Examples of Sabra Group in a sentence
Except as expressly set forth in this Article IX, after the assignment of the New Sun Policies to New Sun, no member of the New Sun Group shall have any responsibility for or obligation to any member of the Sabra Group under the New Sun Policies relating to property damage and business interruption or liability or workers compensation matters for any period, whether prior to, on or after the Distribution Date.
Sabra shall cause all the directors and all employees of the Sabra Group to resign, effective as of the Distribution Date, from all boards of directors or similar governing bodies of each member of the New Sun Group on which they serve, and from all positions as officers or employees of any member of the New Sun Group, except as otherwise set forth in the Proxy Statement or mutually agreed to in writing on or prior to the Distribution Date by Sabra, on the one hand, and, New Sun, on the other hand.
Any Insurance Proceeds received for the benefit of both the New Sun Group and the Sabra Group shall be distributed pro rata based on the respective share of the underlying loss.
Subject to the provisions of this Article IX, coverage of Sabra and members of the Sabra Group under all Sun’s insurance policies shall cease as of the Distribution Date.
The arbitration will be conducted before a panel that shall consist of two independent and impartial arbitrators, one appointed by the New Sun Group, one appointed by the Sabra Group and a third independent and impartial arbitrator who shall chair the panel.
If a member of the Sabra Group is unable to assert a Pre-Distribution Insurance Claim because it is no longer an “insured” under an operating policy, then New Sun shall assert such claim in its own name and deliver the Insurance Proceeds to Sabra.
Any Insurance Proceeds received by the New Sun Group for members of the Sabra Group shall be for the benefit of the Sabra Group.
New Sun or Sabra, as the case may be, shall have primary control over those Pre-Distribution Insurance Claims for which the New Sun Group or the Sabra Group, respectively, bears the underlying loss, subject to the terms and conditions of the relevant policy of insurance governing such control.
If after the Distribution Date, Sun or the Sabra Group or the New Sun Group receives payments belonging to the other party, the recipient shall promptly account for and remit same to the other party.
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