POLICY INFORMATION
Exhibit 10.24
POLICY INFORMATION
Definitions: Wherever the word “Policy” or “Policies” is used in this Payment Agreement, “PA”, unless otherwise defined herein, it means the policy(ies) listed on the SCHEDULE OF POLICIES within the Notice of Acceptance. Wherever the word “we” or “us” or “our” is used in this Agreement, it means the undersigned Insured/Borrower or, if there is more than one Insured/Borrower, the undersigned Insureds/Borrowers, jointly and severally. “Imperial PFS Canada” means Imperial PFS Payments Canada, ULC and its successors and assigns. Wherever the words “Insurance Company” or “Insurance Companies” are used in this Agreement, they mean the insurance companies listed on the SCHEDULE OF POLICIES within the Notice of Acceptance. Interpretation: In this PA, words indicating the singular shall include the plural and vice versa, and words indicating one gender shall include all genders.
AGREEMENTS OF INSURED/BORROWER
In consideration of Imperial PFS Canada’s commitment to finance and the premium payments being financed by Imperial PFS Canada to the Insurance Companies on our behalf and with our authority, we, THE INSURED/BORROWER, HEREBY:
1. Promise to pay to Imperial PFS Canada the Balance plus Plan Cost to be made in accordance with the Payment Details, subject to the provisions set forth in this PA, whether or not any or all of the Policies are terminated for any reason and acknowledge that included in the Balance may be amounts of applicable taxes and fees and if so included, the word “premium” when used in this PA shall be interpreted to include any such amounts.
2. Assign by way of security to Imperial PFS Canada all unearned premiums, all dividends and all loss payments, which reduce the unearned premiums under the Policies and all provincial or federal sales tax or other refunds, and agree that if we receive any such amounts, we shall receive them in trust for Imperial PFS Canada and shall immediately pay them over to Imperial PFS Canada.
3. Irrevocably appoint Imperial PFS Canada our attorney with full authority, coupled with an interest, to cancel the Policies financed herein for nonpayment of payments as set forth in this PA or as otherwise contemplated in this PA, to direct the Insurance Companies to make payment of all sums assigned, to Imperial PFS Canada, to receive all sums assigned and to endorse on our behalf in favour of Imperial PFS Canada any cheque made payable to us and to Imperial PFS Canada jointly.
4. Understand that the Plan Cost begins to accrue on the earlier of the earliest effective date of any of the Policies and the date of funding by Imperial PFS Canada hereunder.
6. Continuous Agreement: Acknowledge this PA to be an ongoing contract providing for continuous insurance premium financing in accordance with its terms which may, at Imperial PFS Canada’s sole discretion, be renewed or extended annually upon our request subject to the receipt and approval by Imperial PFS Canada of a renewal notice executed by us or our authorized Agent or Broker. Each renewal shall be effective only following approval by Imperial PFS Canada by means of a written notice of acceptance as of the Policy Effective Date stated in such renewal notice and shall be for the Policy Term specified and for the Balance also specified therein. We appoint the Insurance Agent or Xxxxxx identified on Page 1 as our attorney, who has accepted such mandate, with full authority, coupled with an interest, to execute for and on our behalf any renewal notice or renewal payment agreement in order to modify the terms and provisions of this PA, request successive one year extensions of this PA or otherwise. We understand that we may revoke this appointment at any time upon written notice to the Insurance Agent or Broker and to Imperial PFS Canada. We agree that an Initial Payment, equal in proportion to that in the initial PA, is due to Imperial PFS Canada on any renewal of this PA, and in order to maintain that Initial Payment we authorize Imperial PFS Canada to continue pre-authorized withdrawals until written notice of cancellation or a renewal notice is received by Imperial PFS Canada. Imperial PFS Canada shall credit any excess to or collect any shortfall of Initial Payment from us at time of renewal of this PA. We agree that following each such approval by Imperial PFS Canada each and every one of the terms and conditions of the original PA other than the particulars of the Payment Agreement, which shall be amended to reflect the amended Policies and payments, shall remain in full force and effect during the relevant term, notwithstanding any change of Insurance Companies, Policy coverage types, premium amount or Payment Agreement Details. We further agree that financing provided by Imperial PFS Canada for each renewal term shall be at current rates being charged by Imperial PFS Canada at the relevant renewal date, and that Imperial PFS Canada has the right to decline any renewal of this PA at its sole discretion.
7. Copy of Policy: Irrevocably direct our authorized Agent or Broker to provide Imperial PFS Canada upon Imperial PFS Canada’s request with a complete copy of the Policies and any other requested information concerning return premium, cancellation and minimum earned/retained amount.
9. Cancellation after Policy is in Force: Agree that if we do not make a payment when it is due or we are otherwise in default under this PA or any other PA which we at any time enter into with Imperial PFS Canada or its affiliates, Imperial PFS Canada may exercise its power of attorney, cancel the Policies in accordance with the provisions contained in this PA, direct the Insurance Companies as to payment of all sums assigned, to Imperial PFS Canada, and act in our place with regard to the Policies. We understand that before Imperial PFS Canada cancels the Policies, Imperial PFS Canada will mail a written Notice of Intent to Cancel to us at our last address as shown on Imperial PFS Canada’s records, and that Imperial PFS Canada will send a Notice of Cancellation to the Insurance Companies and us canceling the Policies if we do not make the payment that is overdue or otherwise cure the default within ten (10) days of the default. In addition, we agree to pay Imperial PFS Canada an administration fee of $100.00 plus applicable taxes should Imperial PFS Canada have to cancel this PA.
