MRTA policy definition

MRTA policy means Mortgage Redemption Term Assurance (MRTA) policy taken by the Borrower in respect of which DCB Bank, at the request of the Borrower, has disbursed / agreed to disburse the Insurance Premium towards the policy as set out in the Schedule hereto.
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Examples of MRTA policy in a sentence

  • The Borrower also agrees that in the event the application for the said MRTA policy is not accepted by the Insurance Company, for any reason whatsoever, the Borrower shall have authorised the Insurance Company and DCB Bank shall be entitled to receive on behalf of the Borrower the refund of the premium amount paid and in such an event, the Borrower agrees and authorises DCB Bank to appropriate the refund of the premium towards the part pre-payment of the Loan.

  • The Borrower agrees that, as specified in the Schedule hereto, part of the Loan shall be disbursed by DCB Bank towards the purchase / construction / extension / alteration of the Property and part of the Loan shall be disbursed to the Insurance Company on behalf of the Borrower towards payment of premium for the Mortgage Redemption Term Assurance (MRTA) policy if applied for by the Borrower and indicated in the Schedule hereto.

  • Premium and / or non-assignment of MRTA policy If the Borrower does not pay one or more insurance premium/s under the MRTA policy, if applicable, as a result the MRTA policy lapses or is cancelled by the Insurance Company and / or if the Borrower does not assign the MRTA policy in favour of DCB Bank.

  • The Borrower agrees that, as specified in the Schedule, part of the Loan shall be disbursed by DCB Bank towards the purchase / construction / extension / alteration of the Property and part of the Loan shall be disbursed to the Insurance Company on behalf of the Borrower towards payment of premium for the Mortgage Redemption Term Assurance (MRTA) policy if applied for by the Borrower and indicated in the Schedule hereto.

  • The Borrower agrees that, as specified in the Schedule hereto, part of the Loan shall be disbursed by DCB Bank for the purpose set out in the End Use of Funds Letter and part of the Loan shall be disbursed to the Insurance Company on behalf of the Borrower towards payment of premium for the Mortgage Redemption Term Assurance (MRTA) policy if applied for by the Borrower and indicated in the Schedule hereto.

  • If the Staff, Office of the Public counsel, or other intervenor party does not submit a pleading objecting to the Addendum within forty-five (45) days of the filing thereof, the Addendum shall be deemed approved by the aforesaid parties.