Facility of Payment definition

Facility of Payment. Subject to applicable law, we reserve the right, in settlement of full liability, to make payments to a guardian, conservator or other legal representative if a payee is legally incompetent.
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Facility of Payment. If any Participant, contingent annuitant, or beneficiary is legally incapable of giving a valid receipt for any payment due him, and no guardian has been appointed, AUL may make such payment to the person or persons who have assumed the care and principal support of such Participant, contingent annuitant, or beneficiary. Also, AUL may make payment directly to any person or entity when directed to do so in writing by the Participant. Any payment made by AUL will fully discharge AUL to the extent of such payment.
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Facility of Payment. If any Participant, contingent annuitant, or beneficiary is legally incapable of giving a valid receipt for any payment, and no guardian has been appointed, we may pay the person or persons who have assumed the care and principal support of such Participant, contingent annuitant, or beneficiary. We may also pay the Participant's designee. Any such payment fully discharges us to the extent of such payment.
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Examples of Facility of Payment in a sentence

  • Facility of Payment A payment made under another Plan may include an amount that should have been paid under This Plan.

  • Facility of Payment and Recovery - Whenever payments which should have been made under our coverage have been made under any other Plans, We shall have the right to pay over to any organizations that made such other payments, any amounts that are needed in order to satisfy the intent of this provision.

  • Any benefits payable for your death will be paid in accord with the Beneficiary, Facility of Payment and Settlement Options sections of the Policy.

  • If the Policy includes Dependent Life Insurance; then any benefits payable for an insured Dependent's death will be paid to:(1) you, if you survive that Dependent; or(2) your Beneficiary, or in accord with the Facility of Payment section; if you do not survive that Dependent.

  • If you are not living when your Dependent dies, the death benefit will be paid to your beneficiary or in accord with the Facility of Payment section of the Policy.

  • Facility of Payment A payment made under another plan may include an amount that should have been paid under this plan.

  • PAYMENT OF CLAIMS: If you die, we will pay any death benefit and any other accrued benefits in accordance with the Beneficiary and Facility of Payment provisions.

  • Benefits for Repatriation will be paid in accord with the Beneficiary and/or Facility of Payment sections of the Policy.

  • If you have not named a Beneficiary, or if no named Beneficiary is living when you die; then the death benefit will be paid to your:(1) surviving spouse; or, if none(2) surviving child or children in equal shares; or, if none(3) surviving parent or parents in equal shares; or, if none(4) surviving brothers and sisters in equal shares; or, if none(5) estate, or in accord with the Facility of Payment section of the Policy.

  • If You do not name a new beneficiary, we will pay death benefits according to the Facility of Payment provision.Is Conversion available after coverage under Portability ends?If coverage under Portability terminates according to (3) or (4) above, You may convert to an individual policy of whole life insurance in accordance with the terms of the Conversion provisions of the Policy.


More Definitions of Facility of Payment

Facility of Payment. If any Participant, contingent annuitant, or beneficiary is legally incapable of giving a valid receipt for any payment, if no guardian has been appointed, and if we receive a valid power of attorney for such Participant, contingent annuitant, or beneficiary, we may pay the person or persons named in such power of attorney. Any such payment fully discharges us to the extent of such payment.
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Facility of Payment. Subject to applicable law, we reserve the right, in settlement of full liability, to make payments to a guardian, conservator or other legal representative if a payee is legally incompetent. P-OC/IND(5/14)-NY
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Facility of Payment. We reserve the right, in settlement of full liability, to make Insured Income Payments or Annuity Payments to a guardian, relative, or other person deemed eligible by us if a person(s) to whom we are making Income, Insured Income or Annuity Payments is deemed to be legally incompetent, as permitted by law. Incontestability: We will not contest this Contract. All statements in the Contract Owner’s application are representations, not warranties. Misstatement of Age or Sex: If there has been a misstatement of the age and/or sex of any person upon whose life any amounts we are obligated to determine in order to make any payment, including Insured Income Payments or Annuity Payments, we will adjust such amounts to conform to that for the correct age and/or sex. As to Annuity Payments and Insured Income Payments: (a) any underpayments by us will be remedied on the next payment following the correction with interest at a rate not less than that required by applicable law but not exceeding 6%; and (b) any overpayments by us will be charged against future amounts payable by us under your Contract. If there has been a misstatement of the age and/or sex of a person(s) upon whose life the Insured Income Payments or Annuity Payments under this Contract are based, we will make adjustments to any availability and any benefits payable under this Contract to conform to the facts. Non-Participation: This Contract does not share in our profits or surplus earnings. No dividends are payable. Premium Tax: Premium tax rates and rules vary by state and may change. We reserve the right to deduct any such tax from Annuity Payments or Insured Income Payments. Recovery of Excess Payments: We may recover from you or your estate any Insured Income Payments or Annuity Payments made after the death of the Annuitant or the last of the Annuitants that would have otherwise resulted in the termination of this Contract. Reports to you: Each contract year after the first, you will receive a report at least once annually.
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Facility of Payment. Any installment or payment required to be made by the Company under this Agreement, to any person entitled to said payment, with the person being under a legal disability at the time, then said payment may be made in any of the following ways, by the Company, in its sole discretion.
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Facility of Payment. If any Participant, contingent annuitant, or beneficiary is legally incapable of giving a valid receipt for any payment, and no guardian has been appointed, we may pay the P-K-TDAMFVA-GMDB(BR).17 person or persons who have assumed the care and principal support of such Participant, contingent annuitant, or beneficiary. We may also pay you directly or as you otherwise instruct. Any such payment fully discharges us to the extent of such payment.
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Related to Facility of Payment

  • Priority of Payments The meaning specified in Section 11.1(a).

