Whole Premium Sample Clauses
The Whole Premium clause defines the requirement for the policyholder to pay the entire insurance premium amount, rather than in installments or partial payments. In practice, this means that coverage under the policy is contingent upon the full premium being paid upfront, and failure to do so may result in the policy not taking effect or being voided. This clause ensures that the insurer receives the total agreed-upon payment before assuming any risk, thereby reducing the risk of non-payment and administrative complications.
Whole Premium. An amount determined as of the day before the applicable Prepayment Date (or date of purchase, as the case may be) which an Independent Investment Banker determines to be equal to the excess, if any, of (i) the present values of all remaining scheduled payments of such principal amount or portion thereof and interest thereon (excluding interest accrued from the immediately preceding Payment Date to such Prepayment Date or date of purchase, as the case may be) to the Maturity of such Certificate in accordance with generally accepted financial practices assuming a 360-day year consisting of twelve 30-day months at a discount rate equal to the Treasury Yield, all as determined by the Independent Investment Banker over (ii) the unpaid principal amount of such Certificate.
Whole Premium. An amount determined as of the day before the applicable Prepayment Date (or date of purchase, as the case may be) which an Independent Investment Banker determines to be equal to the excess, if any, of (i) the present value of the remaining scheduled payments of such principal amount or portion thereof and interest thereon (excluding interest accrued from the immediately preceding Payment Date to such Prepayment Date or date of purchase, as the case may be) to the Maturity of such Certificate in accordance with generally accepted financial practices assuming a 360-day year consisting of twelve 30-day months at a discount rate equal to the Treasury Yield, all as determined by the Independent Investment Banker over (ii) the outstanding principal amount of such Certificate plus accrued interest. Mandatory Document Terms. The terms set forth on Schedule V to the Participation Agreement. Mandatory Economic Terms. The terms set forth on Schedule VI to the Participation Agreement.