indemnification payment
Defined in 1 dictionary — U.S. Code
United States Code
12 U.S.C. § 1786 — under this section (2 versions over time)
Subject to paragraph (6), the term "indemnification payment" means any payment (or any agreement to make any payment) by any credit union for the benefit of any person who is or was an institution-affiliated party, to pay or reimburse such person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Board which results in a final order under which such person—
(i) is assessed a civil money penalty;
(ii) is removed or prohibited from participating in conduct of the affairs of the credit union; or
(iii) is required to take any affirmative action described in subsection (e)(3) with respect to such credit union.
12 U.S.C. § 1828 — in this section (2 versions over time)
Subject to paragraph (6), the term “indemnification payment” means any payment (or any agreement to make any payment) by any insured depository institution or covered company for the benefit of any person who is or was an institution-affiliated party, to pay or reimburse such person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the appropriate Federal banking agency which results in a final order under which such person—
(i) is assessed a civil money penalty;
(ii) is removed or prohibited from participating in conduct of the affairs of the insured depository institution; or
(iii) is required to take any affirmative action described in section 1818(b)(6) of this title with respect to such institution.
12 U.S.C. § 2277A — in this section
The term “indemnification payment” means a payment (or any agreement to make a payment) by any Farm Credit System institution for the benefit of any person who is or was an institution-related party, to pay or reimburse the person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Farm Credit Administration that results in a final order under which the person—
(A) is assessed a civil money penalty; or
(B) is removed or prohibited from participating in the conduct of the affairs of the institution.
12 U.S.C. § 4518 — in this section
Subject to paragraph (6), the term “indemnification payment” means any payment (or any agreement to make any payment) by any regulated entity for the benefit of any person who is or was an affiliated party, to pay or reimburse such person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Agency which results in a final order under which such person—
(i) is assessed a civil money penalty;
(ii) is removed or prohibited from participating in conduct of the affairs of the regulated entity; or
(iii) is required to take any affirmative action to correct certain conditions resulting from violations or practices, by order of the Director.