10. Money Received after Cancellation: Agree that if Imperial PFS Canada receives a payment after Imperial PFS Canada sends the Notice of Cancellation, Imperial PFS Canada may apply to it what we owe, if anything, without changing Imperial PFS Canada’s rights under this PA. After the Policies are cancelled (whether by Imperial PFS Canada or by us or anyone else), Imperial PFS Canada has the right to receive all refunds of unearned premiums and apply them against the unpaid portion of the Balance plus Plan Cost as amended from time to time together with all other amounts owing under this PA, if any. If the refund is more than we owe, Imperial PFS Canada will return to us only what is left after all amounts due under this PA have been paid in full. If the refund is less than we owe, we will pay Imperial PFS Canada the difference forthwith on demand. Imperial PFS Canada may act in our place to do whatever is necessary to collect such refunds. The Insurance Companies may rely on whatever Imperial PFS Canada tells them regarding the Policies and the refunds; they do not have to get proof from us or anyone else as to any matter.
13. Cross Collateralization: Agree that if we are in default under this PA or any other PA which we at any time enter into with Imperial PFS Canada or any of its affiliates, we shall be in default under all agreements at any time entered into by us with Imperial PFS Canada or any of its affiliates, and Imperial PFS Canada shall be entitled to exercise all remedies available to Imperial PFS Canada when we are in default under this PA or any other PA between us and Imperial PFS Canada or any of its affiliates. Notwithstanding any other provision of this PA or any other PA, we agree that any amount received by Imperial PFS Canada on account of unearned premiums, all dividends, and all loss payments which reduce the unearned premiums under the Policies or under any other Policies financed by Imperial PFS Canada on our request under any other PA with Imperial PFS Canada or any of its affiliates may be applied against the total amount due under this PA and all other amounts due to Imperial PFS Canada by us. We hereby appoint Imperial PFS Canada our attorney with full authority to cancel policies financed by Imperial PFS Canada under other agreements with Imperial PFS Canada by reason of default under this PA or any other agreement between us and Imperial PFS Canada. We agree and confirm that every agreement between us with respect to premium is hereby deemed to be amended as required to give effect to the foregoing.
20. Amendments: Agree if the Policies or any of them have not been issued at the time of signing of this PA, Imperial PFS Canada may insert the names of the Insurance Companies issuing the Policies, the Policy numbers, and the due date of any Payments, if they are not known when we sign the PA. We agree that during the term of this PA, the Balance, Plan Cost, Balance plus Plan Cost, and Payment Agreement Details may be amended by Imperial PFS Canada (1) to reflect any changes in the principal portion, or otherwise resulting from any Policy renewal or any other cause whatsoever, (2) to ensure that this PA conforms to the original or renewal finance quotation provided to the Agent or Broker and correctly sets forth the details of the Policies. We agree that all such amendments shall be binding upon us. Imperial PFS Canada agrees to advise us in writing of any such changes.
30. Pre-Authorized Payment Agreement: Imperial PFS Canada is hereby authorized to draw payment under its Payment Agreement from the bank account and/or the credit card account included within Payment Details. This authorization shall extend to include any revised payment amounts, late charges, NSF charges or other amounts due to Imperial PFS Canada under the terms of this Payment Agreement. We understand that the debits may occur prior to receiving prior written notice. We also understand that if we wish to change the amount of our PAD (Pre-Authorized Debit) we should contact Imperial PFS Canada by phone or in writing. This authorization is a Business PAD (where the Insured is a corporation, person or entity acting for business purposes). We can obtain a sample cancellation form or get further information on our right to cancel a PAD agreement by contacting our financial institution or by visiting xxx.xxxxxxxx.xx. We acknowledge that we have certain recourse rights if any debit does not comply with this agreement. For example, we have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD agreement. To obtain more information on our rights, we should contact our financial institution or visit xxx.xxxxxxxx.xx.
Imperial PFS Payments Canada, ULC | ![]() |
0000-0 Xxxxxxx Xxxxxx, Xxxxxxx, XX X0X 0X0 | |
Phone: (000) 000-0000 | Web: xxx.xxxxxxxxxx.xxx |
Payment Agreement #: 3558
C.56.E.210924 | Page (2) |
32. Right not to Fund where no Payment has been Made: If we fail to make any required Initial Payment prior to the time Imperial PFS Canada pays the Total Premiums, any individual premium listed on the Schedule of Policies, or any additional premium on the policies listed in the Schedule of Policies, Imperial PFS Canada may in its sole discretion accept the repudiation, or in the case of Quebec, resolution, of this PA with respect to all policies or additional premiums to which such missed down payment or installment payment relates. Such repudiation, or in the case of Quebec, resolution, will alleviate Imperial PFS Canada of any future obligation under this PA, and we will have no remedy if Imperial PFS Canada accepts such repudiation, or in the case of Quebec, resolution. This section does not apply where a default occurs after an Initial Payment has been made. We understand that if Imperial PFS Canada chooses not to pay such premiums, we may not have insurance coverage and it is our responsibility to make all premium payments to our agent, broker, or insurance carrier, as the case may be.
Imperial PFS Payments Canada, ULC | |
0000-0 Xxxxxxx Xxxxxx, Xxxxxxx, XX X0X 0X0 | |
Phone: (000) 000-0000 | Web: xxx.xxxxxxxxxx.xxx |
Payment Agreement #: 3558
C.56.E.210924 | Page (3) |