Do and Tower Insurance Program Clause Samples

Do and Tower Insurance Program. The Parties agree that WMI, WMI’s present and former officers and directors and employees (collectively, the “Insured Parties”) shall be entitled, as their respective interests may exist under applicable law, to a priority recovery as against any right of recovery the JPMC Entities and the FDIC Entities may have, for all claims made by or on behalf of any Insured Party for all claims made by WMI against that certain blended insurance program providing D&O, Bankers Professional Liability, Financial Institution Bond, Fiduciary Liability and EPL coverage to WMI and its Affiliates and subsidiaries (the “Tower Insurance”). To the extent that payment is made by one of the carriers in such blended insurance program to any party other than WMI, prior to the reconciliation and determination of all claims made by any Insured Party or its present and former officers and directors and employees, such funds shall be deemed held by such party until a determination of all claims covered by such policy. Notwithstanding the foregoing, solely to the extent that (a) JPMC assumes litigation liabilities as set forth herein and (b) JPMC is required to make payments as a result thereof, such payments shall be treated pari passu with the claims of WMI, its present and former officers and directors and employees against the Tower Insurance; provided, however, that under no circumstances shall JPMC be entitled to seek recovery under the Tower Insurance with respect to claims arising from or relating to the ▇▇▇▇ Litigation; and, provided, further, that, JPMC shall have no right to seek recovery under any D&O insurance policy or component of any insurance program, including, without limitation, the Tower Insurance, or otherwise.