Examples of Captive Insurance Subsidiaries in a sentence
Each of the Captive Insurance Subsidiaries has been adequately capitalized by the Borrower and its Subsidiaries in compliance with applicable Law.
The sole business activity of the Captive Insurance Subsidiaries is providing insurance coverage for the Borrower, its Affiliates, the other Excluded Subsidiaries, the Managed Entities and transportation providers.
The Captive Insurance Subsidiaries shall not provide insurance or reinsurance coverage for any Person other than the Borrower, the other Loan Parties, Affiliates of Borrower, the other Excluded Subsidiaries, transportation providers or Managed Entities, without the prior written consent of the Administrative Agent.
Notwithstanding the foregoing, Holdings and the Restricted Subsidiaries may self-insure with Captive Insurance Subsidiaries or other means, in each case to the extent deemed commercially reasonable in the good faith judgment of the management of Holdings.
Except for the Borrower’s Captive Insurance Subsidiaries, none of such insurance companies is an Affiliate of the Borrower.
The Borrower owns (directly or indirectly) 100% of the issued and outstanding Equity Interests of each of the Captive Insurance Subsidiaries.
The Borrower has not guaranteed or otherwise agreed to pay or be responsible for any Indebtedness or obligations of the Captive Insurance Subsidiaries of any kind or nature which would not be permitted hereunder.
Maintain with financially sound and reputable insurance companies not Affiliates of the Company (other than Eligible Captive Insurance Subsidiaries), insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons.
The Borrower has not guaranteed or otherwise agreed to pay or be responsible for any Indebtedness or obligations of the Captive Insurance Subsidiaries of any kind or nature which would not be permitted under the terms of this Agreement or arises under a Letter of Credit.
Captive Insurance Subsidiaries of MREITs Can Further the FHLB Housing Mission Members of the MREIT Council believe that the admission of captive insurance subsidiaries of real estate businesses that are aligned with the mission of the FHLBs will continue to strengthen the FHLB system and thereby expand housing finance credit.