Benefitted Party Clause Samples
The 'Benefitted Party' clause defines which individual or entity is entitled to receive the benefits, rights, or protections provided under a contract. In practice, this clause identifies the party who will gain from specific provisions, such as indemnities, warranties, or insurance coverage, and may clarify whether third parties can also be considered benefitted parties. Its core function is to ensure clarity regarding who is eligible to claim or enforce certain contractual advantages, thereby preventing disputes over entitlement and streamlining the administration of contractual obligations.
Benefitted Party. Without limiting the foregoing, if at any time the board of directors of AAC does not include the minimum number of Unaffiliated Qualified Directors required by this Section 3.04(a), the sole consequence shall be as set forth in this Section 3.04(a).
Benefitted Party. Without limiting the foregoing, if at any time the board of directors of AAC does not include the minimum number of Unaffiliated Qualified Directors required by this Section 3.04(a), the sole consequence shall be as set forth in this Section 3.04(a).
(b) The provisions in the Charter Amendment relating to Unaffiliated Qualified Directors shall not be amended in a manner adverse to the Policy Beneficiaries.
(c) Intentionally Omitted
(d) Other than as permitted pursuant to the provisions of Section 3.04(e) or Section 3.04(h), AAC and its Subsidiaries shall not write new business (including through any reinsurance or guarantee arrangement or under existing treaties), unless (A) approved by OCI and (B) AAC has a financial strength rating of at least A by S&P and A2 by Moody’s (provided, that if at such time only one such rating organization is in the business of rating financial guarantors, then by such organization), or, if neither S&P nor ▇▇▇▇▇’▇ is in the business of rating financial guarantors, then the equivalent rating by any other nationally recognized statistical rating organization (and, in each case, is not on negative watch for downgrade while it has a financial strength rating of A or A2 (or, if applicable, such equivalent thereof)), and except that new business may be undertaken solely by Everspan (for the avoidance of doubt, without any reinsurance or other guarantee by AAC or any other Subsidiary of AAC) using the proceeds of outside capital received by AAC or any of its Affiliates after the Closing and invested in Everspan, if approved by the board of directors of AAC, including a majority of the Unaffiliated Qualified Directors. For the avoidance of doubt, the provisions of this Section 3.04(d) shall not apply to (X) any recaptures of policies ceded to reinsurers if such recapture is specifically approved by OCI at or about the time of such recapture, (Y) the issuance of a financial guaranty insurance policy or surety bond (A) pursuant to a contractual commitment in effect on the date hereof or (B) pursuant to or in connection with the RMBS Remediation Plan, the SL Remediation Plan, the SA Remediation Plan or any GA Remediation Action, or (Z) any hedging activity that satisfies the OCI Approval Standard.
(e) AAC will not, and will cause each of its Subsidiaries not to, issue, incur or assume any Surplus Notes, policies or other material obligations that are pari passu with or senior to the AAC Surplus Notes (including, without limitation, debt...