substance satisfactory to the Owner Participant.
Sample 1
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Residual Value Insurance. No later than 12 months after the Early Purchase Date, the Lessee shall arrange and maintain insurance for the benefit of the Owner Lessor and the Owner Participant (the “Residual Value Insurance”) in an amount equal to the Residual Value Insurance Amount. The Residual Value Insurance shall be payable in an amount equal to the excess, if any, of the Residual Value Insurance Amount over the fair market sales value of the Owner Lessor’s Interest, provided that if the Lessee exercises the Purchase Option, such fair market sales value shall be determined so as to be consistent with Fair Market Sales Value (subject to compliance with any requirements of such Residual Value Insurance) (and provided further that, if the Lessee does not elect the Purchase Option and the Owner Lessor intends to sell the Owner Lessor’s Interest to a third party on or about the Expiration Date, such fair market sales value shall mean the amount of net sale proceeds received or to be received by the Owner Lessor upon a sale to a third party purchaser of the Owner Lessor’s Interest), The terms and conditions of any Residual Value Insurance will be reasonably acceptable to Owner Lessor, including the manner in which fair market sales value is determined. The insurance company or financial institution providing the Residual Value Insurance (i) may not be the Owner Lessor, the Lessee or any Affiliate or Tax Affiliate of any of the foregoing, (ii) must be reasonably acceptable to Owner Participant and (iii) must satisfy the Residual Value Insurance Standard. If, at any time after the Lessee has provided Residual Value Insurance, the long-term unsecured senior debt obligations or claims paying ability of the insurance company or financial institution providing the Residual Value Insurance shall cease to be rated as set forth in clause (i) of the definition of Residual Value Insurance Standard, the Lessee shall, within sixty (60) days after the earlier of (x) a Responsible Officer of Lessee acquiring Actual Knowledge of the occurrence of such event and (y) delivery of a notice from the Owner Lessor or the Owner Participant to the Lessee that such event has occurred, replace such Residual Value Insurance with new Residual Value Insurance pursuant to which the insurance company or financial institution providing the same shall meet the Residual Value Insurance Standard. All expenses of obtaining such Residual Value Insurance, including the cost of replacing such Residual Value Insurance, shall...
Sample 1
Residual Value Insurance. The Pass Through Trustee and the Indenture Trustee shall have received a copy of the residual value insurance policy (the "Residual Value Insurance") issued by R.V.I. America Insurance Company (the "Residual Value Insurer") which insures, subject to the terms stated in such policy, the amount scheduled to be due on the Notes at maturity.
Sample 1
Residual Value Insurance. The Lessor shall have received residual value insurance in form and substance satisfactory to the Lessor with respect to the Properties.
Sample 1
Residual Value Insurance. On the Closing Date, the Lessor shall have received residual value insurance in form and substance satisfactory to the Lessor and the Administrative Agent with respect to the Property.
Sample 1

Related to Residual Value Insurance

  • FIRE INSURANCE The LESSEE shall not permit any use of the leased premises which will make voidable any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE's use of the premises.

  • Mortgage Insurance Except as indicated for pledged asset loans, if a Mortgage Loan has an LTV greater than 80%, the Mortgage Loan has mortgage insurance in accordance with the terms of the Fxxxxx Mae Guide or the Fxxxxxx Mac Guide and is insured as to payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer. All provisions of such Primary Mortgage Insurance Policy have been and are being complied with, such policy is in full force and effect and all premiums due thereunder have been paid. No action, inaction or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance Policy and to pay all premiums and charges in connection therewith. To the extent a Mortgage Loan is insured under an LPMI policy, the Mortgage Interest Rate for the Mortgage Loan as set forth on the related Mortgage Loan Schedule is net of any such premium.

  • Primary Mortgage Insurance Considerations Where applicable, the Servicer shall satisfy all requirements under the applicable Primary Mortgage Insurance policy regarding the relief granted with respect to a delinquent Mortgage Loan.

