Purchase of Insurance. No Mortgagor was required to purchase any credit life, disability, accident or health insurance product as a condition of obtaining the extension of credit. No Mortgagor obtained a prepaid single-premium credit life, disability, accident or health insurance policy in connection with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies as part of the origination of, or as a condition to closing, such Mortgage Loan;
Purchase of Insurance. No Mortgagor was required to purchase any single premium credit insurance policy (e.g., life, mortgage, disability, property, accident, unemployment or health insurance product) or debt cancellation agreement as a condition of obtaining the extension of credit. No Mortgagor obtained a prepaid single premium credit insurance policy (e.g., life, mortgage, disability, property, accident, unemployment, mortgage or health insurance) in connection with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies as part of the origination of, or as a condition to closing, such Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Representation;
Purchase of Insurance. No Mortgagor was required to purchase any single premium credit insurance policy (e.g., life, mortgage, disability, property, accident, unemployment or health insurance product) or debt cancellation agreement as a condition of obtaining the extension of credit. No Mortgagor obtained a prepaid single-premium credit insurance policy (e.g., life, mortgage, disability, property, accident, unemployment, or health insurance) in connection with the origination of the Mortgage Loan. No proceeds from any Mortgage Loan were used to purchase single premium credit insurance policies or debt cancellation agreements as part of the origination of, or as a condition to closing, such Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Representation;
Purchase of Insurance. Owner is responsible for obtaining the required insurance coverage. If the Hotel is eligible to participate in Manager’s insurance program Manager, at Owner’s request, will arrange for such participation. Any insurance coverage obtained with respect to the Hotel is the primary coverage and must pay 100% of any losses incurred by Owner or Manager. Owner’s obligation to maintain the required insurance is not limited in any way because of any insurance that Manager or its Affiliates carry. Owner has no right to deny coverage of Manager’s losses and Owner has no right to any additional coverage obtained by Manager.
Purchase of Insurance. Subject to Section 7.2 of the Basic Plan, insurance Policies can be purchased on the life of a Participant at the direction of the following: (check all that apply) ¨ The Administrator ¨ The Participant
Purchase of Insurance. In order to assure the availability of funds for the purchase price of the shares to be purchased under this Agreement on the death of any Shareholder, the Corporation shall have the option to apply for, purchase and maintain in full force and effect a policy or policies of life insurance on the life of any Shareholder subject to this Agreement. Each such policy shall be listed and described in Exhibit A of this Agreement. The Corporation shall reserve the right to apply for and take out additional insurance policies from time to time on the life of each, any or all of the Shareholders whenever, in the opinion of the Board of Directors of the Corporation, additional insurance may be required for the benefit of the Corporation or to enable it to carry out its obligations hereunder. Each policy shall belong solely to the Corporation and, subject to the provisions of this Agreement, the Corporation reserves all the powers and rights of ownership of it. The Corporation shall be named as the primary beneficiary of the respective policies and shall pay all premiums on them as they become due. No Shareholder shall exercise any of the powers of ownership of any of the policies by changing the name of the beneficiary, canceling the policy, electing optional methods of payment, converting the policy, borrowing against it, or in any other way changing its nature, value, or the rights of the policy. Any dividends paid on account of such policy shall at the option of the Corporation be applied to the payment of premiums. In the event of death of an insured Shareholder hereunder, the Corporation shall file the necessary proof of death and collect the proceeds of any policies of insurance outstanding on the life of the deceased Shareholder as covered by this Agreement. In such event, the consideration <PAGE> 8 for the shares shall be delivered as soon as practical to the person entitled to it, who shall cause the certificate representing the purchased shares to be properly endorsed and delivered. In the event that the purchase price is greater than the amount of insurance proceeds, if any, the Corporation shall pay the purchase price in cash up to the full amount of the insurance proceeds, and shall pay the balance of the purchase price as set forth hereinabove. In the event the insurance proceeds are greater than the purchase price herein, the excess proceeds shall be and remain the sole property of the Corporation. (b)
Purchase of Insurance. For the duration of Indemnitee’s service as a director or officer of the Bank, and thereafter for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, the Bank shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and/or officers of the Bank that is at least substantially comparable in scope and amount to that provided by the Bank’s current policies of directors’ and officers’ liability insurance. In all policies of directors’ and officers’ liability insurance obtained by the Bank, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Bank’s directors and officers most favorably insured by such policy. Upon written request of an Indemnitee, the Bank shall provide Indemnitee with a copy of all directors’ and officers’ liability insurance policies, as they may be amended and/or supplemented from time to time. Without limiting the generality or effect of the three immediately preceding sentences, the Bank shall not discontinue or significantly reduce the scope or amount of coverage under any such policy without the approval of a majority of the members of the Board. The Indemnitee’s expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to recovery under any such policy of directors’ and officers’ liability insurance shall be indemnified by the Bank.
Purchase of Insurance. Buyer, from and after the Effective Time, will cause the persons who served as directors or officers of Safety Fund on or before the Effective Time to be covered by Safety Fund's existing directors' and officers' liability insurance policy (provided that Buyer may substitute therefor policies of at least the same coverage and amounts containing terms and conditions which are not less advantageous than such policy) but in no event shall any insured person be entitled under this Section 6.11 to insurance coverage more favorable than that provided to him or her in such capacities at the date hereof with respect to acts or omissions resulting from their service as such on or prior to the Effective Time. Such insurance coverage shall commence on the Effective Date and will be provided for a period of no less than six years after the Effective Time; provided, however, that in no event shall Buyer be required to expend in any year more than 150% of the current per annum amount expended by Safety Fund to maintain or procure insurance coverage pursuant hereto. Safety Fund agrees to renew any such existing insurance or to purchase any "discovery period" insurance provided for thereunder at Buyer's request.
Purchase of Insurance. 1. All insurance under the above headings of Primary Insurance and Other Insurance shall be purchased by the Partnership, and not by one of the Partners for the Partnership, unless a Partner is agreeable to purchasing such insurance and a SuperMajority in Interest of the Partners authorizes such Partner to acquire such insurance. In such event, such Partner shall be reimbursed for the cost of such insurance pursuant to the Accounting Procedures.
Purchase of Insurance. The purchase of insurance Policies on the life of a Participant, other than key man insurance under Section 7.2(j), is not currently permitted in this Plan.
