Examples of Insured Receivable in a sentence
For the avoidance of doubt, no Receivable shall constitute an Insured Receivable at any time the Credit Insurance Policy relating thereto shall cease to constitute Eligible Credit Insurance.
Under such circumstances ECGC shall either cancel and nullify the assignment in favour of ECGC of the relevant Insured Receivable or shall reassign it back to the Insured.
ECGC shall have no liability to indemnify the Insured unless the proximate cause of loss is the occurrence of an Insured Risk covered under this Agreement and/or the right and interest of the Insured in the relevant Insured Receivable has been assigned and transferred by the Insured in favour of ECGC.
If an Insured Receivable is assigned to a third party or the Insurer, the Insurer will not regard this assignment for the purpose of determining the amount and data of making the indemnification payment, and clause 10.6.1 (d) and other related provisions of the General Insurance Conditions are not affected thereby.
The Borrower will promptly notify the Bank if any policy of Credit Insurance is cancelled or terminated, of if the rating of the Insurance Provider, as published by A.M. Best Company, falls below the level of "A," or if the Insurance Provider fails to pay any claims submitted by the Borrower with respect to any Insured Receivable in excess of $50,000.00.