Eligible Life Insurance Policy definition

Eligible Life Insurance Policy means any Insurance Policy that meets all of the following criteria as of the Purchase Date:
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Eligible Life Insurance Policy means any life insurance policy (excluding term life insurance or “split-dollar” life insurance policies) owned by the Borrower (a) which is subject to a first priority perfected Lien in favor of the Lender, (b) which is not subject to a Lien in favor of any other person, (c) with respect to which all premiums due have been paid in full, (d) the existence, cash surrender value and current premium payment status of which have been certified in the most recent Borrowing Base Certificate and (e) which is otherwise acceptable to the Lender in its sole discretion. Any life insurance policy which ceases to meet any of the foregoing qualifications shall cease to be an Eligible Life Insurance Policy at such time and the Borrower shall notify the Lender thereof on and at the time of submission to the Lender of the next Borrowing Base Certificate.
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Eligible Life Insurance Policy. Means each Life Insurance Policy that satisfies the following criteria:
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Examples of Eligible Life Insurance Policy in a sentence

  • The Borrower Parties shall take all action requested by the Administrative Agent and necessary to cause each Eligible Life Insurance Policy to be at all times subject to an effective Life Insurance Assignment.

  • Any Life Insurance Policy listed on Exhibit 7.1.26 shall cease to be an Eligible Life Insurance Policy and there then exists insufficient Availability to fully reserve for the reduction in the Borrowing Base on account of such Life Insurance Policy following the exclusion of such policy.

  • 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.

  • Cash Surrender Value - on any date of determination, the aggregate amount of the cash surrender value for each Eligible Life Insurance Policy as shown on the most recent statements with respect to each Eligible Life Insurance Policy provided to Agent by the issuer of such policies.

  • Without limiting the generality of the foregoing, no Life Insurance Policy shall be an Eligible Life Insurance Policy shall unless: (i) it is listed on Schedule 8.1.28 to the Agreement, (ii) it is issued by an insurer acceptable to Agent, (iii) a Borrower is the owner thereof, (iv) a Borrower is the sole beneficiary thereunder, and (v) it is the subject of a valid Life Insurance Assignment and (vi) it is in effect and has not lapsed or been surrendered.

  • Borrowers shall use commercially reasonable efforts to cause the Life Insurance Company to furnish to Administrative Agent, at Borrowers’ expense, a certification as to any Eligible Life Insurance Policy regarding, among other things, (i) the amount of the Cash Surrender Value, (ii) the status of the payment of the Life Insurance Policy premiums, and (iii) the validity and effectiveness of such Life Insurance Policy.


More Definitions of Eligible Life Insurance Policy

Eligible Life Insurance Policy contained in Section 1.1 is deleted and all iterations of that defined term contained in the Indenture are replaced with the term “Life Insurance Policy”.
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Eligible Life Insurance Policy means that certain life insurance policy maintained by the Companies on the life of Xxxx X. Xxxxxxx to the extent such life insurance policy has been assigned to the Agent as collateral for the Obligations pursuant to documentation in form and substance satisfactory to the Agent, which assignment documentation shall have been unconditionally agreed to and acknowledged in writing by the relevant issuer of such life insurance policy (such assignment documentation being referred to in this Financing Agreement as the “Life Insurance Assignment Documentation”).
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Eligible Life Insurance Policy. Effective as of July 9, 2008, Section 1 of the Financing Agreement is amended by deleting therefrom the definition of “Eligible Life Insurance Policy”.
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Eligible Life Insurance Policy means any Insurance Policy that meets all of the following criteria as of the Purchase Date: (a) the Insurance Policy: (i) offers “permanent” life insurance benefits (whole life, variable universal life or universal life); (ii) has no more than two Insureds; and (iii) is issued by an Eligible Insurance Company; (b) the Contestability Period for such Insurance Policy shall have expired; (c) the Rescission Period shall have expired, unless the Net Death Benefit of such Insurance Policy, when combined with the Net Death Benefit of all of the other Eligible Life Insurance Policies that then, or that will on such Purchase Date, constitute Trust Property for which the Rescission Period shall not have expired is less than $30,000,000; (d) the Net Death Benefit exceeds $50,000 and does not exceed $15,000,000; (e) the Insurance Policy does not have a provision (including, but not limited to, any provisions relating to war or terrorist acts) limiting the future realization of Net Death Benefit upon and due to the death of any Insured (either at issue or after any conversion privilege exercisable at the sole option of the Insured) other than for non- payment of premiums; (f) the Life Expectancy, as of the relevant Purchase Date is not less than 36 months and does not exceed 168 months; (g) the Originator has determined that the Insurance Policy is an Eligible Life Insurance Policy; (h) the Insured is not less than 65 years old; (i) all restrictions or obligations imposed by applicable laws have been complied with in relation to the origination and acquisition of the Insurance Policy; (j) all premiums projected to be required to keep the Insurance Policy in full force and effect through the next premium payment date have been paid at the time the Purchase by the Purchasers is completed; 4
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Related to Eligible Life Insurance Policy

  • Life Insurance Policy has the meaning given in Section 6.11.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Life insurance means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.

  • R&W Insurance Policy has the meaning set forth in Section 6.15.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Blanket insurance policy means a group policy covering a defined class of

  • Reimbursement insurance policy means a policy of insurance

  • Certificate Insurance Policy The Financial Guaranty Insurance Policy No. CA01172A, and all endorsements thereto dated the Closing Date, issued by the Certificate Insurer for the benefit of the Class AF-3 Certificateholders.

  • Life Insured means the person named in the Schedule, on whose life the Policy is effected;

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • life insurance business means the business of providing or undertaking to provide policy benefits under life policies;

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Special Primary Insurance Policy Any Primary Insurance Policy covering a Mortgage Loan the premium of which is payable by the Trustee pursuant to Section 4.04(a), if so identified in the Mortgage Loan Schedule. There are no Special Primary Insurance Policies with respect to any of the Mortgage Loans.

  • Bond Insurance Policy means the municipal bond insurance policy, if any, issued by the Bond Insurer that guarantees payment of principal of and interest on the Bonds and constitutes a Bond Facility under the Indenture.

  • Health insurance policy means a policy that provides specified benefits for hospital and/or general treatment and meets all requirements under section 63-10 of the Private Health Insurance Act 2007.

  • life policy means a contract in terms of which a person, in return for a premium, undertakes to -

  • Credit life insurance means insurance on the life of a debtor in connection with

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Life insurance producer means any person licensed in this state as a resident or nonresident insurance producer who has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 522B.

  • Insurance Policies has the meaning set forth in Section 3.16.

  • Title Insurance Policy A title insurance policy maintained with respect to a Mortgage Loan.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • policy of life insurance means any instrument by which the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, or any instrument evidencing a contract which is subject to payment of premiums for a term dependent on human life;

  • Group long-term care insurance means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to: