Consent to Transactions. It consents to the effect of the consummation of the covenants contained in this Agreement and the Ancillary Agreements, including (i) the commutation of the Quota Share Treaty pursuant to the Quota Share Commutation Agreement, (ii) the commutation of the Financial Security Master Facultative Agreement, (iii) the commutation of any EIB Policy in accordance with Section 6.05(c) and (iv) as a consequence of the foregoing, the effective nullity of the Guarantee and the Financial Security Guarantee and, if any EIB Policy is commuted, the EIB Guarantee that guarantees XLCA’s obligation under such commuted EIB Policy, such that each has no further force or effect.
Appears in 4 contracts
Samples: Master Commutation, Release and Restructuring Agreement (Security Capital Assurance LTD), Master Commutation, Release and Restructuring Agreement (Xl Capital LTD), Master Commutation, Release and Restructuring Agreement (Security Capital Assurance LTD)
