PCIC Resolution definition
PCIC Resolution means a transaction or series of transactions, each of which has been duly approved by the Board of Directors of the Borrower, including the transfer of the stock or certain or all of the assets of PCIC or Solutions or claims to either of its future earnings or cash flow, the incurrence of liens on the assets of either PCIC or Solutions or the incurrence of direct or indirect obligations by either PCIC or Solutions, or any combination of the foregoing, which in all cases are for the benefit of the State of Florida Department of Insurance or other appropriate third parties and which in each case is required or appropriate in order to reduce, minimize or resolve the deficit (within the meaning of the regulations of the State of Florida Department of Insurance) of PCIC and to limit or reduce any related claims against the Borrower.