Financial Impairment definition

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

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

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.

Examples of Financial Impairment in a sentence

The Financial Impairment of any Borrower or any Subsidiary thereof.
Each party agrees to promptly notify the other if it subsequently becomes insolvent or financially impaired, as described in Article IX (Financial Impairment and Insolvency), and in the manner described in Exhibit F.
The provisions of this Section 8 and Section 9 of this Agreement shall remain in full force and effect in respect of the Borrowers should any petition be filed by or against any Borrower for liquidation or reorganization, should any Borrower become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any part of such Borrower’s assets or should any other Financial Impairment relating to such Borrower occur.
The effective date of a recapture would be, at the Company’s sole discretion and as set forth in the notice of its intent to recapture, either (i) in the event of a Financial Impairment, the date on which the Financial Impairment was established, or (ii) the tenth (10th) day following the date of the notice by the Company to the Reinsurer of its intent to recapture.
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.

More Definitions of Financial Impairment

Financial Impairment means the status of an Organization resulting from:

Financial Impairment means the status of the Entity as a result of the appointment of any receiver, conservator, liquidator, trustee, rehabilitator or similar official to control, supervise, manage or liquidate the Entity, or the Entity becoming a debtor in possession.

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 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.

Financial Impairment means the status of the Insured Organisation resulting from

Financial Impairment means the status of the Entity resulting from: