Covered Obligation definition

Covered Obligation shall have the meaning set forth in Recital B.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Covered Obligation shall have the meaning set forth in the Surety Bond.

Covered Obligation means an obligation of a Participating Association to policyholders, beneficiaries and/or payees of a policy listed in Exhibit 7.1.1. Covered

Examples of Covered Obligation in a sentence

• All agreements and obligations of the Indemnitor contained herein shall continue so long as an Indemnified Party has or may have any liability with respect to a Covered Obligation arising under any Covered Agreement.

• This Agreement is solely for the benefit of the parties hereto, and the other members of their respective Groups, and is not intended to confer upon any other Persons any rights or remedies hereunder or under the Covered Obligation Documents.

• If any member of the SunCoke Group or the Sunoco Group identifies an additional Covered Obligation, such Person shall notify SunCoke and Sunoco, and at the request of Sunoco, the SunCoke Group shall undertake all measures reasonably requested by Sunoco to cause the obligee of a Covered Obligation to release Sunoco or such other members of the Sunoco Group as may be obligated under such Covered Obligation.

• Each Participating Guaranty Association will undertake at its expense the defense of any suit, whenever filed, which is based or alleged to be based on any Covered Obligation of such Participating Guaranty Association and any decision or act solely of such Participating Guaranty Association regarding coverage or level of benefits.

• If any member of the SunCoke Group or the Sunoco Group indentifies an additional Covered Obligation, such Person shall notify SunCoke and Sunoco, and at the request of Sunoco, the SunCoke Group shall undertake all measures reasonably requested by Sunoco to cause the obligee of a Covered Obligation to release Sunoco or such other members of the Sunoco Group as may be obligated under such Covered Obligation.

• Notwithstanding any payment made by any SunCoke Group Obligor hereunder or any setoff or application of funds of any SunCoke Group Obligor by any Indemnitee, no SunCoke Group Obligor shall be entitled to exercise any rights of subrogation against any other SunCoke Group Obligor or any collateral security, guarantee, or right of offset held by any member of the Sunoco Group for the payment of any Covered Obligation.

• The parties hereto agree to amend the description of the Secured Obligations containd in Schedule A-I of the Pledge Agreement in order to adjust such description to the Additional Covered Obligation s.

• Notwithstanding any payment made by any SunCoke Group Obligor hereunder or any set-off or application of funds of any SunCoke Group Obligor by any Indemnitee, no SunCoke Group Obligor shall be entitled to exercise any rights of subrogation against any other SunCoke Group Obligor or any collateral security, guarantee, or right of offset held by any member of the Sunoco Group for the payment of any Covered Obligation.

More Definitions of Covered Obligation

Covered Obligation means the obligation of a Participating Guaranty Association to Statesman policyholders or beneficiaries which, pursuant to each Participating Guaranty Association's enabling act, and as a result of the insolvency and liquidation of Statesman, have arisen or will arise on or after entry of the Permanent Injunction.

Covered Obligation means a Loan or a Substitute Subsidiary Loan and "Covered Obligations" means Loans or Substitute Subsidiary Loans or any combination of the foregoing.

Covered Obligation means (1) any interest obligation, principal obligation or enumerated obligation of a government entity that is due or becomes due during the emergency period in respect of such government entity, (2) any obligation arising or resulting from, or related to, the guarantee by such government entity of any obligation of another entity that is due or becomes due during the emergency period, and (3) if

Covered Obligation means (1) any interest obligation, principal obligation or enumerated obligation of a government entity that is due or becomes due during the emergency period in respect of such government entity, (2) any obligation arising or resulting from, or related to, the guarantee by such government entity of any obligation of another entity that is due or becomes due during the emergency period, and (3) if provided for in an order issued pursuant under Section 201 (d) of this Act, the transfer of, or obligation to transfer, funds required to be made in advance of, or on the due date of, any obligation identified in the preceding clauses (1) and (2), if, and in each case, such government entity is declared to be in a state of emergency by an executive order of the Governor as contemplated in Section 201(a) of this Act, as may be amended from time to time, but shall not include—