Insurance Savings Participation definition

Insurance Savings Participation means, on any CBC Payment Date, in respect of each Savings Mortgage Receivables or each Savings Investment Mortgage Receivable an amount equal to the Initial Insurance Savings Participation in respect of such Savings Mortgage Receivable or Savings Investment Mortgage Receivable, respectively, increased with each Insurance Savings Participation Increase up to (and including) the Calculation Period immediately preceding such CBC Payment Date, but not exceeding the Outstanding Principal Amount of such Savings Mortgage Receivable or Savings Investment Receivable, respectively.
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Insurance Savings Participation means, on any Mortgage Calculation Date, in respect of each Savings Mortgage Receivable [and each [Switch / Hybrid Mortgage Receivable] [Life Mortgage Receivable with a Savings Element]], an amount equal to the Initial Insurance Savings Participation in respect of such Savings Mortgage Receivable [or [Switch / Hybrid Mortgage Receivable] [Life Mortgage Receivable with a Savings Element]] increased with the Insurance Savings Participation Increase up to (and including) the Mortgage Calculation Period immediately preceding such Mortgage Calculation Date, but not exceeding the Outstanding Principal Amount of such Savings Mortgage Receivable [or [Switch / Hybrid Mortgage Receivable] [Life Mortgage Receivable with a Savings Element]]; [“Insurance Savings Participation Increase”] means an amount calculated for each Mortgage Calculation Period on the relevant Mortgage Calculation Date by application of the following formula: (P x I) + S, whereby:P = Participation Fraction; S = the amount received by the Asset Purchaser pursuant to the Asset Purchaser Insurance Savings Participation Agreement on the Mortgage Collection Payment Date immediately succeeding the relevant Mortgage Calculation Date in respect of the relevant Savings Mortgage Receivable or the relevant Switch / Hybrid Mortgage Receivable] [Life Mortgage Receivable with a Savings Element] from the Insurance Savings Participant; and
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Examples of Insurance Savings Participation in a sentence

  • In addition, the Issuer will, as consideration for the CBC issuing the Guarantee, pay all costs and expenses of the CBC and make and receive all payments to be made or received by the CBC under any Swap Agreement, the Insurance Savings Participation Agreement, the Bank Savings Participation Agreement and certain other obligations of the CBC.

  • To the extent required to execute and deliver a valid right of pledge of the Insurance Savings Participation Rights, the right of pledge thereof will be established each time the Insurance Savings Participation Rights come into existence.

  • By signing this Agreement each of the CBC and the Insurance Savings Participant confirms that notification of this Agreement and the right of pledge of the Insurance Savings Participation Rights have been made in accordance with Article 3:236(2) of the Dutch Civil Code.

  • Furthermore, the Insurance Savings Participant shall in so far as possible not pay any amount due under the Savings Insurance Policy and the Savings Investment Insurance Policy related to Savings Mortgage Loans and Savings Investment Mortgage Loans, respectively, which are subject to an Insurance Savings Participation to the Borrowers, but to the CBC, by way of set-off.

  • An Insurance Savings Participation shall terminate if at the close of business of any CBC Payment Date the Insurance Savings Participant has received the Insurance Savings Participation Redemption Available Amount in respect of the relevant Savings Mortgage Receivable and/or the relevant Savings Investment Mortgage Receivable.

  • Subject to Clause 2.3, 2.4 and 9, in consideration for the undertaking set forth in Clause 2.1, the CBC shall pay to the Insurance Savings Participant on each CBC Payment Date the Insurance Savings Participation Redemption Available Amount received, if any, in respect of the Savings Mortgage Receivables.

  • Pursuant to the Insurance Savings Participation Agreements relating to any Savings Mortgage Receivables, an Initial Settlement Amount and Further Settlement Amounts will be payable by the relevant Insurance Savings Participant to the Issuer in return for an Insurance Savings Participation.

  • The CBC shall effect, where reasonably possible and to the extent permitted, any payments to the Insurance Savings Participant by way of set-off, including, without limitation, the payment of the Insurance Savings Participation Redemption Available Amount which will be set-off against the obligation of the Insurance Savings Participant to pay the amount due under this Agreement to the CBC.

  • If so requested by the Insurance Savings Participant the CBC will use its best efforts to ensure that the acquirer of the relevant Savings Mortgage Receivables or the Savings Investment Mortgage Receivables, respectively, which are subject to an Insurance Savings Participation will enter into a participation agreement with the Insurance Savings Participant in a form similar to the Insurance Savings Participation Agreement.

