ELNY definition
Examples of ELNY in a sentence
ELNY, the PGAs and the New York Article 75 GA retain any defenses they had, still have or may have in connection with claims under the ELNY Contracts or for which ELNY, the PGAs or the New York Article 75 GA are liable.
The Receiver shall also use reasonable business efforts to assist NEWCO and any PGA in securing any required regulatory approvals determined to be necessary or desirable in connection with the transaction contemplated by the Definitive Agreements from insurance regulatory authorities where the Covered Persons or ELNY Restructured Contractowners are resident.
Neither this Agreement nor the Order of Liquidation nor the Order Approving this Agreement shall alter, modify, terminate or discharge any Retained Liability; provided, however, that the New York Article 75 GA and LICGCNY hereby unconditionally and irrevocably waive any and all claims each has or may have against ELNY or the Receiver which are or may be classified as claims under subpart (1) of Section 7435(a) of the New York Insurance Law.
The parties understand that, given the value of the claims under ELNY Contracts that could be provided coverage by the New York Article 75 GA, the New York Article 75 GA’s assessment cap of $50 million will be exhausted by the liquidation of ELNY without the New York Article 75 GA discharging all of its coverage obligations unless the New York Article 75 GA, with the approval of the Superintendent, imposes terms and conditions that would reduce those obligations to the amount of the available funds.
All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors and assigns of the Receiver, ELNY, the GA Parties and NEWCO.
A portion of Transferable Assets allocated to each ELNY Restructured Contract shall be sub-allocated (by Transferable Assets Value) to that portion of each Contract that becomes a Covered Contract, an Excluded Contract, an Article 75 Contract or an Uncovered Contract in the same proportion as the benefit payments under each were determined under Section 3.2 above.
ELNY is a New York-domiciled life insurance company, against which a final order of liquidation (“Order”) was entered on , by the Supreme Court of Nassau County of the State of New York (“Receivership Court”), In the Matter of Executive Life Insurance Company of New York (Index No. 8023/91), approving an Agreement of Restructuring in Connection with the Liquidation of Executive Life Insurance Company of New York (“Restructuring Plan”).
From the date hereof and prior to the date of the first filing by the Receiver of a petition seeking the Order Approving this Agreement, the GA Parties or NEWCO shall not have identified any data, contracts, commitments, claims, liabilities, circumstances or facts not previously known or disclosed to them as of the date hereof that, individually or in the aggregate, materially and adversely affect the financial condition of ELNY, including any claim by the IRS.
The Receiver, NOLHGA, the PGAs and the New York Article 75 GA shall use reasonable business efforts to secure any third-party consents required for the effective assignment of the Transferred Assets and the assumption of the ELNY Restructured Contracts provided for hereunder.
Such indebtedness, to the extent it remains unpaid and unfunded, shall only be discharged pursuant to any future order of the Receivership Court discharging the Receiver and closing the ELNY Estate.