In the light of the king's countenance is life; and his favour is as a cloud of the latter rain.
In the light of the king's countenance (is) life - as there is in the light of the sun beaming on the vegetable and animal world, in contrast to the "death" that is in his "wrath" (Proverbs 16:14). This is fully true only of the Sun of Righteousness (Psalms 4:6; Psalms 44:3; Malachi 4:2).
And his favour (is) as a cloud of the latter rain (Hebrew, malqowsh (H4456)) - which brings the vernal shower to the grain shortly before it ripens (Deuteronomy 11:14; Jeremiah 5:24; Hosea 6:3). The former rain (yoreh) watered the grain after the sowing.