Surrender of Policy Sample Clauses
The Surrender of Policy clause outlines the process by which a policyholder can voluntarily terminate their insurance policy before its maturity or expiration. Typically, this involves the policyholder submitting a formal request to the insurer, after which the insurer calculates and pays out any applicable surrender value, which may be reduced by fees or outstanding loans. This clause provides a clear mechanism for policyholders to exit their contractual obligations and access any accumulated value, addressing the need for flexibility in managing changing financial circumstances.
Surrender of Policy. The Trust Collateral Agent shall surrender the Policy to the Note Insurer for cancellation upon its expiration in accordance with the terms thereof.
Surrender of Policy. The Trustee shall surrender the Policy to the Insurer for cancellation upon the expiration of the Policy in accordance with the terms thereof.
Surrender of Policy. The Trustee shall surrender this Policy to Financial Security for cancellation upon expiration of the Term of this Policy.
Surrender of Policy. The Trustee shall surrender the Policy to the Note Insurer for cancellation upon its expiration in accordance with the terms thereof.
Surrender of Policy. The parties agree that the Employee shall surrender the Policy. The Employer shall notify the Insurer of the Employee's surrender of the Policy. The Employee agrees to sign a letter in the form of Exhibit A, and agrees further to sign any additional documents required for surrender of the Policy.
Surrender of Policy. 7.1 The Employee shall have the sole and exclusive right to surrender the Policy.
7.2 If the Policy is surrendered, the Employee shall direct the insurance company in writing to draw a check payable to the Corporation in an amount equal to the "Assignee's Cash Value Rights", as defined within the provisions of Part A "Definitions" section of the Assignment.
7.3 If there is a delay in the surrender of the Policy by either party to this Agreement, and if such delay results in diminished policy values being available to either party, neither party to this Agreement shall hold the insurance company liable for such diminution in Policy values.
Surrender of Policy. The Owner Trustee shall surrender the Certificate Policy to the Security Insurer for cancellation upon the expiration of such policy in accordance with the terms thereof.
Surrender of Policy. The Trustee shall surrender this Policy to Financial Security for cancellation upon expiration of the Term of This Policy. Policy No.: 51660-N Date of Issuance: June 28, 2005 IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this Endorsement No. 1 to be executed by its Authorized Officer. FINANCIAL SECURITY ASSURANCE INC. By: s/ M. D. W▇▇▇▇▇, Jr. Policy No.: 51660-N Date of Issuance: June 28, 2005 Financial Security Assurance Inc. 3▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ Re: New Century Home Equity Loan Trust, Series 2005-A Asset Backed Pass-Through Certificates The undersigned, a duly authorized officer of Deutsche Bank National Trust Company (the “Trustee”), hereby certifies to Financial Security Assurance Inc. (“Financial Security”), with reference to Financial Guaranty Insurance Policy No. 51660-N dated June 28, 2005 (the “Policy”) issued by Financial Security in respect of the New Century Home Equity Loan Trust, Series 2005-A Asset Backed Pass-Through Certificates, $108,924,000 Original Class Principal Balance, Class A-4w and $71,925,000 Original Class Principal Balance, Class A-5w (the “Certificates”), that:
(i) The Trustee is the Trustee for the Holders under the Pooling and Servicing Agreement for the Holders.
(ii) The sum of all amounts on deposit (or scheduled to be on deposit) in the Distribution Account and available for distribution to the Holders pursuant to the Pooling and Servicing Agreement will be $__________ (the “Shortfall”) less than the Guaranteed Distributions with respect to the Distribution Date.
(iii) The Trustee is making a claim under the Policy for the Shortfall to be applied to distributions of principal or interest or both with respect to the Certificates.
(iv) The Trustee agrees that, following receipt of funds from Financial Security, it shall (a) hold such amounts in trust and apply the same directly to the payment of Guaranteed Distributions on the Certificates when due; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds held by the Trustee and (d) maintain an accurate record of such payments with respect to each Certificate and the corresponding claim on the Policy and proceeds thereof and, if the Certificate is required to be surrendered or presented for such payment, shall stamp on each such Certificate the legend “$[insert applicable amount] paid by Financial Security and the balance hereof has been cancelled and reissued” and then shall deliver such Certificate to F...
Surrender of Policy. There is no surrender value payable in this policy.
4.3.1 In the event of a claim for Death Benefit arising under this Policy, the Eligible Person shall endeavor to intimate to the Company in writing of the claim and provide the following documents to the Company within 60 days of the claim arising, to enable the Company to process the claim:
4.3.2 In case of death claims, including death claims arising out of accidents or unnatural deaths
(i) Death Certificate, in original, issued by the competent authority;
(ii) Policy document, in original;
(iii) Medical cause of death (Death Certificate) issued by doctor certifying death.
(iv) Identification proof (bearing photo) of person proposed to receive the benefit and the Annuitant
4.3.3 Notwithstanding anything contained in Clause 4.4.2 above, depending upon the cause or nature of the claim, the Company reserves the right to call for any other and/or additional documents or information, including documents/information, to the satisfaction of the Company, for processing of the claim.
4.3.4 Delay in intimation of claim or submission of documents for the reasons beyond the control of the Eligible Person may be condoned by the Company.
Surrender of Policy. 36 SECTION 5.04 Rights of Subrogation and Assignment ..................... 36 SECTION 6.01 The Notes ................................................ 37 SECTION 6.02 Authentication and Delivery of the Notes ................. 38 SECTION 6.03 Registration of Transfer and Exchange of Notes ........... 38 SECTION 6.04 Mutilated, Destroyed, Lost or Stolen Notes ............... 42 SECTION 6.05 Persons Deemed Owners .................................... 43