Direct Economic Loss definition

Direct Economic Loss means the amount due to holders of Policies in respect of the period to which such Recommendation relates in excess of the amount due to such holders in respect of such period if Charter or ILIC (as applicable) had followed such Recommendation.
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Direct Economic Loss refers to expenses in connection with spares and parts, materials replacement, man power and transportation. In the event that equipment is damaged and cannot be restored, then the loss shall be equal to the price to purchase a same type equipment.
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Direct Economic Loss means (x) with respect to credited interest rates, participation rates and other non-guaranteed elements, the amount by which the aggregate change in liability accrued to policyholders in respect of the period to which Reinsurer's Good Faith Recommendation relates exceeds the aggregate change in liability that would have been accrued to such policyholders in respect of such period to the extent that the Company had followed such Good Faith Recommendation, and (y) with respect to charges under the Reinsured Policies included in the non-guaranteed elements, the amount by which the aggregate amount due from policyholders in respect of the period to which Reinsurer's Good Faith Recommendation relates is less than the aggregate amount that would have been due from such policyholders in respect of such period if the Company had followed such Good Faith Recommendation. Reinsurer hereby represents that its current intention is to recommend changes consistent with the Company's historic practices, as disclosed to the Reinsurer, for the non-guaranteed elements of the Reinsured Policies; provided, however, that Reinsurer retains all of its rights under this section to recommend changes in participation rates in accordance with the written terms and conditions of the Reinsured Policies or to change its views to reflect changes in circumstances concerning the Reinsured Policies or otherwise. Notwithstanding any other provisions of this Agreement, although the Company may follow Reinsurer's Good Faith Recommendation, Reinsurer shall assume all liability for Extra-Contractual Damages resulting from its recommended changes in non-guaranteed elements, unless Extra-Contractual Damages result from acts, errors or omissions of the Company related to the marketing, sale, underwriting, production or issuance of the affected Reinsured Policies or administration of the policies by the Company prior to the applicable Administrative Transfer Date.
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Examples of Direct Economic Loss in a sentence

  • In the event that VFL rejects any such recommendations, VFL shall indemnify Purchaser for any Direct Economic Loss (as defined in 10.06(b) below) to Purchaser resulting from VFL's rejection of such recommendation.

  • Lynch, Recovery of Direct Economic Loss: The Unanswered Questions of Ohio Products Liability Law, 27 Case W.

  • The term "Direct Economic Loss" shall mean the amount due to holders of Policies in respect of the period to which such Recommendation relates in excess of the amount due to such holders in respect of such period if Charter or ILIC (as applicable) had followed such Recommendation.

  • Mead Corp., supra, at 366; Note, Recovery of Direct Economic Loss: The Unanswered Questions of Ohio Products Liability Law (1977), 27 Case W.

  • Research conducted by UNISDR has shown that the value of cultural heritage assets cannot be assessed in simple economic terms, and even less in terms of Direct Economic Loss.

  • It will be calculated as the summation of Direct Economic Loss per country divided by the total global GDP.

  • This information was overlapped with the damage distribution map for the June 23, 2001 earthquake scenario, to obtain the Direct Economic Loss Distribution Map, shown in Figure 7.

  • The total direct economic loss estimated for this event, considering only the 80% of the buildings in Moquegua City, rises up to 48.11 million soles (approximately 14 million American dollars).Figure 7: Direct Economic Loss Distribution Map of Moquegua City for the June 23, 2001 Earthquake Scenario.


More Definitions of Direct Economic Loss

Direct Economic Loss means (x) with respect to credited interest rates, the amount by which the aggregate amount due to policyholders in respect of the period to which REALIC's recommendation relates exceeds the aggregate amount that would have been due to such policyholders in respect of such period to the extent that the Company had followed such recommendation, and (y) with respect to charges under the Reinsured Policies included in the non-guaranteed elements, the amount by which the aggregate amount due from policyholders in respect of the period to which REALIC's recommendation relates is less than the aggregate amount that would have been due from such policyholders in respect of such period if the Company had followed such recommendation.
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Direct Economic Loss means (a) as to either Seller's rejection of any recommendation by Purchaser or LLANY with respect to the non-guaranteed elements of the Policies or Post-Closing Policies, the amount by which the aggregate amount due to Policyholders in respect of the period to which such recommendation relates exceeds the aggregate amount that would have been due to such Policyholders in respect of such period to the extent ALIAC or XXXX, as applicable, had followed such recommendation; and (b) as to XXXX'x rejection of any recommendation by Purchaser or LLANY with respect to dividends under the Par Policies, the amount by which XXXX'x rejection of such recommendation causes the Par Surplus to fall below the amount required to be maintained under Section 2.8 of the XXXX Coinsurance Agreement or Section 2.8 of the XXXX (NY) Coinsurance Agreement.
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Related to Direct Economic Loss

