Runoff Policy definition

Runoff Policy means the certain director & officer liability insurance policies and the related runoff period coverage purchased prior to the Petition Date by the Debtor from Old Republic Insurance Company (Policy No. ORPRO 38799); XL Specialty Insurance Company (Policy No. ELU146290-16); Argonaut Insurance Company (Policy No. MLX 7600656-03); Berkley Insurance Company (Policy No. BPRO8022729); Hudson Insurance Company (Policy No. HN-0303-3641-092716); and RLI Insurance Company (Policy No. EPG0500271).
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Runoff Policy has the meaning set forth in the definition of “Runoff Coverage”.
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Runoff Policy means that certain director & officer insurance policy purchased prior to the Petition Date by the Debtor.
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Examples of Runoff Policy in a sentence

  • To the extent any insurance policy under which the insurer has a continuing obligation to pay the Debtor or a third party on behalf of the Debtor is held by the Bankruptcy Court to be an Executory Contract, such insurance policy (other than the Runoff Policy) will be treated as though it is an Executory Contract that is assumed by the Reorganized Debtor pursuant to section 365 of the Bankruptcy Code and Sections 7.1 and 7.3 of the Plan.

  • Transferor may secure at its own cost and expense a "runoff" insurance policy for the Company providing directors and officers liability coverage for the matters, individuals and periods set forth in the preceding sentence (the "Runoff Policy").

  • At the Distribution Date, the coverage limits under the Altria/Kraft Fiduciary Liability Runoff Policy were $75 million for non-indemnifiable acts.

  • Transferee agrees that it shall cause the Company to assign to Transferor all benefits of the insurance under the Predecessor Policies and the Runoff Policy to the extent such benefits are actually received for the directors and officers liability claims for which Transferor has agreed to indemnify the Company pursuant to this Section 5(d).

  • Transferee agrees that it shall cause the Company to grant Transferor the authority to file claims with the insurers under the Predecessor Policies and the Runoff Policy and pursue the benefits of such coverage to the extent that such Predecessor Policies and the Runoff Policy provide coverage for directors and officers liability claims for which Transferor has agreed to indemnify the Company pursuant to this Section 5(d).

  • In the event the Altria/Kraft Fiduciary Liability Runoff Policy coverage limit is reduced to less than $40 million as the result of payments of claims or claims expense on behalf of the PMI Group, PMI will indemnify Altria for the cost to reinstate the coverage with limits no less than $40 million.

  • The premiums for the Run-off Policy shall be paid 50% by the Buyer and 50% by the Company, and the Company’s 50% shall constitute Non-Ordinary Course Liabilities to the extent the Company portion remains outstanding as of the Closing).

  • The Purchaser must procure that the Company does not cancel or modify the D&O Run-off Policy.

  • The Audit Committee and the Board approved the procurement of the New D&O Policy and the Runoff Policy at meetings held on September25, 2005.

  • The Buyer shall provide the Outgoing Directors with a copy of the terms and conditions of the Run-off Policy and proof of the premium payment.

Related to Runoff Policy

  • Tariff Policy means a Tariff Policy adopted by the Council in terms of Section 74 of the Local Government: Municipal Systems Act 32 of 2000.

  • R&W Policy means a representation and warranty insurance policy for the benefit of Buyer obtained in connection with this Agreement on the terms described on Schedule 1.01 of the Buyer Disclosure Schedule.

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.

  • Statement of Policy means the summary explanation of information and facility policies

  • Group Policy /”policy” means the breakdown policy as set out in this document;

  • Consensus Policies are those policies established (1) pursuant to the procedure set forth in ICANN’s Bylaws and due process, and (2) covering those topics listed in Section 1.2 of this Specification. The Consensus Policy development process and procedure set forth in ICANN’s Bylaws may be revised from time to time in accordance with the process set forth therein.

  • CSR Policy means the present Corporate Social Responsibility Policy of the Company, which covers the activities to be undertaken by the Company as specified in Schedule VII to the Act and the CSR Expenditure thereon.

  • Risk Management Policy means the Risk Management Policy of the Borrower in effect on the date of this Agreement as amended from time to time.

  • City Policies means any or all (as the context requires) of those procedures, standards and/or standard specifications, requirements, policies and the like listed in Schedule H or notified to the Supplier from time to time, as the same may be updated, modified, expanded, revised, supplemented and/or replaced from time to time by the City (as notified to the Supplier);

  • Procurement Policy means ADB’s Procurement Policy - Goods, Works, Nonconsulting and Consulting Services (2017, as amended from time to time);

  • Business Travel Policy means our business travel policy. A copy of our current Business Travel Policy is attached as Schedule 1 to Exhibit B.

  • Commissioner of Police means the person holding or acting in the office of Commissioner of Police under the Police Act 1892;

  • Master Policy means a single worker’s compensation insurance policy issued by an insurer authorized to do business in this state to an employee leasing company in the name of the employee leasing company that covers more than one client of the employee leasing company.

  • Investment Policy means the investment policy from time to time determined by the Commission under the Rules;

  • Investment Policies has the meaning assigned to such term in Section 3.11(c).

  • Safeguard Policy Statement or “SPS” means ADB's Safeguard Policy Statement (2009);

  • Tail Policy has the meaning set forth in Section 6.18(b).

  • Insider Trading Regulations means the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time.

  • Policy means Related Party Transaction Policy.

  • New Jersey Stormwater Best Management Practices (BMP) Manual or “BMP Manual” means the manual maintained by the Department providing, in part, design specifications, removal rates, calculation methods, and soil testing procedures approved by the Department as being capable of contributing to the achievement of the stormwater management standards specified in this chapter. The BMP Manual is periodically amended by the Department as necessary to provide design specifications on additional best management practices and new information on already included practices reflecting the best available current information regarding the particular practice and the Department’s determination as to the ability of that best management practice to contribute to compliance with the standards contained in this chapter. Alternative stormwater management measures, removal rates, or calculation methods may be utilized, subject to any limitations specified in this chapter, provided the design engineer demonstrates to the municipality, in accordance with Section IV.F. of this ordinance and N.J.A.C. 7:8-5.2(g), that the proposed measure and its design will contribute to achievement of the design and performance standards established by this chapter.

  • Health insurance policy means a policy that provides specified benefits for hospital and/or general treatment and meets all requirements under section 63-10 of the Private Health Insurance Act 2007.

  • National Flood Insurance Program means the program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in participating communities and provides protection to property owners through a Federal insurance program.

  • Budget-related Policy means a policy of a municipality affecting or affected by the annual budget of the municipality, including-

  • Portability means transfer by an Individual Health Insurance Policyholder (including family cover) of the credit gained for pre-existing conditions and time-bound exclusions if he/she chooses to switch from one insurer to another.

  • Insurance Administration means, with respect to each Shared Policy, the accounting for premiums, retrospectively-rated premiums, defense costs, indemnity payments, deductibles and retentions, as appropriate, under the terms and conditions of each of the Shared Policies; and the reporting to excess insurance carriers of any losses or claims which may cause the per-occurrence, per claim or aggregate limits of any Shared Policy to be exceeded, and the distribution of Insurance Proceeds as contemplated by this Agreement.

  • Policy Statement means a written description of the current approach of an agency, entitled a policy statement by the agency head or its designee, to implementation of a statute or other provision of law, of a court decision, or of an agency order, including where appropriate the agency's current practice, procedure, or method of action based upon that approach.