Covered Events definition

Covered Events means events, accidents or occurrences that take place after the Effective Date that result in Loss under the Business Reinsured, provided that in the case of hurricanes or tropical storms, landfall in any of the 48 contiguous states of the United States of America first takes place after the Effective Date.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Covered Events refer to "Events" occurring on or before the effective date of this modification, whether formal or constructive, which were known or should have been known by the Contractor on the effective date of this modification, whether or not such events were discussed between the parties, all of which events: (I) arise out of or under or are in any way related to this contract and affect this contract, or (ii) arise out of or under or are in any way related to this contract and affect any other contract between the Contractor and the Government, or (iii) arise out of or under or are any way related to any other contract between the Contractor and the Government or the Contractor and any third party and affect this contract but only to the extent of the effect on this contract.

Covered Events means any Defaults or Events o f Default pursuant to the Bond Agreement occurring on, before or after the date o f the Bondholders' Meeting:

Examples of Covered Events in a sentence

• However, the Company’s reimbursements from the FHCF for all Covered Events occurring during the Contract Year shall not exceed, in aggregate, the Projected Payout Multiple or Payout Multiple, as applicable, times the individual Company’s Reimbursement Premium for the Contract Year.

• The SBA’s final decision regarding an application for an advance to prevent insolvency shall be based on whether or not, considering the totality of the circumstances, including the SBA’s obligations to provide reimbursement for all Covered Events occurring during the Contract Year, granting an advance is essential to allowing the entity to continue to pay additional claims for a Covered Event in a timely manner.

• After this initial determination, any subsequent adjustments shall be made quarterly by the SBA only if the Proof of Loss Reports reveal that loss development patterns have resulted in a change in the order of Covered Events entitled to the reduction to one-third of the full Retention.

• When a Covered Event occurs in a subsequent Contract Year when reimbursable losses are still being paid for a Covered Event in a previous Contract Year, the SBA will establish a reserve for the outstanding reimbursable losses for the previous Contract Year, based on the length of time the losses have been outstanding, the amount of losses already paid, the percentage of incurred losses still unpaid, and any other factors specific to the loss development of the Covered Events involved.

• The Company’s Proof of Loss Reports shall be used to determine which Covered Events constitute the Company’s two largest Covered Events.

• We will reimburse You, up to the Maximum Benefit Amount shown in the Schedule of Benefits, for the additional cost incurred as a result of a change in the per person occupancy rate for prepaid non-refundable Travel Arrangements if a person booked to share Accommodations with You cancels his/her Trip due to any of the covered Unforeseen reasons or Other Covered Events shown in Your Trip Cancellation section(s) and You do not cancel or interrupt Your Trip.

• The SBA shall not be liable for Losses from Covered Events which commence after the effective time and date of expiration or termination.

• When a Covered Event occurs in a subsequent Contract Year when reimbursable Losses are still being paid for a Covered Event in a previous Contract Year, the SBA will establish a reserve for the outstanding reimbursable Losses for the previous Contract Year, based on the length of time the Losses have been outstanding, the amount of Losses already paid, the percentage of incurred Losses still unpaid, and any other factors specific to the loss development of the Covered Events involved.

• If the Company’s most recently submitted Proof of Loss Report(s) indicates that it has no Losses resulting from Covered Events during the Contract Year, the SBA shall after 36 months request that the Company execute a final commutation agreement.

• While a Company may submit a Proof of Loss Report requesting reimbursement at any time following a Loss Occurrence, all Companies shall submit a mandatory Proof of Loss Report for each Loss Occurrence no earlier than December 1 and no later than December 31 of the Contract Year during which the Covered Event(s) occurs using the most current data available, regardless of the amount of Ultimate Net Loss or the amount of loss reimbursements or advances already received.

More Definitions of Covered Events

Covered Events means any Intercollegiate Athletic event that is authorized by, organized by, or directly supervised by an official representative of NIU and/or NIU Intercollegiate Athletics), including practices, games, off-season conditioning, and related travel. In addition, prospective student athletes and their chaperones are to be covered during or directly related to a visit for which the prospective student athlete(s) and chaperones are invited by NIU and/or NIU Intercollegiate Athletics. “Covered events” also includes all activities of student athletes on behalf of intercollegiate athletics, including promotional appearances and fundraising activities.

Covered Events means any issuance of Penalty Warrants or alteration of the conversion price of the Series D Preferred Stock pursuant to the Reset (as defined in the fifth paragraph of Subsection 4(a) of the Certificate of Designations for the Series D Preferred Stock, as amended from time to time), or any contractual modification to such Reset (the altered conversion price effected by such Reset, as contractually modified by agreement of the holders of at least a majority of the Series D Preferred Stock, being referred to herein as the "Series D Reset Price"). It is intended that the Option shall not qualify as an "incentive stock option" as defined in Section 422 of the Internal Revenue Code of 1986, as amended.

Covered Events shall have the meaning set forth in Section 7.2(a).