Policy Payment definition
Examples of Policy Payment in a sentence
Funds held in the Policy Payment Account shall not be invested by the Trustee.
To the extent that Company's purchase of, or payment of premiums with respect to, such policy or policies results in compensation income to Executive, Company shall pay to Executive an additional payment (the "Policy Payment") in an amount such that after payment by Executive of all taxes imposed on Executive with respect to the Policy Payment, Executive retains an amount of the Policy Payment equal to the taxes imposed upon Executive with respect to such purchase or the payment of such premiums.
Any funds remaining in the Policy Payment Account on the first Business Day following a Distribution Date shall be returned to the Certificate Insurer pursuant to the written instructions of the Certificate Insurer by the end of such Business Day.
Any funds remaining in the Policy Payment Account on the first Business Day following a Payment Date shall be returned to the Insurer pursuant to the written instructions of the Insurer by the end of such Business Day.
Upon the payment of any Insurance Policy Payment Amount in accordance with the terms of the Insurance Policy, the Insurer shall be fully subrogated to the rights of the Noteholders to receive the amount so paid and shall be deemed to be a Noteholder with respect thereto.
The Indenture Trustee shall deposit upon receipt any amount paid under the Policy into the Policy Payment Account and distribute such amount only for purposes of payment to the Noteholders of the Insured Amount for which a claim was made and such amount may not be applied to satisfy any costs, expenses or liabilities of the Seller, the Depositor, the Master Servicer, the Servicers, the Indenture Trustee or the Issuer.
However, the amount of any payment of principal or interest on the Notes to be paid from funds transferred from the Policy Payment Account shall be noted as provided in subsection (d) of this Section 5.04 in the Note Register and in the Indenture Trustee’s Statement to Noteholders.
On each Payment Date, pursuant to Section 7.02(b) hereof, such amounts will be transferred from the Policy Payment Account to the Note Account and the Indenture Trustee shall distribute such Insured Payments, or the proceeds thereof in accordance with Section 3.03(b), to the Owners of such Notes.
The Trustee shall deposit any amounts paid under the Policy into the Policy Payment Account and distribute such amounts only for purposes of payment to Holders of the Class 1-A-3 Certificates of the Insured Payment for which a claim was made and such amounts may not be applied to satisfy any costs, expenses or liabilities of the Trustee or the Trust Estate.
On each Payment Date, pursuant to Section 12.02(b) hereof, such amounts will be transferred from the Policy Payment Account to the Certificate Account and the Trustee shall distribute such Insured Payments, or the proceeds thereof in accordance with Section 7.03(b), to the Owners of such Certificates.