Financial Impairment definition

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

  • Change of Control shall not be considered to have occurred in the event of Financial Impairment.

  • Insuring Clauses A shall not apply 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.


More Definitions of Financial Impairment

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 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:
Financial Impairment means the status of the Company resulting from (i) the appointment by any official, agency or court of any receiver and manager, judicial manager, administrator, conservator, liquidator, trustee, rehabilitator or similar official to take control of, supervise, administer, manage or liquidate the Company; or (ii) the Company becoming a debtor in possession.