American United Life Insurance (AULI) Loan Refinancing Sample Clauses

American United Life Insurance (AULI) Loan Refinancing. The proposed financing would also enable PWW to refinance a further outstanding loan relative to the $2.4 million remaining principal amount on PWW’s note payable to AULI, which matures and is due in full on March 1, 2021. That loan was originally taken out in 1996, to fund 4 See the pre-filed direct testimony of Xxxxx X. Xxxxxxx in DW 20-055, Xxxxx 37. capital projects at the time, in the amount of $8 million over 25 years, at an interest rate of 7.4% with annual sinking fund payments of $400,000. It is necessary for PWW to refinance the remaining $2.4 million due on this loan prior to its maturity because the Company’s current revenue structure does not enable it to possess the necessary “cash on hand” to pay the entire amount due on that date. However, the AULI debt instrument also has a “make whole” provision if it is repaid prior to the March 1, 2021 due date. That requirement is currently estimated to be approximately $74,141 if the loan is paid on August 1, 2020, but will decrease subsequent to that date.5 The precise amount of the “make whole” payoff will not be determined until the date of closing as its precise determination is based upon the number of days remaining until loan maturity as well as the US Treasuries rate upon which the “make whole” provision is calculated. With the present inclusion of the refinancing of this loan within the proposed overall financing, it is anticipated that PWW’s ratepayers will benefit from a further reduction in the Company’s debt service in that the currently estimated interest rate of the proposed financing of 3.67% is less than half the interest rate of the existing loan of 7.40%. This is particularly beneficial, as refinancing the $2.4 million amount due on its own in early 2021 would not inure the same benefits as incorporating it into the overall proposed $75 million financing, as that amount on its own is too small to take to the bond markets, and would be at much higher interest rates with onerous covenants and requirements, if refinanced with a term loan at a commercial bank or the existing AULI lender.
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Related to American United Life Insurance (AULI) Loan Refinancing

  • Group Life Insurance The Hospital shall contribute one hundred percent (100%) toward the monthly premium of HOOGLIP or other equivalent group life insurance plan in effect for eligible full-time employees in the active employ of the Hospital on the eligibility conditions set out in the existing Agreements.

  • Hospitals of Ontario Voluntary Life Insurance Plan The Hospital also agrees to make the Hospitals of Ontario Voluntary Life Insurance Plan (HOOVLIP) available to the nurses subject to the provisions of HOOVLIP at no cost to the Hospital.

  • Group Life Insurance Plan Section 1 - Eligibility Regular full-time and regular part-time employees who are on staff January 1, 1979 or who join the staff following this date shall, upon completion of the three-month probationary period, become members of the Group Life Insurance Plan as a condition of employment.

  • Term Life Insurance The Employer will maintain and make available to full-time and part-time employees, the current term life insurance plan as set forth in the document "Summary of Health Benefits, Maryland State Employees."

  • Life Insurance No portion of your IRA may be invested in life insurance contracts.

  • Retiree Life Insurance Employees who retire under the Monroe County Employees' Retirement System shall be eligible for $4,000.00 term life insurance. All employees hired by the Employer on or after October 1, 2007 shall not be eligible for Retiree Life Insurance.

  • Insurance Company The Buyer is an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a State, territory or the District of Columbia.

  • Dependent Life Insurance In the event of the death of your spouse or dependent child from any cause whatsoever, while you and your dependents are insured under the plan, the insurance company will pay you $10,000 in respect of your spouse and $5,000 in respect of each insured dependent child. This applies to those employees with family health coverage only.

  • Group Term Life Insurance The School District will pay the full premium for each $1,000 of coverage for group term life insurance. The amount of life insurance provided will be $20,000, subject to the conditions of the carrier.

  • Mortgage Insurance If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Xxxxxxxx’s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage insurer to make payments using any source of funds that the mortgage insurer may have available (which may include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity, or any affiliate of any of the foregoing, may receive (directly or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower’s payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer’s risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer’s risk in exchange for a share of the premiums paid to the insurer, the arrangement is often termed “captive reinsurance.” Further:

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