  • Guarantee Priority of Payments means the priority of payments relating to moneys received by the Cash Manager for and on behalf of the Guarantor and moneys standing to the credit of the Guarantor Accounts, to be paid on each Guarantor Payment Date in accordance with the Guarantor Agreement.

  • Guaranty of Payment means each Guaranty of Payment executed and delivered on or after the Closing Date in connection with this Agreement by the Guarantors of Payment, as the same may from time to time be amended, restated or otherwise modified.

  • Eligible facility means any hospital, skilled nursing facility, intermediate care facility, or basic care facility licensed by the state department of health, or any assisted living facility licensed by the department of human services; and

  • Collateral Enhancement Obligation means any warrant or equity security, excluding Exchanged Equity Securities, but including without limitation, warrants relating to Mezzanine Obligations and any equity security received upon conversion or exchange of, or exercise of an option under, or otherwise in respect of a Collateral Debt Obligation; or any warrant or equity security purchased as part of a unit with a Collateral Debt Obligation (but in all cases, excluding, for the avoidance of doubt, the Collateral Debt Obligation), in each case, the acquisition of which will not result in the imposition of any present or future, actual or contingent liabilities or obligations on the Issuer other than those which may arise at its option; provided that no Collateral Enhancement Obligation may be a Dutch Ineligible Security.

  • Replacement Liquidity Facility has the meaning set forth in the Intercreditor Agreement.

  • L/C Reimbursement Obligation means, for any Letter of Credit, the obligation of the Borrower to the L/C Issuer thereof, as and when matured, to pay all amounts drawn under such Letter of Credit.

  • Post-Enforcement Priority of Payments means the order of priority pursuant to which the Guarantor Available Funds shall be applied on each Guarantor Payment Date, following the delivery of a Guarantor Default Notice, in accordance with the Intercreditor Agreement.

  • Guarantor of Payment means each of the Companies set forth on Schedule 2 hereof, that are each executing and delivering an Amended and Restated Guaranty of Payment, or any other Person that shall deliver a Guaranty of Payment to Agent subsequent to the Effective Date.

  • Applicable Facility Fee means the percentage set forth in the table below corresponding to the Level at which the “Applicable Margin” is determined in accordance with the definition thereof: Level Facility Fee 2 0.125% 3 0.150% 4 0.200% 5 0.250%

  • Applied Non-Extension Advance has the meaning assigned to such term in Section 2.06(a).

  • Liquidity Facility “Liquidity Obligations”, “Loan Trustee”, “Non-Extended Facility”, “Note Purchase Agreement”, “Operative Agreements”, “Participation Agreement”, “Performing Equipment Note”, “Person”, “Pool Balance”, “Rating Agencies”, “Regular Distribution Date”, “Replacement Liquidity Facility”, “Responsible Officer”, “Scheduled Payment”, “Special Payment”, “Stated Interest Rate”, “Subordination Agent”, “Taxes”, “Threshold Rating”, “Transfer”, “Trust Agreement”, “Trustee”, “Underwriters”, and “Underwriting Agreement”.

  • Downgrade Advance means an Advance made pursuant to Section 2.02(c).

  • Note Payment Sequence means the application of Interest Proceeds in accordance with the Interest Proceeds Priority of Payments or the application of Principal Proceeds in accordance with the Principal Proceeds Priority of Payments, as applicable, in the following order:

  • Eligible Facilities Request means any request for modification of an existing tower or base station that does not substantially change the physical dimensions of such tower or base station, involving:

  • Class A Liquidity Facility has the meaning set forth in the Intercreditor Agreement.

  • Facility Maturity Date means the earliest to occur of (i) the Stated Maturity Date, (ii) the date of the declaration, or automatic occurrence, of the Facility Maturity Date pursuant to Section 7.01, (iii) the Collection Date and (iv) the occurrence of the termination of this Agreement pursuant to Section 2.18(b) hereof.

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Liquidity Facility Provider means a Person that is a party to a Liquidity Facility with the Authority with respect to specified Bonds and whose credit rating by each nationally recognized Rating Agency then rating the Class I Bonds is sufficiently high to maintain the then current rating on such Bonds by such Rating Agency or the equivalent of such rating by virtue of guarantees or insurance arrangements.

  • Loan Payment means any amount payable by the Loan Parties to the Bank pursuant to the Legal Agreements or these General Conditions, including (but not limited to) any amount of the Withdrawn Loan Balance, interest, the Front-end Fee, interest at the Default Interest Rate (if any), any prepayment premium, any transaction fee for a Conversion or early termination of a Conversion, any premium payable upon the establishment of an Interest Rate Cap or Interest Rate Collar, and any Unwinding Amount payable by the Borrower.”

  • Availability Payment means the payment to Owner described in Section 8.1 for Condition 1 and 8.2 for Condition 2.

  • Unapplied Non-Extension Advance means any Non-Extension Advance other than an Applied Non-Extension Advance.

  • Liquidity Facilities means, collectively, the Class A Liquidity Facility and the Class B Liquidity Facility.

  • Tariff Payment means the payments to be made under Monthly Bills as referred to in Article 10 and the relevant Supplementary Bills;

  • Guarantor Payment Date means (a) prior to the delivery of a Guarantor Default Notice, the date falling on the 18th day of each month or, if such day is not a Business Day, the immediately following Business Day; and (b) following the delivery of a Guarantor Default Notice, any day on which any payment is required to be made by the Representative of the Covered Bondholders in accordance with the Post-Enforcement Priority of Payments, the relevant Final Terms and the Intercreditor Agreement;

  • Loan Payment Date means any date on which any Bond Service Charges are due and payable.