  • Economic loss means any economic detriment suffered by a victim as a direct and proximate result of the commission of an offense and includes any loss of income due to lost time at work because of any injury caused to the victim, and any property loss, medical cost, or funeral expense incurred as a result of the commission of the offense. "Economic loss" does not include

  • Net Economic Return shall have the meaning ascribed to such term in paragraph 2 of Exhibit E to the Lease.

  • Special Economic Zone means each Special Economic Zone notified under the proviso to sub-section (4) of section 3 and sub-section (1) of section 4 (including Free Trade and Warehousing Zone) and includes an existing Special Economic Zone;

  • Broad-Based Black Economic Empowerment Act means the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003);

  • Broad-Based Black Economic Empower-ment Act means the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003);

  • exclusive economic zone ’ means the zone established by Presidential Proclamation Numbered 5030, dated March 10, 1983, including the ocean waters of the areas referred to as ‘‘eastern special areas’’ in Article 3(1) of the Agreement between the United States of America and the Union of Soviet Socialist Re- publics on the Maritime Boundary, signed June 1, 1990;

  • OP Unit Economic Balance has the meaning set forth in Section 6.03(c) hereof.

  • freezing of economic resources means preventing the use of economic resources to obtain funds, goods or services in any way, including, but not limited to, by selling, hiring or mortgaging them;

  • Direct Loss means charges actually paid pursuant to this Agreement in respect of the period of the Delay. For the purposes of clause 13.4, the User's losses arising out of a Delay will be taken to include the amount of the relevant Direct Losses.

  • Partnership Unit Economic Balance means (i) the Capital Account balance of the General Partner plus the amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in each case to the extent attributable to the General Partner’s Partnership Units divided by (ii) the number of the General Partner’s Partnership Units.

  • Economic Risk of Loss has the meaning set forth in Treasury Regulation Section 1.752-2(a).

  • Nonrecourse Built-in Gain means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section 6.2(b) if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other consideration.

  • Economic Minimum means the lowest incremental MW output level, submitted to PJM market systems by a Market Participant, that a unit can achieve while following economic dispatch.

  • Economic Load Response Participant means a Member or Special Member that qualifies under Operating Agreement, Schedule 1, section 1.5A, and the parallel provisions of Tariff, Attachment K-Appendix, section 1.5A, to participate in the PJM Interchange Energy Market and/or Ancillary Services markets through reductions in demand.

  • economic operator means any natural or legal person or public entity or group of such persons and/or entities, including any temporary association of undertakings, which offers the execution of works and/or a work, the supply of products or the provision of services on the market;

  • Net Loss means, for each fiscal year or other applicable period, an amount equal to the Partnership’s taxable income or loss for such year or period as determined for federal income tax purposes by the General Partner, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), adjusted as follows:

  • Economic Life means the number of years a property improvement is expected to be in service in a facility.

  • Common Unit Economic Balance means (i) the Capital Account balance of the General Partner, plus the amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Partnership Common Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under Section 6.2.D hereof, divided by (ii) the number of the General Partner’s Partnership Common Units.

  • Gain means a gain of any property, whether temporary or permanent, and includes the keeping by a person of any property that he or she already has;

  • Economic abuse means any behaviour that has a substantial adverse effect on B’s ability to—

  • Wasteload allocation or "wasteload" or "WLA" means the portion of a receiving surface water's loading or assimilative capacity allocated to one of its existing or future point sources of pollution. WLAs are a type of water quality-based effluent limitation.

  • U.S. Economic Sanctions is defined in Section 5.16(a).

  • economic resources means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds, but may be used to obtain funds, goods or services;

  • Waste load allocation means (i) the water quality-based annual mass load of total nitrogen or

  • Greatest economic need means the need resulting from an annual income level at or below the official poverty guideline as defined in IAPI issued by the department.

  • Intrinsic Loss Estimate means total losses under the shared loss agreements in the amount of One hundred Sixty-eight million dollars ($168,000,000.00).