Commission Rights definition

Commission Rights means all right, title and interest of Borrower or its Affiliates in or to any commission payments or other compensation for the sale of insurance policies, including but not limited to any right to receive first year, new, renewal, contingent or override commission payments, coverage, bonuses, service fees or other similar payments; provided that for purposes hereof “Commission Rights” shall be limited to compensation payable on or after the date hereof in respect of the sale of insurance policies (issued before, on and after the date hereof); and provided, further, that “Commission Rights” shall include all Commission Rights of Borrower or any Affiliate of Borrower arising from or relating to (i) any replacement or conversion of any of the policies described above whether such new policy is written by the Insurance Company that issued the original policy or another insurance company and whether issued on or after the date hereof, and (ii) the exercise of a policyholder option to purchase additional coverage without evidence of insurability.
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Commission Rights means all right, title and interest in and to (i) expiration rights or renewal rights with respect to the Policies and (ii) any commission payments, contingent payments or other compensation from insurance carriers or producers with respect to the Policies.
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Commission Rights means any and all right, title and interest of Seller or any of its officers, directors, Affiliates, agents or representatives in or to any commission payments or other compensation payable by any Insurance Company or any other insurance company including any right to receive first year, new, renewal, contingent or override commission payments, overage, bonuses, service fees or other similar payments either received or due and owing from any party in connection with the solicitation, sale, production, administration, or servicing of insurance, annuities or investment products, except as such relates to the Excluded Long-Term Care Commissions.
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Examples of Commission Rights in a sentence

  • No Insurance Company or other Person has alleged in any proceeding or otherwise alleged in writing, that any Commission Rights are illegal or unenforceable.

  • The obligations of each Insurance Company in respect of Commission Rights are in full force and effect.

  • All sources of income to Borrower or Co-Borrower are free and clear of all security interests, Liens, charges and encumbrances of others, and there have been no material notices, orders, or other developments or correspondence in respect of the Commission Rights and payments with respect thereto that have not been disclosed to CFG.

  • The obligations of each Insurance Company in respect of the Commission Rights are in full force and effect.

  • Each of Borrower and Co-Borrower shall instruct each new insurance carrier making any payments with respect to the Commission Rights and proceeds therefrom to fund any such payments to the Collections Account.

  • In furtherance of the foregoing, upon the occurrence and during the continuation of a Default or Event of Default, each of Borrower and Co-Borrower shall immediately assign and redirect (“Assignment and Redirection ”) any and all incomes from all Commission Rights and payments with respect thereto and any additional sources of income, to the Collections Account by means of instructions to the insurance carriers or other payors providing these income sources.

  • Promptly upon request therefore, each of Borrower and Co-Borrower shall provide to CFG copies of all monthly commission statements Borrower or Co-Borrower receives from each Insurance Company indicating the amount of payments made with respect to the applicable Commission Rights.

  • No Insurance Company or Governmental Body has alleged in any proceeding or otherwise alleged in writing, that any Commission Rights are illegal or unenforceable.

  • Each of Borrower and Co-Borrower has instructed and will instruct each insurance carrier making any payments with respect to the Commission Rights and proceeds therefrom to fund any such payments to the Collections Account.

  • All Commission Rights are fully and freely transferable and assignable with the consent of the Insurance Company(ies), subject to standard restrictions and conditions imposed by the Insurance Company(ies) and Insurance Contract(s).


More Definitions of Commission Rights

Commission Rights means any and all right, title and interest of the Company, any of its Subsidiaries or any of their respective officers or directors in or to any commission payments or other compensation payable by any Insurance Company or any other insurance company including, but not limited to, any right to receive first year, new, renewal, contingent or override commission payments, overage, bonuses, service fees or other similar payments either received or due and owing from any party in connection with the solicitation, sale, production, administration, or servicing of insurance, annuities or investment products.
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