Seller Policy definition
Examples of Seller Policy in a sentence
After the Closing, Purchaser may pursue insurance coverage under an occurrence based Seller Policy or under directors’ and officers’ and fiduciary liability policies that are Seller Policies (other than any actual or de facto self-insurance arrangement) in respect of (1) the Assumed Liabilities or (2) the Business or the Transferred Assets, and Purchaser may control the pursuit of any such insurance claim.
Alternatively, Purchaser may, at its option, deliver such Cancellation Notices on behalf of Seller, or such third party, to each tenant of the Property who purchased a Seller Policy, and Seller does hereby authorize Purchaser to do so.
Each Seller Policy is in full force and effect and all premiums payable by Seller or any of its Subsidiaries have been timely paid, by Seller or its Subsidiaries, as applicable.
To the best of Seller’s knowledge, no Seller Policy has been issued by a company that is rated less than “A-“ by A.M. Best & Co.
Each Seller Policy is in full force and effect and all premiums payable by Seller have been timely paid, by Seller.
In the event of an occurrence which Purchaser believes may be covered by one or more Seller Policies, Purchaser shall, after consultation with Seller, submit a claim for such occurrence to the appropriate insurer under the applicable Seller Policy.
In addition, Buyer, the Company and the Company Subsidiary agree to promptly pay to Seller any and all amounts received under any Seller Policy in respect of Excluded Litigation.
For the avoidance of doubt, the Sellers shall not be required to renew any Seller Policy beyond the duration that is in effect on the Effective Date.
Written confirmation that the following notices have been sent: notices to all tenants of the Property who bought an insurance policy directly from Seller or from Seller as agent for a third party (each such policy being referred to as a “Seller Policy”), in such form as is acceptable to Purchaser (collectively referred to herein as “Cancellation Notices”), signed by Seller, and, if applicable, such third party, notifying such tenants that their Seller Policy has been cancelled.
In the event of an occurrence which may be covered by one or more Seller Policies, Acquiror or any Company may, after consultation with Sellers, submit a claim for such occurrence to the appropriate insurer under the applicable Seller Policy (“Acquiror’s Insurance Claim”).