  • If the relevant Borrower invokes against the Issuer that he may deduct lost Savings/Investment Proceeds from the relevant Savings Mortgage Receivable, the relevant Insurance Savings Participation of the relevant Insurance Savings Participant (who would be in default under the relevant Mixed Insurance Policy) will be reduced with an amount equal to such lost Savings/Investment Proceeds.

Related to Insurance Savings Participation

  • Medical savings account means an account exempt from federal income taxation pursuant to Section 220 of the United States Internal Revenue Code (26 U.S.C. § 220).

  • Health Savings Account means an account as permitted under section 223 of the internal revenue code of 1986, 26 USC 223.

  • Savings Plan or "plans" means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses.

  • Retirement Savings Plan means the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

  • Discretionary Contribution means the contribution made by the Employer on behalf of a Participant as described in Section 4.4(b).

  • Retirement program means a program of rights and obligations which a county, city, village, or township establishes, maintains, or participates in and which, by its express terms or as a result of surrounding circumstances, does 1 or more of the following:

  • Profit Sharing Plan means a profit-sharing plan that is qualified pursuant to 26 U.S.C. § 401 of the Internal Revenue Code and subject to the Employee Retirement Income Security Act, and which provides for employer contributions in the form of cash, but not in the form of stock or other equity interests in a Medical Marijuana Business.

  • Individual account program means the defined contribution individual account program of

  • Profit Sharing Account means any one of the accounts so designated and provided for in Section 6.01.

  • Retirement Plans means the retirement income, supplemental executive retirement, excess benefits and retiree medical, life and similar benefit plans providing retirement perquisites, benefits and service credit for benefits at least as great in the aggregate as are payable thereunder prior to a Change in Control;

  • Thrift Plan means the Financial Institutions Thrift Plan, a qualified and tax-exempt defined contribution plan and trust under Sections 401(a) and 501(a) of the Code, as adopted by the Bank.

  • Salary reduction plan means a benefit plan whereby state and

  • Retirement Plan means a plan which provides retirement benefits to you and which is not funded wholly by your contributions. The term shall not include a profit-sharing plan, informal salary continuation plan, registered retirement savings plan, stock ownership plan, 401(K) or a non-qualified plan of deferred compensation.

  • pension means a pension or annual allowance paid under the Public Service Superannuation Act (PSSA), R.S., 1985, c. P-36, and any increases paid pursuant to the Supplementary Retirement Benefits Act, R.S., 1985, c. S-24 as it affects the PSSA. It does not include pensions payable pursuant to the Canadian Forces Superannuation Act, R.S., 1985, c. C-17, the Defence Services Pension Continuation Act, 1970, c. D-3, the Royal Canadian Mounted Police Pension Continuation Act , 1970, c. R-10, and the Royal Canadian Mounted Police Superannuation Act, R.S., 1985, c. R-11, the Members of Parliament Retiring Allowances Act, R.S. 1985, c. M-5, and that portion of pension payable to the Canada Pension Plan Act, R.S., 1985, c. C-8.

  • SERP has the meaning assigned thereto in Section 5(c) hereof.

  • Qualified Matching Contribution means any employer contribution allocated to an Eligible Employee's account under any plan of an Employer or a Related Company solely on account of "elective contributions" made on his behalf or "employee contributions" made by him that is a qualified matching contribution as defined in regulations issued under Code Section 401(k), is nonforfeitable when made, and is distributable only as permitted in regulations issued under Code Section 401(k).

  • Qualified Matching Contributions means Matching Contributions which are immediately nonforfeitable when made, and which would be nonforfeitable, regardless of the age or service of the Employee or whether the Employee is employed on a certain date, and which may not be distributed, except upon one of the events described under Section 401(k)(2)(B) of the Code and the regulations thereunder.

  • Eligible Retirement Plan means an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the Distributee's Eligible Rollover Distribution. However, in the case of an Eligible Rollover Distribution to the surviving Spouse, an Eligible Retirement Plan is an individual retirement account or individual retirement annuity.

  • Company 401(k) Plan shall have the meaning set forth in Section 6.09(e).

  • Employer Matching Contributions means the Employer matching contributions made to the Trust Fund pursuant to Article V (Employer Matching Contributions).

  • Investment Plan means the document in terms of which the special purpose vehicle will invest in unlisted investments and all matters incidental thereto;

  • Automatic Investment Plan/Dividend Reinvestment Plan means a program in which regular purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including dividend reinvestment plans.

  • Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

  • Compensation Plans shall have the meaning set forth in Section 3.8(b).

  • Non-Participating Retail Health Clinic means a Retail Health Clinic which does not have a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • Continuing care retirement community means a residential