RVI Policy definition

RVI Policy. A non-cancelable residual value insurance policy that guaranties the Balloon Payment on each Insured Balloon Loan issued by an R.V.I.

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RVI Policy means, with respect to the Property, a residual value insurance policy in form and substance reasonably acceptable to the Lessor in an amount sufficient to enable the Lessor to achieve its desired accounting treatment.

RVI Policy means the Residual Value Insurance issued by R.V.I. American Insurance Company.

Examples of RVI Policy in a sentence

• In the event that the Master Servicer has actual knowledge of an Insured Event under any Lease Enhancement Policy or RVI Policy, the Master Servicer shall notify the Special Servicer thereof within three Business Days after learning of such event.

• The Special Servicer shall prepare and file a "proof of loss" form with the Lease Enhancement Policy Insurer or the RVI Policy Insurer, as the case may be, within five Business Days after receiving notice or obtaining actual knowledge of any Insured Event under the related policy and shall diligently process any claims under such policy in accordance with the Servicing Standard.

• The Special Servicer will abide by the terms and conditions relating to enforcing claims and monitor the dates by which any claim or action must be taken (including delivering any notices to the RVI Policy Insurer and Lease Enhancement Policy Insurer or performing any actions required under each policy) under each RVI Policy and Lease Enhancement Policy to realize the full value of such RVI Policy and Lease Enhancement Policy for the benefit of the Certificateholders.

• The Special Servicer shall give notice to the Master Servicer of any claim made under any Lease Enhancement Policy or RVI Policy and of any Policy Termination Event of which the Master Servicer does not already have notice.

• The Special Servicer shall abide by the terms and conditions relating to enforcing claims and monitor the dates by which any claim or action must be taken (including delivering any notices to the Lease Enhancement Policy Insurer or RVI Policy Insurer or performing any actions required under each policy) under each RVI Policy and Lease Enhancement Policy to realize the full value of such RVI Policy or Lease Enhancement Policy, as applicable, for the benefit of the Certificateholders.

• If no Event of Default exists, the excess portion of the Net Award, with the prior written consent of the insured under the RVI Policy, shall be remitted to the Borrower.

• With respect to each Lease Enhancement Policy and RVI Policy, the Master Servicer and the Special Servicer shall each review and familiarize itself with the terms and conditions relating to enforcement of claims and shall monitor the dates by which any claim must be made or any action must be taken under such policy.

• The Special Servicer shall give notice to the Master Servicer of any claim made under any Lease Enhancement Policy and RVI Policy and of any Policy Termination Event of which the Master Servicer does not already have notice.

• If no Event of Default exists, the excess portion of the Net Award with the prior written consent of the insurer under the RVI Policy shall be remitted to the Borrower and provided the insurer under the RVI Policy has sent Borrower and Lender written confirmation that the delivery to Borrower of such excess portion of the Net Award will not result in a reduction of the coverage under the RVI Policy.

• With respect to each Lease Enhancement Policy, RVI Policy and Secured Creditor Impaired Property Policy, the Master Servicer and the Special Servicer shall each review and familiarize itself with the terms and conditions relating to enforcement of claims and shall monitor the dates by which any claim must be made or any action must be taken under such policy.

More Definitions of RVI Policy

RVI Policy means that certain residual value insurance policy issued by Financial Structures Limited for the benefit of the Lender.

RVI Policy means, with respect to the Property, a residual value insurance policy in form and substance reasonably acceptable to the Lessor in an amount sufficient to enable the Lessor to achieve its desired accounting treatment. “S&P” shall mean Standard & Poor’s, a division of The McGraw Hill Companies Inc., and any successor thereto. “Sale Date” shall have the meaning given to such term in Section 20.3(a)

RVI Policy means the Residual Value Insurance Policy from the RVI Provider for the benefit of the Lessor and all documents and agreements delivered pursuant thereto or in connection therewith.

RVI Policy means the Residual Value Insurance Policy, effective as of June 15, 2003, among the RVI Provider, the Indenture Trustee, the Lessee and the Lessor.