Structured Settlement Securities definition

Structured Settlement Securities means Asset-Backed Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from receivables representing the right of litigation claimants to receive future scheduled payments under settlement agreements that are funded by annuity contracts, which receivables may have varying maturities. [**] CONFIDENTIAL TREATMENT REQUESTED
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Structured Settlement Securities means Asset-Backed Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) upon structured settlements. A structured settlement ("structured settlement") describes an arrangement that compensates a claimant (a former plaintiff that has settled a lawsuit (the "claimant")) over time, rather than with a current lump sum payment. Under the terms of an agreement (the "settlement agreement") between the claimant and the payor of the claim, either the former defendant or the defendant's property and casualty insurer (collectively, the "liable parties") are obligated to pay, either jointly or severally, to the claimant one or more future payments (the "scheduled payments") in satisfaction of damages suffered by the claimant. The casualty insurer may elect to remove the payment obligations under a settlement agreement from such insurer's balance sheet by entering into an arrangement (a "qualified assignment") whereby the casualty insurer assigns its liability under the settlement agreement to an assignee (the "assignee" or "obligor") that assumes the casualty insurer's liability in exchange for a payment to such assignee by such casualty insurer. The assignee or the casualty insurer, if such casualty insurer has not elected to make an assignment of its liability to an assignee, then purchases an annuity contract (the "annuity contract") from a life insurance company (the "annuity provider") naming the assignee (or casualty insurer, where applicable) as the owner of such annuity contract and providing for the payment of the scheduled payments as set forth in the related settlement agreement directly to the claimant (or pursuant to the claimant's instructions). The qualified assignment transfers the periodic payment obligation and default risk under the settlement agreement from the liable parties to the assignee. Frequently, an assignee is a wholly-owned subsidiary of either the annuity provider or the casualty insurer, created for the sole purpose of accepting such qualified assignments, assuming the payment liability under structured settlements and purchasing and owning annuity contracts and other assets to fund such structured
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Structured Settlement Securities means Asset-Backed Securities that entitle the holders thereof to receive payments that primarily depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from an annuity or other contractual obligation, generally having the following characteristics: (1) the receivables are backed by existing annuity contracts or other contractual obligations; (2) the receivables are subject to the credit risk of (i) the provider of such annuity or (ii) the obligors under such other contractual obligation; and (3) the receivables represent obligations from a limited number of obligors and accordingly represent an undiversified pool of obligor credit risk.
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More Definitions of Structured Settlement Securities

Structured Settlement Securities means Collateral Debt Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Collateral Debt Securities) on the cash flow from receivables representing the right of litigation claimants to receive future scheduled payments under settlement agreements that are funded by annuity contracts, which receivables may have varying maturities.
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Structured Settlement Securities means Structured Finance Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Structured Finance Securities) on the cash flow from receivables representing the right of litigation claimants to receive future scheduled payments under settlement agreements that are funded by annuity contracts, which receivables may have varying maturities.
Sample 1
Structured Settlement Securities means Asset-Backed Securities that entitle the holders thereof to receive payments that depend (except for the rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from the right of litigation claimants to receive future settlement payments under a settlement agreement that are funded by an annuity contract. A Structured Settlement Security related to tobacco litigation is referred to as "Structured Settlement Security (Tobacco)."
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Related to Structured Settlement Securities

  • Structured settlement obligor means, with respect to any structured settlement, the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement.

  • Structured settlement means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers’ compensation claim.

  • Investment Securities means any of the following:

  • Structured settlement annuity means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant.

  • Replacement Securities means securities of the same issuer, class and denomination as Loaned Securities.

  • Structured settlement agreement means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement.

  • Structured settlement payment rights means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, where:

  • Purchase Contract Settlement Fund has the meaning specified in Section 5.5.

  • Parent Securities has the meaning set forth in Section 4.02(b)(ii).

  • Equivalent Securities with respect to a Transaction, Securities equivalent to Purchased Securities under that Transaction. If and to the extent that such Purchased Securities have been redeemed, the expression shall mean a sum of money equivalent to the proceeds of the redemption;

  • Liquid Securities means securities that are publicly traded on the New York Stock Exchange, the American Stock Exchange or the Nasdaq Stock Market and as to which the Company or any Restricted Subsidiary is not subject to any restrictions on sale or transfer (including any volume restrictions under Rule 144 under the Securities Act or any other restrictions imposed by the Securities Act) or as to which a registration statement under the Securities Act covering the resale thereof is in effect for as long as the securities are held; provided that securities meeting the foregoing requirements shall be treated as Liquid Securities from the date of receipt thereof until and only until the earlier of (a) the date on which such securities are sold or exchanged for cash or Cash Equivalents and (b) 180 days following the date of receipt of such securities. If such securities are not sold or exchanged for cash or Cash Equivalents within 180 days of receipt thereof, for purposes of determining whether the transaction pursuant to which the Company or a Restricted Subsidiary received the securities was in compliance with Section 4.11, such securities shall be deemed not to have been Liquid Securities at any time.

  • Qualified Settlement Fund or “Settlement Fund” means the interest-bearing, settlement fund account to be established and maintained by the Escrow Agent in accordance with Article 5 herein and referred to as the Qualified Settlement Fund (within the meaning of Treas. Reg. § 1.468B-1).

  • Cash Settlement shall have the meaning specified in Section 14.02(a).

  • Share Settlement means a number of shares of Class A Common Stock equal to the number of Redeemed Units.

  • Investment security means a marketable obligation in the form of a bond, note, or debenture, commonly regarded as an investment security and that is salable under ordinary circumstances with reasonable promptness at a fair value.

  • ASX Settlement means ASX Settlement Pty Ltd (ABN 49 008 504 532);

  • Physical Settlement Amount For any Settlement Date for which Physical Settlement is applicable, an amount in cash equal to the product of (a) the Forward Price in effect on the relevant Settlement Date multiplied by (b) the Settlement Shares for such Settlement Date.

  • Net Securities Proceeds means the Cash proceeds (net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses) from the (i) issuance of Capital Stock of or incurrence of Indebtedness by Borrower or any of its Subsidiaries and (ii) capital contributions made by a holder of Capital Stock of Borrower.

  • Cash Settlement Amount means the “Cash Settlement Amount” as determined by the Calculation Agent in accordance with Paragraph 6.

  • Exempt Securities has the meaning set forth in Section 4.4(d).

  • Payment Security Mechanism shall have the meaning ascribed thereto in Article 10.4 of this Agreement;

  • Treasury Transactions means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

  • securities settlement system means a securities settlement system (as defined in the CSD Regulation) operated by a central securities depository;

  • Portfolio Securities or "investments" of the Series shall mean, respectively, such assets, net assets, securities, portfolio securities or investments which are from time to time under the management of the Subadviser pursuant to this Agreement.

  • Net Share Settlement Amount For any Settlement Date, an amount equal to the product of (i) the number of Warrants exercised or deemed exercised on the relevant Exercise Date, (ii) the Strike Price Differential for the relevant Valuation Date and (iii) the Warrant Entitlement.

  • Early Settlement Amount has the meaning specified in Section 5.9(a).