Existing Reinsurance Agreements. The Administrator shall have the authority and responsibility to, and shall, manage and administer the portion of the Existing Reinsurance Agreements that relates to the Covered Insurance Policies, including providing all reports and notices that relate to the Covered Insurance Policies required with regard to such Existing Reinsurance Agreements to the reinsurer within the time required by such Existing Reinsurance Agreements and doing all other things necessary to comply with the terms and conditions of such Existing Reinsurance Agreements. Without limiting the foregoing, Administrator shall timely pay all reinsurance premiums due to the reinsurer under such Existing Reinsurance Agreements with respect to the Covered Insurance Policies (other than the Net Retained Liability Policies) and, to the extent of funds available in the Accounts or otherwise provided by the Company, with respect to the Net Retained Liabilities Policies, and shall have the right to collect from such reinsurer all reinsurance recoverables due thereunder with respect to the Covered Insurance Policies. The Administrator shall also have the authority to exercise any of the Company’s rights with respect to trust accounts, letters of credit or other security posted for the benefit of the Company in respect of the Covered Insurance Policies. Notwithstanding the foregoing, the Company shall reasonably cooperate with Administrator, at Administrator’s expense, in the administration of the Existing Reinsurance Agreements to the extent that the Company’s participation is required thereunder or is reasonably requested by the counterparty to any the Existing Reinsurance Agreement.
Existing Reinsurance Agreements. (a) Prior to the Closing, Seller shall cause the applicable Cedants to terminate the Existing Reinsurance Agreements set forth on Section 8.13(a) of the Business Disclosure Schedule and to recapture in full the liabilities ceded thereunder in respect of such business. Seller shall bear all costs and expenses with respect to the termination and recapture of the Existing Reinsurance Agreements set forth on Section 8.13(a) of the Business Disclosure Schedule.
(b) Prior to Closing, Seller shall use Consent Efforts to obtain the Third-Party Consents listed on Section 8.13(b) of the Business Disclosure Schedule. Seller shall bear all costs and expenses with respect to the termination and recapture of the Existing Reinsurance Agreements set forth on Section 8.13(b) of the Business Disclosure Schedule.
(c) Seller shall use Consent Efforts, with Buyer’s cooperation, to cause the applicable Cedant to novate and assign all of its rights and obligations under the Existing Reinsurance Agreements listed in Section 8.13(c) of the Business Disclosure Schedule to which such Cedant is a party to Reinsurer by June 30, 2013 and to obtain any endorsements from the reinsurers or Underlying Companies thereunder, as applicable, to the extent necessary to ensure that Reinsurer is entitled to enforce such Existing Reinsurance Agreements against the reinsurers or Underlying Companies thereunder, as applicable, in its own name. The first $400,000 of aggregate administrative or similar costs and attorney’s or other advisors’ fees associated with obtaining the Third-Party Consents required for such novations shall be borne fifty percent (50%) by Buyer and fifty percent (50%) by Seller and any other costs and expenses in excess of $400,000 shall be borne exclusively by Seller, it being understood that neither Party shall be required to expend any amount in order to obtain any such Third-Party Consent in excess of such Party’s share of such costs as described in this Section 8.13(c).
(d) Prior to Closing, the Parties shall use their Consent Efforts to obtain any Third-Party Consents, including any waivers of minimum retention requirements, that are required under Existing Reinsurance Agreements (or any ancillary agreements related thereto) in order to permit the reinsurance of the Covered Insurance Policies as contemplated by the Reinsurance Agreements. Seller shall bear all costs and expenses associated with obtaining the Third-Party Consents required by this Section 8.13(d). If in conn...
Existing Reinsurance Agreements. (a) The Administrator shall have the exclusive authority and responsibility to manage and administer the Existing Reinsurance Agreements in respect of the Policies, including providing all reports and notices required with respect to the Existing Reinsurance Agreements in respect of the Policies to the reinsurers within the time required by the applicable Existing Reinsurance Agreement and doing all other things necessary to comply with the terms and conditions of the Existing Reinsurance Agreements in respect of the Policies.
Existing Reinsurance Agreements. All contracts, agreements and treaties of reinsurance between any of the Ceding Companies or Transferred Companies and a third-party reinsurer (whether or not affiliated with any Ceding Company or Transferred Company) that (a) are in force and effect as of the date hereof and (b) cover any risks associated with the Policies.
Existing Reinsurance Agreements. All contracts, agreements and treaties of reinsurance between the Ceding Company and any third-party reinsurer (whether affiliated or not) that (i) are in force and effect as of the Coinsurance Effective Date and (ii) cover any risks associated with the Policies. For the avoidance of doubt, any Existing Reinsurance Agreement novated to the Reinsurer in accordance with Section 6.3 of the Master Agreement shall, on the effective date of such novation, cease to be an Existing Reinsurance Agreement.
Existing Reinsurance Agreements. The Reinsurer will reimburse the Ceding Company for, or pay on behalf of the Ceding Company, all premiums and other charges, if any, under the Existing Reinsurance Agreements due for all periods on or after the Coinsurance Effective Date. The Ceding Company shall not be entitled to, and shall pay over to the Reinsurer all payments from the reinsurers under the Existing Reinsurance Agreements received by the Ceding Company on and after the Coinsurance Effective Date. The Reinsurer, on behalf of the Ceding Company, will assume all responsibility for administration of the Existing Reinsurance Agreements (in accordance with the terms thereof) at the same time as Reinsurer assumes responsibility for the administration of such Coinsured Policies pursuant to this Agreement. With the consent of the Reinsurer, the Ceding Company may, and, at the Reinsurer’s reasonable request the Ceding Company shall, exercise any right it may have to recapture risks now subject to the Existing Reinsurance Agreements; provided that the Reinsurer shall reimburse the Ceding Company for reasonable out of pocket costs incurred thereby in complying with any such request by the Reinsurer, and the Ceding Company shall pay over to the Reinsurer any amounts received from any third party reinsurer in connection with any such recapture.
Existing Reinsurance Agreements. (a) The Administrator shall have the exclusive authority and responsibility to manage and administer the Existing Reinsurance Agreements, including providing all reports and notices required with respect to the Existing Reinsurance Agreements to the reinsurers within the time required by the applicable Existing Reinsurance Agreement and doing all other things necessary to comply with the terms and conditions of the Existing Reinsurance Agreement.
(b) Administration of the Existing Reinsurance Agreements shall include enforcing on behalf of the Company any and all rights and obligations of the Company under the Existing Reinsurance Agreements, the payment on behalf of the Company of all reinsurance premiums due thereunder, using funds of the Administrator and the collection on behalf of the Company of all amounts due thereunder from the reinsurers to the Company for losses or loss adjustment expenses on the Reinsured Policies.
(c) Notwithstanding this Section 8.1, Article IV of the Reinsurance Agreement shall control the rights of the Parties with respect to Recoverables.
Existing Reinsurance Agreements. “Existing Reinsurance Agreements” has the meaning specified in Section 3.17.
Existing Reinsurance Agreements. 3.17(b) GAAP.................................. 8.14(a) Governmental Entity...................
Existing Reinsurance Agreements. The Company has no Existing Reinsurance Coverage in connection with the Policies.
