ECA Premium refund Sample Clauses

ECA Premium refund. (a) If (i) on 31 October 2031, the Guarantor’s highest unsecured corporate credit rating is at least BB+ (S&P's or equivalent Mxxxx'x), and (ii) no Event of Default (howsoever defined) has occurred and is continuing and no loss in connection with the ECA Cover Document has been incurred by SACE in respect of any Financial Indebtedness granted to any company within the Group and supported by SACE, the Borrower may request in writing to SACE through the ECA Agent (who shall promptly notify SACE upon receipt of such written request from the Borrower) a one-off refund of the Second Instalment of the ECA Premium referred to in sub-paragraph (a)(ii) of Clause 11.5 (ECA Premium) (the "Rating Premium Refund"). The Rating Premium Refund shall be calculated as being an amount equal to the difference between: (i) the amount of each portion of the Second Instalment already paid on each Utilisation Date and (ii) what each portion of the Second Instalment already paid on each Utilisation Date would have amounted to had the Guarantor’s highest unsecured corporate credit rating between S&P’s or equivalent Mxxxx’x at the time of each Utilisation been BB+ or higher multiplied by each percentage ‘P’ defined as below: ‘P’ equals to one (1) minus: (i) Total WAL minus Residual WAL divided by (ii) Total WAL. (b) For the purpose of the above: (i) the number of years between the effective Delivery Date and each respective Utilisation Date is defined as "Pre-Delivery WAL" for each pro rata portion of the Second Instalment;
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ECA Premium refund. (a) If, at any time, the Export Credit Agency makes a Rating Premium Refund in accordance with Clause 11.6 (ECA Premium Refund), the Agent shall promptly notify the Borrower upon becoming aware of that event and such Rating Premium Refund shall be applied in prepayment of the Loans. (b) The Agent is hereby authorised by the Borrower to apply any and all amounts of any Rating Premium Refund received by the Agent towards prepayment of the outstanding Loans. (c) As soon as reasonably practicable after applying amounts in paragraph (b) above, the Agent shall notify the Borrower of the same.
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ECA Premium refund. If, at any time, the Export Credit Agency makes a Rating Premium Refund in accordance with Clause 11.6 (ECA Premium Refund), the Agent shall promptly notify the Borrower upon becoming aware of that event and such Rating Premium Refund shall be applied in prepayment of the Loans.
Sample 1

Related to ECA Premium refund

  • Premium Recapture With respect to any Mortgage Loan without Prepayment Penalties that prepays in full during the first 90 days following the related Closing Date, and with respect to any Mortgage Loan that is repurchased pursuant to Subsection 9.04, the Seller shall pay the Purchaser, within 30 calendar days after giving notice of such prepayment in full or repurchase, an amount equal to the excess of the Purchase Price Percentage for such Mortgage Loan over par, multiplied by the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date.

  • PREMIUM TAX The Reinsurer will not reimburse the Ceding Company for premium taxes.

  • Night Shift Premium All hours worked by an employee between ten (10:00) p.m. and seven (7:00) a.m. shall be considered as shift work and paid for at the applicable straight time/overtime rate plus two ($2.00) dollars per hour shift premium for each full hour worked during this period. Night-shift premium shall not be added to the employee’s hourly rate of pay for the purpose of computing overtime pay.

  • Night Premium For all time worked by employees, after 7 p.m. and before 7 a.m., by employees hired on or before August 5, 2005, a premium of twenty-five cents (25¢) per hour shall be paid.

  • Premium Payment The Bank shall pay any premiums due on the Policy.

  • REINSURANCE PREMIUM The YRT Reinsurance Premium for each coverage shall equal (i) x (ii) x (iii) / 1,000, where:

  • Premium Taxes If premium taxes are incurred, they will be deducted from the contract accumulation, to the extent permitted by law.

  • Payment of Reinsurance Premiums For automatic and facultative reinsurance, following the close of each calendar month, the Ceding Company will send the Reinsurer a statement and a listing of new business, changes and terminations. If a net reinsurance premium balance is payable to the Reinsurer, the Ceding Company will forward this balance within (60) sixty days after the close of each month. If a net reinsurance premium balance is payable to the Ceding Company, the balance due will be subtracted from the reinsurance premium payable by Ceding Company for the current month. The Reinsurer shall pay any remaining balance due the Ceding Company sixty days after the Ceding Company submits the statement.

  • Shift Premium Full-Time and Part-Time Employees shall be paid a shift premium of one dollar ($1.00) per hour for all hours worked where the majority of their scheduled hours fall between 1500 and 0700 hours.

  • Reinsurance Premiums A. The total Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium, the EPB Reinsurance Premium and the GMIB Reinsurance Premium, each of which is defined separately in this article. B. The Reinsurance Premium rates and structure described above are subject to change in accordance with the criteria described in Article XV. GMDB AND EPB ------------ C. The total GMDB Reinsurance Premium for the business ceded hereunder is the sum of the GMDB Reinsurance Premium and the EPB Reinsurance Premium, each of which is defined separately in this article. GMDB CESSION PREMIUM -------------------- D. The GMDB Reinsurance Premium is expressed in terms of basis points and is defined in Exhibit II. E. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the greater of the average aggregate GMDB value and the average aggregate account value for the reporting month. This value shall be applied to the GMDB Cession Premium rates per premium class on a 1/12th basis. EPB CESSION PREMIUM ------------------- F. The EPB Reinsurance Premium is an asset-based premium rate, expressed in terms of basis points, and is defined in Exhibit II. G. The Cedent shall calculate, for each premium class, the Reinsurer's Percentage of the average aggregate account value for the reporting month. This value shall be applied to the annualized EPB reinsurance premium rates per premium class on a 1/12th basis. The total EPB Cession Premium due for the month is the sum of the premiums calculated for each premium class. SPOUSAL CONTINUANCES -------------------- H. Spousal continuances will be covered under this Agreement to the extent that the surviving spouse satisfies the issue age restrictions and benefit limitations, as described in Schedule A, at time of continuance, and shall be deemed to be terminations followed by subsequent new issues for purposes of calculating Reinsurance Premiums. The new reinsurance premium rate applied shall be based off the attained age of the surviving spouse at the time of election of spousal continuance. After the termination of this Agreement for new cessions, a spousal continuation of a Reinsured Contract may be ceded to this Agreement in accordance with the procedure set forth in Article I, Paragraph D. GMIB ---- I. The GMIB cession premium ("GMIB Reinsurance Premium") is an asset-based premium rate, expressed in terms of basis points, as set forth in Exhibit II, and shall be calculated on an aggregate basis. J. The Cedent shall calculate the Reinsurer's Percentage of the greater of the average aggregate IBB value and the average aggregate account value for the reporting month. This value shall be applied to the annualized GMIB cession premium rates on a 1/12th basis.

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