Examples of Abuse Insurance Policies in a sentence
Notwithstanding the foregoing, the Settlement Trust shall satisfy, to the extent required under the relevant policies and applicable law, and in accordance with the Trust Distribution Procedures, any retrospective premiums and self-insured retentions arising out of any Abuse Claims under the Abuse Insurance Policies.
For the avoidance of doubt, and by definition, the applicable Abuse Insurance Policies identified in each of the Insurance Settlement Agreements were issued directly to the BSA and the Local Councils and were not issued directly to the Chartered Organizations.2. JPM / Creditors’ Committee Settlement.
Participating Chartered Organizations shall receive certain limited protections under the Channeling Injunction, including the channeling of all Abuse Claims against such Participating Chartered Organizations that relate to Abuse alleged to have first occurred on or after January 1, 1976, in exchange for contribution to the Settlement Trust of Participating Chartered Organizations’ rights under Abuse Insurance Policies issued on or after January 1, 1976.
The proceeds of any sale of any Abuse Insurance Policies, including the full settlement amount, shall be contributed to the Settlement Trust “free and clear” of all liens, claims, encumbrances, any other rights of any nature, whether at law or in equity, and other “interest,” under sections 363 and 1141 of the Bankruptcy Code, of any additional insured or any other person or Entity in such Abuse Insurance Policies.
In the Underlying Action, J.F.H. asserts claims for equitable garnishment, negligence, breach of fiduciary duties, and bad faith against the Insurers arising out of their alleged failure to defend Mackey against J.F.H.’s claim pursuant to the terms of certain Abuse Insurance Policies the Insurers had issued to the Debtors.
Op. at 256 (“The Certain Insurers’ objections based on assignment of Abuse Insurance Policies is overruled.”).
Notwithstanding anything to the contrary and for the avoidance of doubt, the Abuse Insurance Policies shall be sold by the Debtors to the applicable Settling Insurance Companies free and clear of all liens, claims, encumbrances, interests, or other rights on the Effective Date on the terms and as provided in the applicable Insurance Settlement Agreement.
IX.A.3.j); see also D.I. 1-3 at 256 (Op.) (“The Certain Insurers’ objections based on assignment of Abuse Insurance Policies is overruled.”).
Nevertheless, the Bankruptcy Court correctly held that there is no obligation to transfer obligations under non-executory contracts, like the Abuse Insurance Policies.
The Chartered Organization settlement framework, moreover, will enable the Settlement Trust to take assignment of valuable rights under the Abuse Insurance Policies that are not the subject of Insurance Settlement Agreements free of any competing claims against such insurance, thereby maximizing the value of those rights for the benefit of abuse survivors.