  • Primary Mortgage Insurance CitiMortgage will exercise its best reasonable efforts to maintain each primary mortgage insurance policy in full force. CitiMortgage will present claims to the insurer, and take any other reasonable action that may be necessary to permit recovery, under any primary mortgage insurance policy for a defaulted mortgage loan. CitiMortgage may substitute for any primary mortgage insurance policy another substantially equivalent policy issued by another insurer, provided that no such substitution will be made unless (i) CitiMortgage is advised by each rating agency that the substitution will not negatively affect the rating agency’s then-current rating of the certificates (for any insured class certificates, without regard to any certificate insurance policy) or (ii) the claims-paying ability of the substitute primary mortgage insurer is, at the time of substitution, rated at least “AA” or its equivalent by each rating agency rating the certificates.

  • Property Insurance It is acknowledged that the Landlord/Property Management Company/ Agent shall not be liable for any loss of personal property to the Tenant, as a result of an infestation of bedbugs. Xxxxxx agrees to obtain personal property insurance to cover such losses.

  • Pool Insurance Considerations Where applicable, the Servicer shall satisfy all requirements under the applicable Pool Insurance policy regarding the relief granted with respect to a delinquent Mortgage Loan, including, without limitation, securing the prior written consent of the respective Pool Insurer regarding (a) any change in any term of such Mortgage Loan, (b) the release of the related Borrower from any liability related to such Mortgage Loan, or (c) the release of any portion of, or interest in, the Mortgaged Property from the lien of the related Security Instrument.

  • Insurance and Condemnation Proceeds (a) Subject to Landlord's rights under this Paragraph 4, and so long as no Event of Default shall have occurred and be continuing, Tenant shall be entitled to use all casualty insurance and condemnation proceeds payable with respect to the Leased Property during the Term for the restoration and repair of the Leased Property or any remaining portion thereof. Except as provided in the last sentence of subparagraph 9.(r) and the last sentence of subparagraph 9.(s), all insurance and condemnation proceeds received with respect to the Leased Property (including proceeds payable under any insurance policy covering the Leased Property which is maintained by Tenant) shall be paid to Landlord and applied as follows: (i) First, such proceeds shall be used to reimburse Landlord for any costs and expenses, including Attorneys' Fees, incurred in connection with the collection of such proceeds. (ii) Second, the remainder of such proceeds (the "Remaining Proceeds"), shall be held by Landlord as Escrowed Proceeds and applied to reimburse Tenant for the actual cost of the repair, restoration or replacement of the Leased Property. However, any Remaining Proceeds not needed for such purpose shall be applied by Landlord as Qualified Payments after Tenant notifies Landlord that they are not needed for repairs, restoration or replacement. Notwithstanding the foregoing, if an Event of Default shall have occurred and be continuing, then Landlord shall be entitled to receive and collect insurance or condemnation proceeds payable with respect to the Leased Property, and either, at the discretion of Landlord, (A) hold such proceeds as Escrowed Proceeds until paid to Tenant as reimbursement for the actual and reasonable cost of repairing, restoring or replacing the Leased Property when Tenant has completed such repair, restoration or replacement, or (B) apply such proceeds (net of the deductions described in clause (i) above) as Qualified Payments.

  • Insurance and Condemnation (i) The Issuer shall do or cause to be done all things that it may accomplish with a reasonable amount of cost or effort to cause each of the POAs for each Resort to (A) maintain one or more policies of “all-risk” property and general liability insurance with financially sound and reputable insurers, providing coverage in scope and amount which (x) satisfies the requirements of the declarations (or any similar charter document) governing the POA for the maintenance of such insurance policies and (y) is at least consistent with the scope and amount of such insurance coverage obtained by prudent POAs and/or management of other similar developments in the same jurisdiction; and (B) apply the proceeds of any such insurance policies in the manner specified in the relevant declarations (or any similar charter document) governing the POA and/or any similar charter documents of such POA. For the avoidance of doubt, the parties hereto acknowledge that the ultimate discretion and control relating to the maintenance of any such insurance policies is vested in the POAs in accordance with the respective declaration (or any similar charter document) relating to each Timeshare Property Regime.

  • Insurance Reserves Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor. The responsibility for the payment of premiums shall remain Grantor's sole responsibility.

  • FDIC Insurance The deposits of each Subsidiary Bank of the Borrower are insured by the FDIC and no act has occurred which would adversely affect the status of such Subsidiary Bank as an FDIC insured bank.

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