Financial Impairment definition

Financial Impairment means that a carrier is not insolvent and is:

Financial Impairment means the appointment by any state or federal official, agency or court of any receiver, trustee, examiner, conservator, liquidator, rehabilitator or similar official to take control of, supervise, manage or liquidate the Insured Organization.

Financial Impairment means the distressed economic condition of a Person manifested by any one or more of the following events:

Examples of Financial Impairment in a sentence

• For all purposes under this Policy, the Insured Organization is presumed to indemnify the Insured Persons to the fullest extent permitted by law or pursuant to the by-laws or other organizational documents of the Insured Organization for any Loss, or to advance any Defense Costs on their behalf, except to the extent that the Insured Organization cannot in fact do so for reasons of Financial Impairment.

• No Deductible Amount shall apply in the event of Financial Impairment.

• The Financial Impairment of any Borrower or any Subsidiary thereof.

• Each party agrees to promptly notify the other if it subsequently becomes insolvent or financially impaired, as described in Article IX (Financial Impairment and Insolvency), and in the manner described in Exhibit F.

• Coverage under Insuring Agreement A shall not be rescinded or voided by the Insurer in whole or in part for any reason; provided, however, if the Organization is permitted or required by law to indemnify an Insured Person who knew the facts that were not truthfully disclosed, or to advance Defense Costs on behalf of such Insured Person, and does not in fact do so other than because of Financial Impairment, then this Policy shall not afford any coverage for such Insured Person under Insuring Agreement A.

More Definitions of Financial Impairment

Financial Impairment means the status of the company resulting from the appointment by any state, provincial or federal official, agency or court of any receiver, conservator, liquidator, trustee, rehabilitator or similar official to take control of, supervise, manage or liquidate the company, or the company becoming a debtor in possession.

Financial Impairment means the status of the Organization resulting from:

Financial Impairment means the status of an Organization resulting from:

Financial Impairment means, in respect of a Person, the distressed economic condition of such Person manifested by anyone or more of the following events:

Financial Impairment means the status of the Entity as a result of the appointment of any receiver, conservator, liquidator, trustee, rehabilitator or similar official to control, supervise, manage or liquidate the Entity, or the Entity becoming a debtor in possession.

Financial Impairment means the Company becoming a debtor-in-possession; or the appointment of a receiver, conservator, liquidator, trustee, rehabilitator or similar official to control, supervise, manage or liquidate the Company; or the filing of a petition under the bankruptcy laws of the United States of America or any equivalent event outside the United States of America.

Financial Impairment means the status of an Insured resulting from: