Eligible Life Insurance Policies definition

Eligible Life Insurance Policies means the Life Insurance Policies owned by any US Loan Party and which are acceptable to the Administrative Agent and that have a Cash Surrender Value acceptable to the Administrative Agent. Eligible Life Insurance Policies shall not include:

Eligible Life Insurance Policies means, at any particular date, all Life Insurance Policies owned by the Borrowers that the Administrative Agent, in the exercise of its Permitted Discretion, determines to be Eligible Life Insurance Policies; provided, however, that, without limiting the right of the Administrative Agent to establish other criteria of ineligibility, Eligible Life Insurance Policies shall not include any Life Insurance Policy:

Eligible Life Insurance Policies means Life Insurance Policies that are not excluded from being Eligible Life Insurance Policies as a result of the failure to satisfy any of the criteria set forth below. Eligible Life Insurance Policies shall not include any Life Insurance Policy:

Examples of Eligible Life Insurance Policies in a sentence

• Each Borrowing Base Certificate shall be correct and complete in all material respects and set forth a categorical breakdown of all Accounts and Inventory of the Borrower Parties, a calculation of Eligible Accounts, Eligible Credit Card Receivables, Eligible Inventory, and Eligible Life Insurance Policies as of such last day of the preceding fiscal period and a calculation of Average Excess Availability for the preceding fiscal quarter, fiscal month, or fiscal week, as the case may be.

• Eligible Life Insurance Policy - such Life Insurance Policies owned by a Borrower which Agent, in its sole credit judgment, deems to be Eligible Life Insurance Policies.

• Each Account, Life Insurance Policy and all Inventory included in the calculation of the Borrowing Base does and will at all times meet and comply with all of the standards for Eligible Receivables, Eligible Foreign Receivables, Eligible Life Insurance Policies and Eligible Inventory.

• Professional employees assigned to multiple attendance centers must contact the attendance center’s administrator regarding information missed from a faculty meeting within one week of the missed meeting.

• Duly executed originals of an initial Borrowing Base Certificate from the Borrowers, dated the Closing Date, reflecting information concerning Eligible Accounts, Eligible Inventory Eligible Life Insurance Policies and Eligible Real Estate of the Borrowers as of the Closing Date.

More Definitions of Eligible Life Insurance Policies

Eligible Life Insurance Policies means the Life Insurance Policies owned by Borrowers and which are acceptable to Administrative Agent and that have a Cash Surrender Value acceptable to Administrative Agent. In general, Eligible Life Insurance Policies shall not include: (a) any Life Insurance Policy subject to a security interest or lien in favor of any person other than Administrative Agent; (b) any Life Insurance Policy that is not subject to the first priority, valid and perfected security interest of Administrative Agent; (c) any Life Insurance Policy that is not issued by a nationally recognized and reputable Life Insurance Company, with a credit rating of not less than “A” by AM Best & Co., as determined by Administrative Agent; (d) any Life Insurance Policies that are not duly assigned by Borrowers to Administrative Agent pursuant to a Collateral Assignment of Life Insurance Policy or that are subject to a currently effective assignment by any Borrower to any Person (other than the Administrative Agent); (e) any Life Insurance Policy with respect to which the premium for such Life Insurance Policy has not been paid when due; (f) any Life Insurance Policy which has any policy loans or advances outstanding against such Life Insurance Policy; and (g) any Life Insurance Policy that has been cancelled, terminated or is no longer valid and effective. General criteria for Eligible Life Insurance Policies may be established and revised from time to time by Administrative Agent in good faith.

Eligible Life Insurance Policies. All Life Insurance Policies issued to the Borrowers, listed on Schedule A hereto and reflected in the most recent Borrowing Base Certificate delivered by each Borrower to Agent shall be “Eligible Life Insurance Policies” for purposes of this Agreement, except any Life Insurance Policy to which any of the exclusionary criteria set forth below applies. Agent shall have the right to establish, modify or eliminate Reserves against Eligible Life Insurance Policies from time to time in its reasonable credit judgment. In addition, Agent reserves the right, at any time and from time to time after the Closing Date, to adjust any of the criteria set forth below and to establish new criteria, and to adjust advance rates with respect to Eligible Life Insurance Policies, in its reasonable credit judgment, reflecting changes in the collectibility or realization values of such Life Insurance Policies arising or discovered by Agent after the Closing Date subject to the approval of all Revolving Lenders and the Requisite Tranche B Lenders in the case of adjustments, new criteria or changes in advance rates which have the effect of making more credit available than available on the Closing Date; provided that, unless a Default or an Event of Default shall have occurred and be continuing, no adjustments, new criteria or changes in advance rates which have the effect of making less credit available shall be made absent a Material Adverse Effect. Eligible Life Insurance Policies shall not include any Life Insurance Policy:

Eligible Life Insurance Policies means, at any time of determination thereof, the collective reference to each Life Insurance Policy covered by the Assignments of Life Insurance as Collateral, provided such Life Insurance Policy conforms and continues to conform to the following criteria to the good faith satisfaction of the Lender:

Eligible Life Insurance Policies each Life Insurance Policy owned by a Borrower that is subject to a valid Life Insurance Assignment and that Lender, in its discretion, deems to be an Eligible Life Insurance Policy. Without limiting the foregoing, no Life Insurance Policy shall be an Eligible Life Insurance Policy unless (a) such policy conforms to the representations and warranties contained in Section 9.1.24 and (b) Borrowers are in compliance with all of the covenants set forth in Section 8.2.1(b), Section 10.1.11 and Section 10.2.3 with respect thereto.