Common use of Denied Disbursements Clause in Contracts

Denied Disbursements. (a) Purchaser agrees to promptly notify CLIC if it proposes to deny any disbursement request. The notice required under this Section 3.05 will contain the basis for Purchaser's decision to deny such disbursement request and the date that such disbursement would be required to be made. Purchaser may not deny a disbursement request if CLIC reasonably objects to such denial in writing within 10 Business Days of CLIC's receipt of the notice required under this Section 3.05 (or within such shorter period as may be required to permit the relevant disbursement to be made within the time period required by any applicable law or regulation). In the event that Purchaser notifies CLIC of a proposed denial on the Business Day that the disbursement would be required to be made and CLIC objects to such proposed denial, then the disbursement shall be made as soon as practicable thereafter, and CLIC acknowledges that such disbursement may be made later than the date otherwise required by this Agreement. (b) Purchaser agrees to immediately notify CLIC of any litigation that has been instituted or threatened, or of any complaint which any person has filed or has threatened to file with any state insurance department or other regulatory agency, with respect to any denied disbursement request or any disbursement request-handling procedure in connection with a Coinsured Contract, regardless of whether the disbursement request was paid or denied, or with respect to any other matter relating to a Coinsured Contract. Such notice shall contain a report summarizing the nature of the litigation or complaint, the alleged actions or omissions giving rise to the litigation or complaint and copies of any files that CLIC may require to respond to the litigation or complaint. (c) Purchaser shall pay the expenses of any litigation or regulatory proceeding with respect to the Coinsured Contracts (subject to any indemnification rights of Purchaser under this Agreement or any other agreement between Purchaser and CLIC).

Denied Disbursements. (a) Purchaser agrees to promptly notify CLIC Seller if it proposes to deny any disbursement request. The notice required under this Section 3.05 will contain the basis for Purchaser's decision to deny such disbursement request and the date that such disbursement would be required to be made. Purchaser may not deny a disbursement request if CLIC Seller reasonably objects to such denial in writing within 10 Business Days of CLICSeller's receipt of the notice required under this Section 3.05 (or within such shorter period as may be required to permit the relevant disbursement to be made within the time period required by any applicable law or regulation). In the event that Purchaser notifies CLIC Seller of a proposed denial on the Business Day that the disbursement would be required to be made and CLIC Seller objects to such proposed denial, then the disbursement shall be made as soon as practicable thereafter, and CLIC Seller acknowledges that such disbursement may be made later than the date otherwise required by this Agreement. (b) Purchaser agrees to immediately notify CLIC Seller of any litigation that has been instituted or threatened, or of any complaint which any person has filed or has threatened to file with any state insurance department or other regulatory agency, with respect to any denied disbursement request or any disbursement request-handling procedure in connection with a Coinsured Contract, regardless of whether the disbursement request was paid or denied, or with respect to any other matter relating to a Coinsured Contract. Such notice shall contain a report summarizing the nature of the litigation or complaint, the alleged actions or omissions giving rise to the litigation or complaint and copies of any files that CLIC Seller may require to respond to the litigation or complaint. (c) Purchaser shall pay the expenses of any litigation or regulatory proceeding with respect to the Coinsured Contracts (subject to any indemnification rights of Purchaser under this Agreement or any other agreement between Purchaser and CLICSeller).

Denied Disbursements. (a) Purchaser LLANY agrees to promptly notify CLIC Seller if it proposes to deny any disbursement request. Such notice shall be made promptly, but in any event, at such time as to permit Seller to object to such denial and to allow such disbursement to be made in a timely manner. The notice required under this Section 3.05 will contain the basis for PurchaserLLANY's decision to deny such disbursement request and the date that such disbursement would be required to be made. Purchaser LLANY may not deny a disbursement request if CLIC Seller reasonably objects to such denial in writing within 10 Business Days of CLICSeller's receipt of the notice required under this Section 3.05 (or within such shorter period as may be required to permit the relevant disbursement to be made within the time period required by any applicable law or regulation). In the event that Purchaser LLANY notifies CLIC Seller of a proposed denial on the Business Day that the disbursement would be required to be made and CLIC Seller objects to such proposed denial, then the disbursement shall be made as soon as practicable thereafter, and CLIC Seller acknowledges that such disbursement may be made later than the date otherwise required by this Agreement. (b) Purchaser LLANY agrees to immediately notify CLIC Seller of any litigation that has been instituted or threatened, or of any complaint which any person has filed or has threatened to file with any state insurance department or other regulatory agency, with respect to any denied disbursement request or any disbursement request-handling procedure in connection with a Coinsured Contract, regardless of whether the disbursement request was paid or denied, or with respect to any other matter relating to a Coinsured Contract. Such notice shall contain a report summarizing the nature of the litigation or complaint, the alleged actions or omissions giving rise to the litigation or complaint and copies of any files that CLIC Seller may require to respond to the litigation or complaint. Seller shall retain the right to exercise ultimate responsibility for handling all such litigation matters and for resolving complaints. (c) Purchaser LLANY shall pay the expenses of any litigation or regulatory proceeding with respect to the Coinsured Contracts (subject to any indemnification rights of Purchaser LLANY under this Agreement or any other agreement between Purchaser LLANY and CLICSeller).

Denied Disbursements. (a) Purchaser agrees to promptly notify CLIC Seller if it proposes to deny any disbursement request. The notice required under this Section 3.05 will contain the basis for Purchaser's decision to deny such disbursement request and the date that such disbursement would be required to be maderequest. Purchaser may not deny a disbursement request if CLIC Seller reasonably objects to such denial in writing within 10 Business Days of CLICSeller's receipt of the notice required under this Section 3.05 (or within such shorter period as may be required to permit the relevant disbursement to be made within the time period required by any applicable law or regulation). In the event that Purchaser notifies CLIC Seller of a proposed denial on the Business Day that the disbursement would be required to be made and CLIC Seller objects to such proposed denial, then the disbursement shall be made as soon as practicable thereafter, and CLIC Seller acknowledges that such disbursement may be made later than the date otherwise required by this Agreement. (b) Purchaser agrees to immediately notify CLIC Seller of any litigation that has been instituted or threatened, or of any complaint which any person has filed or has threatened to file with any state insurance department or other regulatory agency, with respect to any denied disbursement request or any disbursement request-handling procedure in connection with a Coinsured Covered Contract, regardless of whether the disbursement request was paid or denied, or with respect to any other matter relating to a Coinsured Covered Contract. Such notice shall contain a report summarizing the nature of the litigation or complaint, the alleged actions or omissions giving rise to the litigation or complaint and copies of any files that CLIC Seller may require to respond to the litigation or complaint. (c) Purchaser shall pay the expenses of any litigation or regulatory proceeding with respect to the Coinsured Covered Contracts (subject to any indemnification rights of Purchaser under this Agreement or any other agreement between Purchaser and CLICSeller).

Denied Disbursements. (a) Purchaser agrees to -------------------- promptly notify CLIC Seller if it proposes to deny any disbursement request. The notice required under this Section 3.05 3.04 will contain the basis for Purchaser's decision to deny such disbursement request and the date that such disbursement would be required to be maderequest. Purchaser may not deny a disbursement request if CLIC reasonably Seller objects to such denial in writing within 10 Business Days of CLICSeller's receipt of the notice required under this Section 3.05 3.04 (or within such shorter period as may be required to permit the relevant disbursement to be made within the time period required by any applicable law or regulation). In the event that Purchaser notifies CLIC Seller of a proposed denial on the Business Day that the disbursement would be required to be made and CLIC Seller objects to such proposed denial, then the disbursement shall be made as soon as practicable thereafter, and CLIC Seller acknowledges that such disbursement may be made later than the date otherwise required by this Agreement. (b) Purchaser agrees to immediately notify CLIC Seller of any litigation that has been instituted or threatened, or of any complaint which any person has filed or has threatened to file with any state insurance department or other regulatory agency, with respect to any denied disbursement request or any disbursement request-handling procedure in connection with a Coinsured an Insurance Contract, regardless of whether the disbursement request was paid or denied, or with respect to any other matter relating to a Coinsured an Insurance Contract. Such notice shall contain a report summarizing the nature of the litigation or complaint, the alleged actions or omissions giving rise to the litigation or complaint and copies of any files that CLIC Seller may require to respond to the litigation or complaint. (c) Purchaser shall pay the expenses of any litigation or regulatory proceeding with respect to the Coinsured Insurance Contracts (subject to any indemnification rights of Purchaser under this Agreement or any other agreement between Purchaser and CLICSeller).