Common use of Reconveyed Insurance Premium Loans Clause in Contracts

Reconveyed Insurance Premium Loans. Upon the repurchase by the Assignor of any interest under this Assignment Agreement, then, on the date required for such repurchase, the Assignor shall deposit into the Collection Account in immediately available funds an amount equal to the outstanding principal balance of the affected Insurance Premium Loans on the date of such repurchase, together with accrued and unpaid interest thereon through such date. Such deposit shall be considered payment in full for such interest. In connection with the preceding paragraph, the Assignee shall execute such documents and instruments of transfer or assignment as shall be prepared by the Assignor, and shall take such other actions as shall reasonably be requested by the Assignor, to effect the repurchase of the interests from the Assignee. 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.

Reconveyed Insurance Premium Loans. Upon the repurchase by the Assignor of any interest under this Assignment Agreement, then, on the date required for such repurchase, the Assignor shall deposit into the Collection Account an account identified by the Assignee in immediately available funds an amount equal to the outstanding principal balance of the affected Insurance Premium Loans on the date of such repurchase, together with accrued and unpaid interest thereon through such date. Such deposit shall be considered payment in full for such interest. In connection with the preceding paragraph, the Assignee shall execute such documents and instruments of transfer or assignment as shall be prepared by the Assignor, and shall take such other actions as shall reasonably be requested by the Assignor, to effect the repurchase of the interests from the Assignee. 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.

Reconveyed Insurance Premium Loans. Upon the repurchase by the Assignor of any interest under this Assignment Agreement, then, on the date required for such repurchase, the Assignor shall deposit into the Collection Account in immediately available funds an amount equal to the outstanding principal balance of the affected Insurance Premium Loans on the date of such repurchase, together with accrued and unpaid interest thereon through such datedate at the interest rate per annum on the Loans under the Financing Agreement. Such deposit shall be considered payment in full for such interest. In connection with the preceding paragraph, the Assignee shall execute such documents and instruments of transfer or assignment as shall be prepared by the Assignor, and shall take such other actions as shall reasonably be requested by the Assignor, to effect the repurchase of the interests from the Assignee. 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.

Reconveyed Insurance Premium Loans. Upon the repurchase by the Assignor Originator of any interest Participation under this Assignment Agreement, then, on the date required for such repurchase, the Assignor Originator shall deposit into the Collection Account in immediately available funds an amount equal to the outstanding principal balance of the affected Insurance Premium Loans on the date of such repurchase, together with accrued and unpaid interest thereon through such datedate at the interest rate per annum on the Loans under the Financing Agreement. Such deposit shall be considered payment in full for such interestParticipation. In connection with the preceding paragraph, the Assignee Participant shall execute such documents and instruments of transfer or assignment as shall be prepared by the AssignorOriginator, and shall take such other actions as shall reasonably be requested by the AssignorOriginator, to effect the repurchase of the interests Participations from the AssigneeParticipant. Upon repurchase of the interests Participations in Insurance Premium Loans from the AssigneeParticipant, the Assignee Participant shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey to or upon the order of the AssignorOriginator, without recourse, representation or warranty, all the right, title and interest of the Assignee Participant in and to the reconveyed interest Participations and all Collections with respect thereto and all proceeds thereof received after the date of such repurchase.