Debt Protection definition

Debt Protection means either (A) an opportunity for an Affected Person to undertake one or more of the following, as selected by the Partnership, in its sole discretion: (i) a guarantee of indebtedness of the Partnership (as selected by the Partnership, in its sole discretion), (ii) an indemnification of the general partner of the Partnership with respect to recourse liabilities of the Partnership, (iii) an agreement to restore a deficit in the negative capital account of such Affected Person upon a liquidation of the Partnership or a disposition of such Affected Person’s interest in the Partnership or (iv) another arrangement with respect to indebtedness of the Partnership that, in the good faith judgment of the Partnership, can reasonably be expected to cause the Affected Person to be allocated such indebtedness for purposes of Section 752 of the Code, or (B) in the sole discretion of the Partnership, an agreement by the Partnership to maintain nonrecourse indebtedness of the Partnership (as selected by the Partnership, in its sole discretion) that would be allocated to such Affected Person under Treasury Regulations § 1.752-3.

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Debt Protection. If Debt Protection is offered on the Account and I request it, the fee will be calculated monthly by multiplying the fee rate by the outstanding balance on the Account. You will add the fee amount to the Account balance on the Billing Cycle Closing Date. The purchase of this Debt Protection is entirely voluntary and is not required for credit approval. I acknowledge receiving a copy of the contract documents which contains current rates and other information. I understand and agree that if I have requested this Debt Protection, I will be obligated to pay the fee(s) indicated on the election form which have been included as part of my payment. If I decide to cancel such coverage, I must do so in writing and I agree to pay all fees up to the date you act on my request to cancel. I further understand that my payment will not decrease if I cancel my Debt Protecteion, but will be applied to my remaining principal. PURCHASESANDADVANCES: I maymakePurchasesandrequest AdvancesandBalanceTransfers in accordance with then current loan policies up to my Credit Limit. I understand and agree that all Purchases and other transactions requested by me or anyone I have permitted to use the Card(s) and/or Account are subject to your approval.

Debt Protection. If Debt Protection is offered on the Account and I request it, the fee will be calculated monthly by multiplying the fee rate by the outstanding balance on the Account. You will add the fee amount to the Account balance on the Billing Cycle Closing Date. The purchase of this Debt Protection is entirely voluntary and is not required for credit approval. I acknowledge receiving a copy of the contract documents which contains current rates and other information. I understand and agree that if I have requested this Debt Protection, I will be obligated to pay the fee(s) indicated on the election form which have been included as part of my payment. If I decide to cancel such coverage, I must do so in writing and I agree to pay all fees up to the date you act on my request to cancel. I further understand that my payment will not decrease if I cancel my Debt Protection, but will be applied to my remaining principal.

Examples of Debt Protection in a sentence

• If you do purchase Debt Protection you may cancel it at any time by notifying us in writing.

• You understand that you may rescind this plan within 30 days after the date your Debt Protection becomes effective.

• Complete details of this optional Debt Protection are included in The Debt Protection Plan Program Agreement which you will receive upon enrollment.

• Loan payments are applied in the following order: unpaid finance charges, previously billed miscellaneous charges (i.e. Late Fee(s), Debt Protection Premium(s), if applicable), and principal reduction.

• Complete details of this optional Debt Protection are included in The Debt Protection Plan Pro- gram Agreement which you will receive upon enrollment.

• Debt Protection is not required for any extension of credit under this Agreement.

• However, You may purchase any Debt Protection available through Us and have the costs added to Your outstanding balance.

• The amount of any Debt Protection Letter of Credit shall be deemed to be included in the balance of the Debt Protection Account for purposes of determining the balance of the Debt Protection Account where required to do so in this Agreement.

• The same applies should you avail of any premium paying insurance product such as Top Up Debt Protection and Outstanding Balance Assurance (OBA).

• Each Debt Protection Letter of Credit shall be (i) for a minimum of 364 days and (ii) in the case of a renewal or replacement, in an amount equal to the stated amount of such Debt Protection Letter of Credit being replaced (with provisions providing for increases thereof identical to the Debt Protection Letter of Credit being replaced) or with other substantially similar provisions (other than as to the stated amount thereof) acceptable to Agent in its sole discretion.

More Definitions of Debt Protection

Debt Protection means the Debt Protection credit card add-on product that Respondent marketed and sold to Cardholders beginning in 2007.