The Insurance Policy. (a) The Trustee acknowledges that the Issuer and the Guarantor have secured the Insurance Policy to initially provide limited insurance against the inability of the Issuer or the Guarantor to convert Reais into U.S. dollars and transfer any U.S. dollars to the Trustee in satisfaction of amounts to be paid by it under this Indenture and the Notes or the Guaranty, as the case may be. The Issuer hereby confirms that the premium for the Insurance Policy has been paid by the Issuer on or prior to the Closing Date. In addition, the Trustee and the Issuer acknowledge that the Insurance Policy provides similar protection for any inability of the Trustee to convert any Reais amounts received by, without limitation, the Trustee in satisfaction of the Issuer's obligations under this Indenture and the Notes or the Guarantor's obligations under the Guaranty, as the case may be, including any Reais amounts received in connection with any insolvency or similar proceedings involving the Issuer or the Guarantor or any enforcement of this Indenture and the Notes against the Issuer or the Guaranty against the Guarantor.
The Insurance Policy. If requested, the Insurer will issue a ---------------------- policy insuring Investor Shares containing the following provisions:
The Insurance Policy. (a) The Trustee acknowledges that Unibanco has secured the Insurance Policy to initially provide limited insurance against the inability of Unibanco to convert reais into U.S. dollars and transfer any U.S. dollars to the Trustee in satisfaction of amounts to be paid by it under this Indenture and the Notes. Unibanco hereby confirms that the premium for the Insurance Policy has been paid by Unibanco on or prior to the Closing Date. In addition, the Trustee and Unibanco acknowledge that the Insurance Policy provides similar protection for any inability of the Trustee to convert any reais amounts received by the Trustee in satisfaction of Unibanco’s obligations under this Indenture and the Notes, including any reais amounts received in connection with any insolvency or similar proceedings involving Unibanco or any enforcement of this Indenture and the Notes against Unibanco. The Trustee and Unibanco further acknowledge that the Insurance Policy provides limited insurance against an act or series of acts of any Governmental Authority of Brazil that deprive Unibanco, or in certain limited circumstances, the Trustee, of the use or control of funds to satisfy Unibanco’s obligations under the Indenture and the Notes.
The Insurance Policy. (a) If, on the third Business Day before any Distribution Date, the Trustee determines that the amount on deposit in the Certificate Account distributable to Holders of the Insured Certificates pursuant to Section 13.01(b), together with any amounts that may be distributable to the Holders of the Insured Certificates on such Distribution Date, the Trustee shall determine the amount of any such deficiency and shall give Notice to the Insurer and the appropriate Fiscal Agent (as defined in the Insurance Policy), if any, by telephone or telecopy of the amount of such deficiency, confirmed in writing to the Insurer, such Notice to be substantially in the form of Exhibit A attached to the Insurance Policy and delivered by 12:00 noon, New York City time on such third Business Day.
The Insurance Policy. (a) The Trustee acknowledges that the Issuer has (i) arranged for the Insurers to issue the Insurance Policy in favor of the Trustee, for the benefit of the Noteholders, to initially provide limited insurance against Currency Inconvertibility/Non-Transfer Events and (ii) entered into the Issuer Consent Agreement with the Insurance Agent. The Issuer hereby authorizes and directs the Trustee to enter into the Insurance Policy and the Insurance Policy Application. The Issuer hereby confirms that the total premium due for the Insurance Policy up to the Expected Maturity Date has been paid by the Issuer to the Trustee for further credit to the Insurance Agent on or prior to the Closing Date.
The Insurance Policy. The Issuer has obtained the Insurance Policy for the benefit of the Agent on behalf of the Company and the Bank Investor. The Issuer acknowledges that the Agent is entitled, in accordance with the terms thereof, to demand funds thereunder for the benefit of the Company and the Bank Investors. The Agent shall have no liability to the Issuer, and the Issuer shall indemnify and hold the Agent harmless, in connection with any demands made by the Agent under the Insurance Policy except to the extent that the Agent shall have acted with gross negligence or willful misconduct in making any such demand. Such indemnified amounts shall be paid to the extent and in the priority set forth in Section 5.1(a)(xi) of the Security Agreement.
The Insurance Policy. (a) On each Determination Date the Trustee shall determine with respect to the immediately following Payment Date the amounts to be on deposit in each Certificate Account on such Payment Date with respect to each Mortgage Loan Group (disregarding the amounts of any Insured Payments with respect to such Mortgage Loan Group) and equal to the sum of (x) such amounts excluding the amount of any Total Monthly Excess Cashflow amounts included in such amounts and excluding an amount equal to the Premium Amount with respect to such Mortgage Loan Group together with any Master Servicing Fees and Trustee's Fees with respect to such Mortgage Loan Group for the related Payment Date plus (y) any amounts of Total Monthly Excess Cashflow to be applied on account of such Mortgage Loan Group on such Payment Date; the amounts described in the preceding clause (x) with respect to each Mortgage Loan Group and Payment Date, are the "
The Insurance Policy. (a) If, as of 1:00 p.m. New York City time on the third Business Day prior to any Payment Date, the Indenture Trustee has been notified by the Property Manager that the Available Amount, any amounts released from the DSCR Reserve and any P&I Advances to be made by the Property Manager or the Indenture Trustee that is to be distributed on such Payment Date pursuant to (and subject to the priorities set forth in) Section 2.12(c) will not be sufficient to pay the Insured Obligations on such Payment Date (a “Deficiency”), which notice the Property Manager is required to provide pursuant to Section 4.01(f) of the Property Management Agreement, the Indenture Trustee shall by 1:00 p.m. on the second Business Day immediately prior to such Payment Date make a claim under the Insurance Policy for the amount of the Deficiency for such Payment Date pursuant to the terms of the Insurance Policy.
The Insurance Policy. The Insurance Policy shall be effective and shall provide for (i) the payment of interest on the Bank Bonds at the Bank Rate and (ii) amortization of the Bank Bonds in equal semi-annual installments during the Amortization Period. The Insurance Policy shall be in substantially the form of Appendix E to the Reoffering Circular, shall have been issued to the Trustee and shall provide that after the Bank has purchased Tendered Bonds in accordance with the Indenture, the Bond Insurer shall make scheduled payments of principal of and shall pay interest on Bank Bonds at the Bank Rate and shall also provide for the amortization of Bank Bonds during the Amortization Period.
The Insurance Policy. (a) Notwithstanding anything to the contrary in this Agreement, the Parties agree that the Warranties shall only be or remain valid if:
