Insured PPD Liabilities definition
Insured PPD Liabilities means that portion of any Liability of PPD to the extent, and only to the extent, that, with respect to such portion of such Liability, Insurance Proceeds of the Policies are actually recoverable by a member of the Furiex Group directly, as a holder, successor in interest or permitted assignee under the terms of the Policies in accordance with applicable Law, and not by any member of the PPD Group.