Premium Loans definition
Examples of Premium Loans in a sentence
The Grantor’s chief place of business and chief executive office, the place where the Grantor keeps its Records concerning Accounts, Insurance Premium Loans and all originals of all Chattel Paper are located at the addresses specified therefor in Schedule III hereto (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof).
The Grantor will, except as otherwise provided in this subsection (d), continue to collect, at its own expense, all amounts due or to become due under the Insurance Premium Loans.
The Assignor will comply in all material respects with all Requirements of Law with respect to it, its business and properties and the Insurance Premium Loans and related Life Insurance Policies.
The Assignor will maintain all applicable permits, certifications and licenses (including all licenses to originate Insurance Premium Loans) necessary with respect to its business and properties and all Insurance Premium Loans and the Life Insurance Policy related thereto.
The Assignor has complied with all Requirements of Law with respect to it, its business and properties and all Insurance Premium Loans and the Life Insurance Policy related thereto.
It is the intention of the parties that the conveyance of the Insurance Premium Loans hereunder constitute a sale and not pledges of security for a loan and the parties will treat such conveyance as a sale for tax and accounting purposes.
Upon repurchase of the interests in Insurance Premium Loans from the Assignee, the Assignee shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to or upon the order of the Assignor, without recourse, representation or warranty, all the right, title and interest of the Assignee in and to the reconveyed interest and all Collections with respect thereto and all proceeds thereof received after the date of such repurchase.
The Assignor has obtained all applicable permits, certifications and licenses (including all licenses to originate Insurance Premium Loans) necessary with respect to its business and properties and all Insurance Premium Loans and the Life Insurance Policy related thereto.
The foregoing indemnity excludes (a) losses on Insurance Premium Loans in which an interest has been transferred hereunder to the extent reimbursement therefor would constitute credit recourse to the Assignor for nonpayment of any Insurance Premium Loan in which an interest has been transferred hereunder by the related obligor and (b) any income or franchise taxes or similar taxes (or any interest or penalties on them).
The Originator has complied, and will comply on each Transfer Effective Date, with all Requirements of Law with respect to it, its business and properties and all Insurance Premium Loans and the Life Insurance Policy related thereto.