Underlying Liability definition

Underlying Liability means any claim, liability or other obligation, the payment and/or performance of which is guaranteed by JPM pursuant to a Guaranty or, as the case may be, any direct obligation of BSC or its Affiliates to JPM or its Affiliates (other than an obligation arising under Section 2.01 hereof).
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Examples of Underlying Liability in a sentence

  • We will extend the insuring agreements to include these additional exposures as of the date of acquisition on the condition that the Required Primary Underlying Liability insurance is in force and subject to existing policy terms, conditions and exclusions contained in this policy form.

  • You must maintain in full effect Primary Underlying Liability insurance with minimum limits that meet the requirements of the ‘Required’ Primary Underlying insurance policies equal to those shown under the Declarations and Policy Application.

  • Without limiting the generality of the foregoing, the payment or satisfaction of any Underlying Liability shall not be construed as a waiver of any default or event of default, regardless of whether JPM may have had notice or knowledge of such default or event of default at the time.