Eligible Credit Insurance means a Credit Insurance Policy issued by an Eligible Credit Insurance Provider, which policy (a) is a Credit Insurance Policy that the Administrative Agent (in its sole discretion) has approved in writing, (b) is in full force and effect, and (c) with respect to which, all due and payable premiums have been paid in full. For the avoidance of doubt, if the Credit Insurer of such a Credit Insurance Policy ceases to be an Eligible Credit Insurance Provider, such policy shall cease to constitute Eligible Credit Insurance unless, with respect to any Credit Insurance Policy issued by multiple insurance providers, the Administrative Agent (in its sole discretion) elects to apply a weighted average rating to such insurer group, elects to apply a proportionate reduction in the Insured Amount with respect to receivables insured by such insurer or otherwise consents in writing.
Eligible Credit Insurance means a Credit Insurance Policy issued by an Eligible Credit Insurance Provider, which policy (a) is a Credit Insurance Policy that (i) is the Great American Insurance Company Policy or (ii) the Administrator and the Purchaser Agents (in their sole discretion) have approved in writing, (b) is in full force and effect, and (c) with respect to which, all due and payable premiums have been paid in full. For the avoidance of doubt, if the Credit Insurer of such a Credit Insurance Policy ceases to be an Eligible Credit Insurance Provider, such policy shall cease to constitute Eligible Credit Insurance unless, with respect to any Credit Insurance Policy issued by multiple insurance providers, the Administrator (in its sole discretion) elects to apply a weighted average rating to such insurer group, elects to apply a proportionate reduction in the Insured Amount with respect to receivables insured by such insurer or otherwise consents in writing.
Eligible Credit Insurance means a Credit Insurance Policy issued by an Eligible Credit Insurance Provider, which policy (a) has been approved in writing by the Administrative Agent in its sole discretion, (b) is in full force and effect, (c) under which the Administrative Agent is an additional insured, loss-payee or bank-beneficiary (as the case may be) entitled to make, and receive payment of, insurance claims thereunder, (d) contains terms and endorsements permitting the transactions contemplated by the Transaction Documents (including the transfer and pledge of the Pool Receivables insured thereby and the rights of the Secured Parties hereunder with respect thereto), and (e) with respect to which, all due and payable premiums have been paid in full. If the Credit Insurer of such a Credit Insurance Policy ceases to be an Eligible Credit Insurance Provider, such policy shall cease to constitute Eligible Credit Insurance. No Eligible Credit Insurance is in effect as of the Closing Date.
Examples of Eligible Credit Insurance in a sentence
Notwithstanding anything in this Agreement to the contrary, failure to maintain Eligible Credit Insurance shall not constitute a Termination Event or Unmatured Termination Event.
For the avoidance of doubt, no Receivable shall constitute an Insured Receivable at any time the Credit Insurance Policy relating thereto shall cease to constitute Eligible Credit Insurance.
If any Credit Insurance Policy ceases to be Eligible Credit Insurance, the Seller and the Servicer shall furnish to the Administrator and each Purchaser Agent written notice thereof, together with a statement of the actions the Seller plans to take to remedy such situation, if any, promptly but not later than five (5) Business Days thereafter.
More Definitions of Eligible Credit Insurance
Eligible Credit Insurance means a Credit Insurance Policy issued by an Eligible Credit Insurance Provider, which policy (a) is a Credit Insurance Policy that the Administrator and the Purchaser Agents (in their sole discretion) have agreed in writing constitutes “Eligible Credit Insurance,” (b) such Credit Insurance Policy’s designation as “Eligible Credit Insurance” has not been revoked in writing by the Administrator or any Purchaser Agent; provided that any such designation may only be revoked at a time when the long-term unsecured and uncredit-enhanced senior debt obligation of the related Eligible Credit Insurance Provider is withdrawn or falls below a rating of (i) “AA-” by Standard & Poor’s, or (ii) “Aa3” by Moody’s, (c) is in full force and effect and is the legal, valid and binding obligation of the related Eligible Credit Insurance Provider, and (d) with respect to which, all due and payable premiums have been paid in full. For the avoidance of doubt, if the Credit Insurer of such a Credit Insurance Policy ceases to be an Eligible Credit Insurance Provider, such policy shall cease to constitute Eligible Credit Insurance.
Eligible Credit Insurance means a Credit Insurance Policy issued by an Eligible Credit Insurance Provider which (i) has been approved in writing by the Administrative Agent in its sole discretion, (ii) is in full force and effect, (iii) names the Administrative Agent as an additional insured, loss-payee or bank-beneficiary (as the case may be) entitled to make, and receive payment of, insurance claims thereunder, (iv) contains terms and endorsements permitting the transactions contemplated by the Transaction Documents (including with respect to the Pool Receivables insured thereby and the Seller, the Originators, the Servicer, the Performance Guarantor and any other Affiliate thereof that is from time to time a party to any Transaction Document and the Purchaser Parties), (v) with respect to which, all due and payable premiums under the Credit Insurance Policy have been paid in full and (vi) with respect to which the Eligible Credit Insurance Provider (A) is not the subject of an Insolvency Proceeding and (B) has not failed to make any required payments under the Credit Insurance Policy pursuant to the terms thereof. For the avoidance of doubt, if the Credit Insurer of such a Credit Insurance Policy ceases to be an Eligible Credit Insurance Provider, such policy shall cease to constitute Eligible Credit Insurance. “Eligible Credit Insurance Provider” means an insurance company in the business of issuing commercial credit insurance (a) which company is not an Affiliate of any of the Seller, the Originators, the Servicer, the Performance Guarantor or any other Affiliate thereof and (b) with respect to which, it has not had any credit rating assigned by any of Xxxxx’x, S&P or A.M. Best Company, Inc. to it reduced by two or more ratings “notches” since the time the Credit Insurance Policy written by such Credit Insurer became Eligible Credit Insurance hereunder; provided, that, with respect to the Credit Insurance Policy issued by multiple insurance providers, the Administrative Agent may elect (in its sole discretion) to treat such syndicate as a single insurer and apply a weighted average credit rating. “Eligible Foreign Currency” means AUD, CAD, EUR, GBP, NZD and SEK. “Eligible Foreign Currency VaR Percentage” means 6.0%, or such other percentage designated by all Group Agents from time to time upon ten (10) Business Days’ notice. “Eligible Foreign Obligor” means an Obligor that is organized in or that has a head office (domicile), registered office, and chief executive office locat...
Eligible Credit Insurance means a Credit Insurance Policy issued by an Eligible Credit Insurance Provider, which policy (a) is a Credit Insurance Policy that the Administrator and the Purchaser Agents (in their sole discretion) have agreed in writing constitutes “Eligible Credit Insurance,” (b) is in full force and effect, and (c) with respect to which, all due and payable premiums have been paid in full. For the avoidance of doubt, if the Credit Insurer of such a Credit Insurance Policy ceases to be an Eligible Credit Insurance Provider, such policy shall cease to constitute Eligible Credit Insurance unless, with respect to any Credit Insurance Policy issued by multiple insurance providers, the Administrator (in its sole discretion) elects to apply a weighted average rating to such insurer group, elects to apply a proportionate reduction in the Insured Amount with respect to receivables insured by such insurer or otherwise consents in writing.