Residual Value Policy definition

Residual Value Policy. With respect to the credit leases related to each of the Credit Lease Loans, the related insurance policy insuring against the diminution in value of the related Mortgaged Properties.
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Residual Value Policy means Residual Value Insurance Policy Number 01-01-20-0189, dated as of April 30, 1998, issued by R.V.I. America Insurance Company with respect to the Properties with the Penvest Trust as Insured thereunder and Nomura as Loss Payee thereunder.
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Residual Value Policy means that certain residual value insurance policy with respect to the Mortgaged Properties issued by the Residual Value Insurer with Lender as loss payee thereunder, together with all amendments, supplements and endorsements thereto (including the Loss Payee Endorsement).
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Examples of Residual Value Policy in a sentence

  • Owner acknowledges that, subject to the Loss Payee Endorsement, the Residual Value Insurer in the Residual Value Policy has agreed to deliver directly to Lender all proceeds payable by Residual Value Insurer under the Residual Value Policy.

  • Conditions Condition One – Definitions When used in this Lease Residual Value Policy, the following words and phrases will have the specific meanings as set forth in this Condition One: Apartment means the residential apartment unit leased to a Tenant pursuant to a Lease and specified in the Coverage Rider issued to such Tenant hereunder.

  • Unless all of the Indebtedness shall have been paid in full on or prior to the Maturity Date and this Indenture released with respect to all of the Mortgaged Properties subject hereto, Owner shall maintain in full force and effect the Residual Value Policy from the Residual Value Insurer and comply with its obligations pursuant to the Residual Value Policy.

  • The Residual Value Insurer has agreed to make payment of proceeds to Lender pursuant to the Loss Payee Endorsement of the Residual Value Policy.

  • All proceeds of the Residual Value Policy shall be applied to the payment of the Indebtedness.

  • Initial Claim means the first written request for a Loss Payment following a Coverage Event made in accordance with this Lease Residual Value Policy.

  • Coverage Rider means, with respect to a Lease, the certificate issued by the Insurer to the Insured, in accordance with the terms of this Lease Residual Value Policy, to extend coverage to such Lease for the Coverage Period.

  • Termination of Coverage by the Insurer The Insurer will not have the right to terminate this Lease Residual Value Policy or any Coverage Rider issued hereunder except as stated herein.

  • My purpose is not to put them under time pres- sure but rather to have them find a solution in the manner that occurs most naturally to them.

  • In the event that the Insurer elects to terminate this Lease Residual Value Policy or any Coverage Rider pursuant to the above conditions, the Insurer will not be obligated to refund any portion of any Premium.


More Definitions of Residual Value Policy

Residual Value Policy. A non-cancelable residual value insurance policy that guarantees the Balloon Payment on a Balloon Loan, the form of which has been approved by the Rating Agencies.
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Residual Value Policy means the residual value insurance policy issued as of February 27, 2001 by Residual Value Insurer with respect to the Loans. The Residual Value Policy shall be modified by endorsement to remove the Replaced Properties from the Residual Value Policy and to add the Substitute Properties to the Residual Value Policy simultaneously with the closing of the Transaction.
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Related to Residual Value Policy

  • Residual Value means the proceeds, less removal and disposal costs, if any, realized upon disposition of a tangible capital asset. It usually is measured by the net proceeds from the sale or other disposition of the asset, or its fair value if the asset is traded in on another asset. The estimated residual value is a current forecast of the residual value.

  • ALG Residual Value means the residual of a 2012-1 Vehicle set forth as the ALG Residual Value in the lease schedule attached as Exhibit A to the 2012-1 SUBI Supplement, which shall be the lesser of (i) the ALG residual values of the 2012-1 Vehicles at the scheduled termination of the related 2012-1 Leases at the time the related 2012-1 Lease was signed and (ii) the ALG residual values of the 2012-1 Vehicles at the scheduled termination of the related 2012-1 Leases provided by ALG in February 2012.

  • Base Residual Value means, for a Lease, the lower of (a) the Contract Residual Value of the Lease and (b)(i) the ALG Residual Value of the related Leased Vehicle or (ii) if the Servicer does not have an ALG Residual Value, the oldest ALG MTM Residual Value that the Servicer has for the related Leased Vehicle.

  • Cash Value Insurance Contract means an Insurance Contract (other than an indemnity reinsurance contract between two insurance companies) that has a Cash Value greater than $50,000.

  • Policy Schedule means a schedule attached to these Terms and Benefits, which sets out, among others, the Policy Effective Date, Renewal Date, the name and the relevant particulars of the Policy Holder and the Insured Person, the eligible benefits, premium and other relevant details in respect of these Terms and Benefits.

