Litigation Option definition

Litigation Option means the option of each Holder of a Current GST Asbestos Claim, Future GST Asbestos Claim, or Pre-Petition Judgment GST Asbestos Claim (the latter under certain circumstances described herein) to elect to have his or her Claim Allowed through litigation after the Confirmation Date pursuant to the CMO.

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Litigation Option means one of the treatment options available to be chosen by Holders of Asbestos PI Claims, as described in Section 3.2 of the Plan.

Litigation Option means the option of each Holder of a Current GST Asbestos Claim, Future GST Asbestos Claim, or Pre-Petition Judgment GST Asbestos Claim

Examples of Litigation Option in a sentence

• If the Indemnifying Party does not elect the Direct Litigation Option, then the Indemnified Party shall defend against the Third Party Claim in the manner it deems appropriate.

• The Indemnifying Party may elect to exercise the Direct Litigation Option by giving prior written notice to the Indemnified Party.

• If the Indemnifying Party does not elect the Direct Litigation Option, then the Indemnified Party shall defend against the Third-Party Claim in the manner it deems appropriate at the sole cost, risk and expense of the Indemnifying Party.

• If Indemnitor does not elect the Direct Litigation Option, then Indemnitee shall defend against the Third Party Claim in the manner it deems appropriate.

• Indemnitor may elect to exercise the Direct Litigation Option by giving prior written notice to Indemnitee.

• In order to exercise the Direct Litigation Option the Indemnifying Party shall give written notice of such exercise to the Indemnified Party.

More Definitions of Litigation Option

Litigation Option means the option of each Holder of an Unresolved Asbestos Claim or Pre-Confirmation Judgment Asbestos Claim (the latter under certain circumstances described herein) to elect to have his or her Claim Allowed through litigation against the Debtors after the Confirmation Date pursuant to the CMO.

Litigation Option means the option of each Holder of a Current Asbestos Claim, Future As- bestos Claim, or Pre-Petition Judgment Asbestos Claim (the latter under certain circumstances de- scribed herein) to elect to have his or her Claim Al- lowed through litigation against the Reorganized Debtors after the Confirmation Date pursuant to the CMO.