Commission Rights definition

Commission Rights means all right, title and interest of Borrower or its Affiliates in or to any commission payments or other compensation for the sale of insurance policies, including but not limited to any right to receive first year, new, renewal, contingent or override commission payments, coverage, bonuses, service fees or other similar payments; provided that for purposes hereof “Commission Rights” shall be limited to compensation payable on or after the date hereof in respect of the sale of insurance policies (issued before, on and after the date hereof); and provided, further, that “Commission Rights” shall include all Commission Rights of Borrower or any Affiliate of Borrower arising from or relating to (i) any replacement or conversion of any of the policies described above whether such new policy is written by the Insurance Company that issued the original policy or another insurance company and whether issued on or after the date hereof, and (ii) the exercise of a policyholder option to purchase additional coverage without evidence of insurability.
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Commission Rights means all right, title and interest in and to (i) expiration rights or renewal rights with respect to the Policies and (ii) any commission payments, contingent payments or other compensation from insurance carriers or producers with respect to the Policies.
Sample 1
Commission Rights means any and all right, title and interest of the Company, any of its Subsidiaries or any of their respective officers or directors in or to any commission payments or other compensation payable by any Insurance Company or any other insurance company including, but not limited to, any right to receive first year, new, renewal, contingent or override commission payments, overage, bonuses, service fees or other similar payments either received or due and owing from any party in connection with the solicitation, sale, production, administration, or servicing of insurance, annuities or investment products.
Sample 1

Examples of Commission Rights in a sentence

  • The obligations of each Insurance Company in respect of the Commission Rights are in full force and effect.

  • Each of Borrower and Co-Borrower shall instruct each new insurance carrier making any payments with respect to the Commission Rights and proceeds therefrom to fund any such payments to the Collections Account.

  • Each of Borrower and Co-Borrower has Loan No. 8005 instructed and will instruct each insurance carrier making any payments with respect to the Commission Rights and proceeds therefrom to fund any such payments to the Collections Account.

  • In furtherance of the foregoing, upon the occurrence and during the continuation of a Default or Event of Default, each of Borrower and Co-Borrower shall immediately assign and redirect (“Assignment and Redirection ”) any and all incomes from all Commission Rights and payments with respect thereto and any additional sources of income, to the Collections Account by means of instructions to the insurance carriers or other payors providing these income sources.

  • Promptly upon request therefore, each of Borrower and Co-Borrower shall provide to CFG copies of all monthly commission statements Borrower or Co-Borrower receives from each Insurance Company indicating the amount of payments made with respect to the applicable Commission Rights.

  • All sources of income to Borrower or Co-Borrower are free and clear of all security interests, Liens, charges and encumbrances of others, and there have been no material notices, orders, or other developments or correspondence in respect of the Commission Rights and payments with respect thereto that have not been disclosed to CFG.

  • No Insurance Company or other Person has alleged in any proceeding or otherwise alleged in writing, that any Commission Rights are illegal or unenforceable.

  • All Commission Rights are fully and freely transferable and assignable with the consent of the Insurance Company(ies), subject to standard restrictions and conditions imposed by the Insurance Company(ies) and Insurance Contract(s).

  • Neither Borrower, Co-Borrower nor any other party to an Insurance Contract, is in violation or breach of or default under such Insurance Contract and no condition exists or event has occurred and is continuing that with notice or lapse of time or both, would be a violation or breach of or default under such Insurance Contract or would impair the vesting of the Commission Rights.

  • Set forth on Schedule 2.2 hereof is a list of Insurance Companies that are obligors with respect to certain Commission Rights, which Commission Rights (the “Holdback Commission Rights”) are, on the books of such Insurance Companies, titled to either Patrick Patterson or Robert McClellan, as agent of the Company and/or its Subsidiaries.


More Definitions of Commission Rights

Commission Rights means any and all right, title and interest of Seller or any of its officers, directors, Affiliates, agents or representatives in or to any commission payments or other compensation payable by any Insurance Company or any other insurance company including any right to receive first year, new, renewal, contingent or override commission payments, overage, bonuses, service fees or other similar payments either received or due and owing from any party in connection with the solicitation, sale, production, administration, or servicing of insurance, annuities or investment products, except as such relates to the Excluded Long-Term Care Commissions.
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Related to Commission Rights

  • Financial Transmission Right Option means a right to receive Transmission Congestion Credits as specified in Operating Agreement, Schedule 1, section 5.2.2(c), and the parallel provisions of Tariff, Attachment K-Appendix, section 5.2.2(c).

  • Registration Rights means the rights of the Holders to cause the Company to Register Registrable Securities pursuant to this Agreement.

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • Termination Right have the respective meanings given in the PRA Contractual Stay Rules.

  • Conversion Rights means exchange of, or the rights to exchange, the Principal Amount of the Loan, or any part thereof, for fully paid and nonassessable Common Stock on the terms and conditions provided in the Debentures.

  • Financial Transmission Right or “FTR” shall mean a right to receive Transmission Congestion Credits as specified in Operating Agreement, Schedule 1, section 5.2.2 and the parallel provisions of Tariff, Attachment K-Appendix, section 5.2.2.

  • public units means the state or a political subdivision or instrumentality of the state including a county, school corporation, special district, drainage district, unincorporated town or township, municipality, or municipal corporation or any agency, board, or commission of the state or a political subdivision; any court or public body; an electric power agency; federal and state grant moneys of a quasi-public state entity under Iowa Code section 12C.1, subsection (2e), and this chapter. Public units additionally include, but are not limited to:

  • Registration Rights Agreements means that certain Registration Rights Agreement dated as of the Closing Date by and between the Parent and Laurus and each other registration rights agreement by and between the Parent and Laurus, as each of the same may be amended, modified and supplemented from time to time.

  • Acceleration Right means the Participant’s right, in certain circumstances, to exercise its outstanding Option as to all or any of the Common Shares in respect of which such Option has not previously been exercised and which the Participant is entitled to exercise, including in respect of Common Shares not otherwise vested at such time;

  • Exchange and Registration Rights Agreement means (i) the Exchange and Registration Rights Agreement dated the Issue Date among the initial purchasers named therein and the Company, as the same may be amended, supplemented or modified from time to time and (ii) any similar exchange and/or registration rights agreement entered into with respect to any Additional Securities, as any such agreement may be amended, supplemented or modified from time to time.

  • Incentive Distribution Rights has the meaning assigned to such term in the Partnership Agreement.

  • Transferable Permits means all those Permits and Environmental Permits used or held for use primarily in the operation or conduct of the Business (and all applications pertaining thereto) that are transferable under applicable Law (including Environmental Laws) from Seller to Purchaser or its designees.

  • Financial Transmission Right Obligation means a right to receive Transmission Congestion Credits as specified in Operating Agreement, Schedule 1, section 5.2.2(b), and the parallel provisions of Tariff, Attachment K-Appendix, section 5.2.2(b).

  • Redemption Rights means the redemption rights provided for in Section 9.2 of the SPAC Certificate of Incorporation.

  • Registration Rights Agreement means the Registration Rights Agreement, dated the date hereof, among the Company and the Purchasers, in the form of Exhibit B attached hereto.

  • Units means the units of the Company, each comprised of one share of Common Stock and one-half of one Warrant.

  • Tandem Appreciation Right means an Appreciation Right granted pursuant to Section 5 of this Plan that is granted in tandem with an Option Right.

  • transferable securities means those classes of securities which are negotiable on the capital market, with the exception of instruments of payment, such as:

  • Incentive Distribution Right means a non-voting Limited Partner Interest issued to the General Partner, which Partnership Interest will confer upon the holder thereof only the rights and obligations specifically provided in this Agreement with respect to Incentive Distribution Rights (and no other rights otherwise available to or other obligations of a holder of a Partnership Interest). Notwithstanding anything in this Agreement to the contrary, the holder of an Incentive Distribution Right shall not be entitled to vote such Incentive Distribution Right on any Partnership matter except as may otherwise be required by law.

  • Existing Registration Rights Agreement shall have the meaning given in the Recitals hereto.

  • Conversion Right has the meaning set forth in Section 4.05(a) hereof.

  • Non-Tandem Stock Appreciation Right means the right to receive an amount in cash and/or stock equal to the difference between (x) the Fair Market Value of a share of Common Stock on the date such right is exercised, and (y) the aggregate exercise price of such right, otherwise than on surrender of a Stock Option.