  • Retail value of a prize means:

  • Actual Value means the greenhouse gas emissions savings for some or all of the steps of a specific biofuel, bioliquid or biomass fuel production process, calculated in accordance with the methodology laid down in Part C of Annex V or Part B of Annex VI;

  • Collateral Value The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal (as reviewed and approved by the Seller) made at the time of the origination of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a Mortgage Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based upon the appraisal (as reviewed and approved by the Seller) obtained at the time of refinancing.

  • Mortgage Policy has the meaning specified in Section 4.01(a)(iv)(B).

  • FHA Mortgage Insurance Contract means the contractual obligation of the FHA respecting the insurance of a Mortgage Loan.

  • Mortgage Loan Rider The standard FNMA/FHLMC riders to the Mortgage Note and/or Mortgage riders required when the Mortgaged Property is a condominium unit or a unit in a planned unit development.

  • Insurance Report means an insurance report in respect of the Insurances confirming that such Insurances are placed with such insurers, insurance companies and/or clubs in such amounts, against such risks and in such form as acceptable to the Agent (acting on the instructions from the Finance Parties) and comply with the requirements under Clause 26.3 (Insurance) and the GIEK Guarantee prepared by Bank Assure Insurance Services Inc., or such other reputable insurance advisor approved by the Agent, and dated on or about the date of this Agreement and addressed to, and capable of being relied upon by, the Finance Parties.

  • Insurance Schedule means Schedule 3 attached hereto.

  • Original Value The lesser of (a) the Appraised Value of a Mortgaged Property at the time the related Mortgage Loan was originated and (b) if the Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the purchase price paid for the Mortgaged Property by the Mortgagor at the time the related Mortgage Loan was originated.

  • Special Hazard Amount As of any Distribution Date, an amount equal to $2,721,144 minus the sum of (i) the aggregate amount of Special Hazard Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.05 of this Series Supplement and (ii) the Adjustment Amount (as defined below) as most recently calculated. For each anniversary of the Cut-off Date, the Adjustment Amount shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding sentence (without giving effect to the deduction of the Adjustment Amount for such anniversary) exceeds the greater of (A) the greatest of (i) twice the outstanding principal balance of the Mortgage Loan in the Trust Fund which has the largest outstanding principal balance on the Distribution Date immediately preceding such anniversary, (ii) the product of 1.00% multiplied by the outstanding principal balance of all Mortgage Loans on the Distribution Date immediately preceding such anniversary and (iii) the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of the Mortgage Loans in any single five-digit California zip code area with the largest amount of Mortgage Loans by aggregate principal balance as of such anniversary and (B) the greater of (i) the product of 0.50% multiplied by the outstanding principal balance of all Mortgage Loans on the Distribution Date immediately preceding such anniversary multiplied by a fraction, the numerator of which is equal to the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of all of the Mortgage Loans secured by Mortgaged Properties located in the State of California divided by the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of all of the Mortgage Loans, expressed as a percentage, and the denominator of which is equal to 38.56% (which percentage is equal to the percentage of Mortgage Loans initially secured by Mortgaged Properties located in the State of California) and (ii) the aggregate outstanding principal balance (as of the immediately preceding Distribution Date) of the largest Mortgage Loan secured by a Mortgaged Property located in the State of California. The Special Hazard Amount may be further reduced by the Master Servicer (including accelerating the manner in which coverage is reduced) provided that prior to any such reduction, the Master Servicer shall (i) obtain written confirmation from each Rating Agency that such reduction shall not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency and (ii) provide a copy of such written confirmation to the Trustee.

  • Special Hazard Mortgage Loan A Liquidated Mortgage Loan as to which a Special Hazard Loss has occurred.

  • Health-care-insurance receivable means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.

  • Certificate Insurance Policy The Certificate Guaranty Insurance Policy No. AB1094BE, dated the Closing Date, including any endorsements thereto issued by the Certificate Insurer to the Trustee for the benefit of the Holders of the Insured Certificates, a form of which is attached as Exhibit L hereto.

  • Mortgage Loan Schedule shall have the meaning assigned to such term in the recitals.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Insurance Amount has the meaning set forth in Section 6.08(c).

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Contract Minimum Investment Requirement means, with respect to the Project, investment by the Company and any Sponsor Affiliates of at least $10,000,000 in Economic Development Property subject (non-exempt) to ad valorem taxation (in the absence of this Fee Agreement).

  • Insurance Program or “program” shall mean a program which has been designated as a major program of PRISM under which participating members are protected against designated losses, either through joint purchase of primary or excess insurance, pooling of self-insured claims or losses, purchased insurance or any other combination as determined by the Board of Directors. The Board of Directors, the Executive Committee, or a program’s governing committee may determine applicable criteria for determining eligibility in any insurance program, as well as establishing program policies and procedures.

  • Risk Transfer Date means the date when the risk of loss or damage to the Works passes from the Contractor to the Employer in accordance with sub Clauses 38.2 and 39.1.

  • Insurance Contract means a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk.