Policy Assets definition

Policy Assets has the meaning set forth in Section 10.5.

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Policy Assets. The Policies, the Agency Agreement to the extent that it relates to the Policies, the Documentation, Policy Proceeds, and any supplementary contracts and documents executed in connection with the Policies, and all claims, options, privileges, benefits, refunds, cash values, dividends, rights, title and interest in the Policies, including, without limitation, all payments received on or with respect to the Policies and the right to collect from the related Obligor the net proceeds thereof upon the death of the Insured or other maturity and the right to surrender any such Policy for the surrender value thereof, and all proceeds of the foregoing (including, but not by way of limitation, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part or are included in the proceeds of any of the foregoing).

Policy Assets. The Policies, the Agency Agreement to the extent that it relates to the Policies, the Documentation, Policy Proceeds, and any supplementary contracts and documents executed in connection with the Policies, and all claims, options, privileges, benefits, refunds, cash values, dividends, rights, title and interest in the Policies, including, without limitation, all payments received on or with respect to the Original Policies after the Cut-Off Date and with respect to the Additional Policies after the related Acquisition Date, and the right to collect from the related Obligor the net proceeds thereof upon the death of the Insured or other maturity and the right to surrender any such Policy for the surrender value thereof, and all proceeds of the foregoing (including, but not by way of limitation, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part or are included in the proceeds of any of the foregoing).

Examples of Policy Assets in a sentence

• The composition of the assets so transferred shall include the Policy Assets as of December 31, 1997.

• PWCC, the Indenture Trustee and the Issuer are parties to that certain Amended and Restated Indenture pursuant to which the Issuer previously issued its Notes secured by the Policy Assets.

• The Issuer shall treat (i) the issuance -------------------------- of the Notes as indebtedness of the Issuer, and (ii) the Policy Assets as assets of the Issuer, for purposes of Taxes imposed upon the Issuer.

• The "Closing Net Transfer Amount" shall be the amount shown on Schedule 4.1 attached hereto, using estimated Reserves and Policy Assets.

• However, since the Reserves and Policy Assets as of December 31, 1997, will not be determined prior to the Closing Date, the parties agree that, to effect the Closing, the Company shall transfer to Reinsurer at Closing an amount equal to the "Closing Net Transfer Amount" (defined in the next sentence).

• The purpose of this Section 4.3 is that the Post-Closing Adjustment shall put the parties in the respective positions they would have been in if the Closing had used the Reserves and Policy Assets determined as of December 31, 1997, instead of the amounts that were used to accommodate an earlier Closing.

• The December 31, 1997, Reserves and Policy Assets shall be determined as set forth in Section 10.5. Using the format of Schedule 4.3, the parties shall calculate the amount that should have been transferred at Closing if the amount of the Reserves and Policy Assets as of December 31, 1997, had been known at Closing.

• Seller, or Seller’s Securities Intermediary, has good and valid title to the Purchased Policy Assets, free and clear of all Encumbrances other than Permitted Encumbrances.

• Immediately following the completion and filing by the Company of its regular Annual Statement with the Tennessee Insurance Division as set forth below, there shall be a "Post- Closing Adjustment" whereby the amounts of the Reserves and Policy Assets that were estimated and used to effect the Closing will be replaced by the actual amounts of the Reserves and Policy Assets as of December 31, 1997, such that the Net Transfer Amount shall be recalculated, using the format of Schedule 4.3 attached hereto.

• In the event that the transfer of the Policy Assets from PWCC to the Issuer is deemed to be a secured financing, PWCC shall be deemed hereunder to have Granted to the Issuer, and PWCC does hereby Grant to the Issuer, effective as of date of assignment hereunder, a security interest in all of PWCC's right, title and interest in, to and under the Policy Assets and the related Documentation, whether now owned or hereafter acquired.

More Definitions of Policy Assets

Policy Assets means all of the retrospective premium receivables, deductibles and ceded reinsurance on gross losses paid by Westport, amounts recoverable from third parties (subrogation), second injury funds and any other amounts collectible from state reinsurance plans associated with the Subject Portfolio and all collateral, letters of credit, indemnity agreements and other security for the obligations of policyholders under the Subject Portfolio.