Common use of New Policies Clause in Contracts

New Policies. As of the respective dates indicated on Schedule 5.1, HRI obtained binders for the new business insurance policies listed on such Schedule, which policies by their terms became or become effective no later than the Closing Date. HRI is responsible for paying all premiums required under such policies, and to the extent any such premiums became due prior to the IPO Effective Date HRI has paid such premiums.