Financial Impairment definition

Financial Impairment means that a carrier is not insolvent and is:

Financial Impairment means the appointment by any state or federal official, agency or court of any receiver, trustee, examiner, conservator, liquidator, rehabilitator or similar official to take control of, supervise, manage or liquidate the Insured Organization.

Financial Impairment means the distressed economic condition of a Person manifested by any one or more of the following events:

Examples of Financial Impairment in a sentence

• For all purposes under this Policy, the Insured Organization is presumed to indemnify the Insured Persons to the fullest extent permitted by law or pursuant to the by-laws or other organizational documents of the Insured Organization for any Loss, or to advance any Defense Costs on their behalf, except to the extent that the Insured Organization cannot in fact do so for reasons of Financial Impairment.

• The Retention shall not apply, however, if indemnification by the Insured Organization is not permitted by law or if the Insured Organization is not able to indemnify solely by reason of its Financial Impairment.

• The Parties hereto hereby further acknowledge and agree that any notice of any claim for indemnification made in writing in accordance with the terms of this Article XI on or prior to the expiration of the applicable survival period with respect to any such claim as set forth herein shall survive until the final resolution thereof.

• While the Organization is unable to indemnify the Insured Persons for Loss or to advance Defense Costs because of its Financial Impairment, no Retention shall apply to such Loss or Defense Costs; provided the Insureds shall take all action reasonably required to obtain court approval or other authorization for any such indemnification or advancement.

• In such event, no Self-Insured Retention amount shall apply during the pendency of Financial Impairment.

More Definitions of Financial Impairment

Financial Impairment means the Company becoming a debtor-in-possession, or the appointment of a receiver, conservator, liquidator, trustee, rehabilitator or similar official to control, supervise, manage or liquidate the Company.

Financial Impairment means the status of the Organization resulting from:

Financial Impairment means, in respect of a Person, the distressed economic condition of such Person manifested by anyone or more of the following events:

Financial Impairment means the status of an Organization resulting from:

Financial Impairment means the Company becoming a debtor-in-possession; or the appointment of a receiver, conservator, liquidator, trustee, rehabilitator or similar official to control, supervise, manage or liquidate the Company; or the filing of a petition under the bankruptcy laws of the United States of America or any equivalent event outside the United States of America.

Financial Impairment means the status of the company resulting from the appointment by any state, provincial or federal official, agency or court of any receiver, conservator, liquidator, trustee, rehabilitator or similar official to take control of, supervise, manage or liquidate the company, or the company becoming a debtor in possession.

Financial Impairment means the status of the Insured Organisation resulting from: