Direct Economic Loss definition

Direct Economic Loss means the amount due to holders of Policies in respect of the period to which such Recommendation relates in excess of the amount due to such holders in respect of such period if Charter or ILIC (as applicable) had followed such Recommendation.
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Direct Economic Loss refers to expenses in connection with replaced spares and parts, materials, man power and transportation. In the event that equipment is destroyed and cannot be restored, then the loss shall be equal to the price to purchase same type equipment.
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Direct Economic Loss means (a) as to either Seller's rejection of any recommendation by Purchaser or LLANY with respect to the non-guaranteed elements of the Policies or Post-Closing Policies, the amount by which the aggregate amount due to Policyholders in respect of the period to which such recommendation relates exceeds the aggregate amount that would have been due to such Policyholders in respect of such period to the extent ALIAC or XXXX, as applicable, had followed such recommendation; and (b) as to XXXX'x rejection of any recommendation by Purchaser or LLANY with respect to dividends under the Par Policies, the amount by which XXXX'x rejection of such recommendation causes the Par Surplus to fall below the amount required to be maintained under Section 2.8 of the XXXX Coinsurance Agreement or Section 2.8 of the XXXX (NY) Coinsurance Agreement.
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Examples of Direct Economic Loss in a sentence

  • In the event that VFL rejects any such recommendations, VFL shall indemnify Purchaser for any Direct Economic Loss (as defined in 10.06(b) below) to Purchaser resulting from VFL's rejection of such recommendation.

  • The term "Direct Economic Loss" shall mean the amount due to holders of Policies in respect of the period to which such Recommendation relates in excess of the amount due to such holders in respect of such period if Charter or ILIC (as applicable) had followed such Recommendation.


More Definitions of Direct Economic Loss

Direct Economic Loss means (x) with respect to credited interest rates, the amount by which the aggregate amount due to policyholders in respect of the period to which REALIC's recommendation relates exceeds the aggregate amount that would have been due to such policyholders in respect of such period to the extent that the Company had followed such recommendation, and (y) with respect to charges under the Reinsured Policies included in the non-guaranteed elements, the amount by which the aggregate amount due from policyholders in respect of the period to which REALIC's recommendation relates is less than the aggregate amount that would have been due from such policyholders in respect of such period if the Company had followed such recommendation.
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Direct Economic Loss means (x) with respect to credited interest rates, participation rates and other non-guaranteed elements, the amount by which the aggregate change in liability accrued to policyholders in respect of the period to which Reinsurer's Good Faith Recommendation relates exceeds the aggregate change in liability that would have been accrued to such policyholders in respect of such period to the extent that the Company had followed such Good Faith Recommendation, and (y) with respect to charges under the Reinsured Policies included in the non-guaranteed elements, the amount by which the aggregate amount due from policyholders in respect of the period to which Reinsurer's Good Faith Recommendation relates is less than the aggregate amount that would have been due from such policyholders in respect of such period if the Company had followed such Good Faith Recommendation. Reinsurer hereby represents that its current intention is to recommend changes consistent with the Company's historic practices, as disclosed to the Reinsurer, for the non-guaranteed elements of the Reinsured Policies; provided, however, that Reinsurer retains all of its rights under this section to recommend changes in participation rates in accordance with the written terms and conditions of the Reinsured Policies or to change its views to reflect changes in circumstances concerning the Reinsured Policies or otherwise. Notwithstanding any other provisions of this Agreement, although the Company may follow Reinsurer's Good Faith Recommendation, Reinsurer shall assume all liability for Extra-Contractual Damages resulting from its recommended changes in non-guaranteed elements, unless Extra-Contractual Damages result from acts, errors or omissions of the Company related to the marketing, sale, underwriting, production or issuance of the affected Reinsured Policies or administration of the policies by the Company prior to the applicable Administrative Transfer Date.
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Related to Direct Economic Loss

  • Economic loss means any of the following types of pecuniary harm:

  • Net Economic Return shall have the meaning ascribed to such term in paragraph 2 of Exhibit E to the Lease.

  • Special Economic Zone means each Special Economic Zone notified under the proviso to sub-section (4) of section 3 and sub-section (1) of section 4 (including Free Trade and Warehousing Zone) and includes an existing Special Economic Zone;

  • exclusive economic zone ’ means the zone established by Presidential Proclamation Numbered 5030, dated March 10, 1983, including the ocean waters of the areas referred to as ‘‘eastern special areas’’ in Article 3(1) of the Agreement between the United States of America and the Union of Soviet Socialist Re- publics on the Maritime Boundary, signed June 1, 1990;

  • OP Unit Economic Balance has the meaning set forth in Section 6.03(c) hereof.

  • Direct Loss means, in respect of either Party, any losses, liabilities, expenses, damages, costs and claims (including Claims) arising directly as a result of the other Party's failure to perform its obligations under this Agreement, and for the avoidance of doubt, includes, in respect of the Seller, any loss of payment which would have been due to it but for the Buyer's breach of this Agreement;

  • Economic Risk of Loss has the meaning set forth in Treasury Regulation Section 1.752-2(a).

  • Nonrecourse Built-in Gain means with respect to any Contributed Properties or Adjusted Properties that are subject to a mortgage or pledge securing a Nonrecourse Liability, the amount of any taxable gain that would be allocated to the Partners pursuant to Section 6.2(b) if such properties were disposed of in a taxable transaction in full satisfaction of such liabilities and for no other consideration.

  • Net Loss means, for each fiscal year or other applicable period, an amount equal to the Partnership’s taxable income or loss for such year or period as determined for federal income tax purposes by the General Partner, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), adjusted as follows:

  • Economic Life means the number of years a property improvement is expected to be in service in a facility.

  • Common Unit Economic Balance means (i) the Capital Account balance of the General Partner, plus the amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Partnership Common Units and computed on a hypothetical basis after taking into account all allocations through the date on which any allocation is made under Section 6.2.D hereof, divided by (ii) the number of the General Partner’s Partnership Common Units.

  • Gain means a gain of any property, whether temporary or permanent, and includes the keeping by a person of any property that he or she already has;

  • U.S. Economic Sanctions is defined in Section 5.16(a).

  • Intrinsic Loss Estimate means total losses under the shared loss agreements in the amount of twenty nine million dollars ($ 29,000,000.00).

  • Operating Loss means a negative Operating Profit.