Examples of Parent Policy in a sentence
The parties hereby acknowledge and agree that nothing herein shall limit SpinCo's right to assert directly and collect any related Insurance Proceeds under any Parent Shared Policy and that, should SpinCo become liable for any Parent Liabilities covered by any Parent Shared Policy or any Parent Policy, SpinCo shall have the right to assert directly and collect any related Insurance Proceeds under any such Parent Shared Policy or Parent Policy.
Parent shall have primary control over Parent Policy Pre-Separation Insurance Claims.
The parties hereby acknowledge and agree that nothing herein shall limit SpinCo’s right to assert directly and collect any related Insurance Proceeds under any Parent Shared Policy and that, should SpinCo become liable for any Parent Liabilities covered by any Parent Shared Policy or any Parent Policy, SpinCo shall have the right to assert directly and collect any related Insurance Proceeds under any such Parent Shared Policy or Parent Policy.
The Company hereby acknowledges and agrees that Parent retains the power, and shall have the sole authority, to pursue payment of any such proceeds notwithstanding that any of the Companies may be entitled to insurance coverage under the Parent Policy or the Business Services Policy.
The consummation of the Transactions will not, in and of itself, cause the revocation, cancellation or termination of any Parent Policy.
There are no material claims individually or in the aggregate by Parent or any of its Subsidiaries pending under any of the Parent Policies as to which coverage has been questioned, denied or disputed by the underwriters of such Parent Policy, as applicable, in writing or in respect of which such underwriters have reserved their rights in writing.
Neither Parent nor any Subsidiary has received notice of cancellation or non-renewal of any marine Parent Policy.
None of Parent or its Subsidiaries has received any written notice that any Parent Policy has been cancelled.
All insurance premiums currently due with respect to the Parent Policies have been paid and neither Parent nor any of its Subsidiaries is otherwise in default with respect to any such Parent Policy, nor have they failed to give any notice or present any claim under any such policy in a due and timely manner.
None of Parent or its Subsidiaries is in violation or breach of or default under any of its obligations under any such Parent Policy, except where such default would not have a Parent Material Adverse Effect.