AON Insurance Policy definition

AON Insurance Policy means that certain Second Amended and Restated Collateral Protection Insurance Policy dated as of the Closing Date (as amended, amended and restated, supplemented or otherwise modified from time to time) and issued to Administrative Agent as “insured party” defined therein by the insurers listed on Schedule 2 thereof and substantially in the form attached hereto as Exhibit K.
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AON Insurance Policy means that certain Collateral Protection Insurance Policy dated as of the date of this Agreement and issued to Administrative Agent as “insured party” defined therein by the insurers listed on Schedule 2 thereof and substantially in the form attached hereto as Exhibit K. The AON Insurance Policy will provide (i) coverage for 95% of the Term Loan Commitment, which shall be automatically reduced on a pro rata basis with reductions in the principal outstanding amount of the Term Loan, and (ii) Borrower shall have the ability to receive a rebate on unearned premium with respect to the last twelve (12) months of the coverage period.
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AON Insurance Policy. The AON Insurance Policy issued substantially in the form attached as Exhibit K, or a binding commitment of the insurers thereunder to issue the AON Insurance Policy substantially in the form attached as Exhibit K, shall be acceptable to the Lenders holding Term Loan Commitments and shall in either case have been issued to the Administrative Agent, together with enforceability and other opinions with respect thereto and the first three (3) years of the AON Insurance Policy and associated costs therefor in the amount of $21,152,894.74 shall be paid by the Administrative Agent on the Closing Date using proceeds of the Term Loan.
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Examples of AON Insurance Policy in a sentence

  • Maintain in good standing the AON Insurance Policy, as applicable, covering the Valuable Trade Cargo related to the Collateral for this Loan for the full replacement cost of such Valuable Trade Cargo.

  • At such time as any Non-Paying Insurer delivers the full balance of its pro rata share of any claim under the AON Insurance Policy, such proceeds shall be used by the Administrative Agent only to fund the acquisition of Term Loans held by Existing Lenders and the assignment thereof to such funding Non-Paying Insurer.

  • Each insurer under the AON Insurance Policy and their joint domestic U.S. organized designee is a designated third-party beneficiary of this Section 10.6(j).

  • Each insurer under the AON Insurance Policy or their joint domestic U.S. organized designee by its acceptance of the assignment of the Obligations acknowledges that its failure to provide the required information and certifications may result in Tax withholding in respect of interest payments and other obligations pursuant to applicable Law.

  • In the event Seller fails to meet the May 17, 1998 deadline and later vacates and delivers possession of the existing office building to Buyer, the sum due Seller hereunder shall be further reduced in accordance with Paragraph 3 below.

  • This deposit shall constitute additional Collateral for the Obligations and shall be used by the Administrative Agent solely to pay premiums due on the AON Insurance Policy without need for notice to or consent of the Loan Parties.

  • Moody’s shall provide a credit rating to enable securitization of the Term Loan and AON Insurance Policy by the Lenders (and Borrower shall use its best efforts to facilitate such issuance).

  • All obligations of the insurers under the AON Insurance Policy in this Section 10.6(j) may be satisfied by performance of the joint domestic U.S. organized designee, if any, on behalf of such insurer.

  • If a Narrative Report Notice is timely delivered to Borrower, Borrower shall deliver to Agents, a majority of the insurers under the AON Insurance Policy and Private Lenders the Narrative Report relating to such immediately preceding Fiscal Quarter no later than fifteen (15) Business Days after receipt of the Narrative Report Notice.

  • Under the terms of the AON Insurance Policy, as the Valuable Cargo is salvaged from the wreck, Borrower is obligated to deliver to the Odyssey Cargo Insurer a detailed inventory of the Valuable Cargo (the “Cargo Reports”).


More Definitions of AON Insurance Policy

AON Insurance Policy means that certain Open Cargo Coverage Policy issued by Aon Risk Services, Inc. of Florida, Lloyds Syndicates Policy No. MA1402002, which insures the value of property recovered and transported by the Borrower under the Master Services Agreement.
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