Net Incurred Amount Clause Samples

Net Incurred Amount. 3.4.1 If the Final Net Incurred Amount is higher than the Net Incurred Threshold Amount, the Sellers will pay to the Purchaser an amount equal to the difference. The maximum amount to be paid to the Purchaser on the basis of this Clause 3.4 is EUR 5,000,000. 3.4.2 During the Seasoning Period: (i) the Purchaser shall procure that ASCO draws up a separate reporting on the Claims Run-off Book including the Net Incurred Amount for each semester ending on any 30 June during the Seasoning Period (each a “Semesterly Statement”) and delivers such Semesterly Statement to the Sellers at the latest on 31 July thereafter. The Semesterly Statement will include a detailed overview of all gross and net Paid Claims Costs (i.e. before and after reinsurance) as well as the gross and net reserves, including case reserves, IBNR, IBNER and the Equalization Reserve in respect of the claims included in the Claims Run-off Book. Each Semesterly Statement shall provide a description of and comment on all case deteriorations in excess of EUR 75,000 (on a net level); (ii) the Purchaser shall procure that ASCO draws up a separate reporting on the Claims Run-off Book including the Net Incurred Amount as per 31 December 2018 and 31 December 2019 (each a “Yearly Statement”) and delivers such Yearly Statement to the Sellers within 90 days. The Purchaser shall use all commercially reasonable endeavours to procure the delivery of an expert opinion by ASCO’s auditor on such Yearly Statement as soon as practically possible after delivery. In the event that ASCO’s auditor is not willing or able under its internal guidance to issue such expert opinion, the parties shall work together to produce documentation that shall reasonably support the Yearly Statement. The Yearly Statement will include a detailed overview of gross and net Paid Claims Costs (i.e. before and after reinsurance) as well as the gross and net reserves (which, for the Yearly Statement as at 31 December 2018 only, shall include IBNR, IBNER and Equalization Reserve amounts) in respect of the claims included in the Claims Run-off Book and, if available, the expert opinion issued by ASCO’s auditor (and supporting documents). ASCO shall provide a description and comment on all case deteriorations in excess of EUR 75,000 (on a net level) as shown in a Yearly Statement; (iii) the Purchaser will reasonably endeavour that ASCO keeps in place the same reinsurance policies for claims included in the Claims Run-off Book, provided that if s...
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Related to Net Incurred Amount

  • Consolidated EBITDA With respect to any period, an amount equal to the EBITDA of Borrower and its Subsidiaries for such period determined on a Consolidated basis.

  • Consolidated Capital Expenditures (i) Company will not, and will not permit any of its Subsidiaries to, make or commit to make Consolidated Capital Expenditures in any Fiscal Year, beginning with the Fiscal Year ending December 31, 2003, except Consolidated Capital Expenditures which do not aggregate in excess of the corresponding amount set forth below opposite such Fiscal Year: Fiscal Year ending December 31, 2003 $ 5,000,000 Fiscal Year ending December 31, 2004 $ 5,000,000 Fiscal Year ending December 31, 2005 and each Fiscal Year thereafter $ 7,000,000 provided that (a) if the aggregate amount of Consolidated Capital Expenditures actually made in any such Fiscal Year shall be less than the limit with respect thereto set forth above (before giving effect to any increase therein pursuant to this proviso) (the “Base Amount”), then the amount of such shortfall (up to an amount equal to 50% of the Base Amount for such Fiscal Year, without giving effect to this proviso) may be added to the amount of such Consolidated Capital Expenditures permitted for the immediately succeeding Fiscal Year and any such amount carried forward to a succeeding Fiscal Year shall be deemed to be used prior to Company and its Subsidiaries using the amount of capital expenditures permitted by this section in such succeeding Fiscal Year, without giving effect to such carryforward and (b) for any Fiscal Year (or portion thereof) following any acquisition of a business (whether through the purchase of assets or of shares of capital stock) permitted under subsection 6.7, the Base Amount for such Fiscal Year (or portion) shall be increased, for each such acquisition, by an amount equal to the product of (A) the lesser of (x) $5,000,000 and (y) 4% of revenues of the business acquired in such acquisition for the period of four Fiscal Quarters most recently ended on or prior to the date of such business acquisition multiplied by (B) (x) in the case of any partial Fiscal Year, a fraction, the numerator of which is the number of days remaining in such Fiscal Year after the date of such business acquisition and the denominator of which is 365 (or 366 in a leap year), and (y) in the case of any full Fiscal Year, 1. (ii) The parties acknowledge and agree that the permitted Consolidated Capital Expenditure level set forth in clause (i) above shall be exclusive of the amount of Consolidated Capital Expenditures actually made with the proceeds of a cash capital contribution to Company (including the proceeds of issuance of equity securities) made by Parent from the issuance by Parent of its equity Securities after the Closing Date and specifically identified in a certificate delivered by an Authorized Officer of Company to Administrative Agent on or about the time such capital contribution is made; provided that, to the extent any such cash capital contributions constitute Net Securities Proceeds after the Closing Date, only that portion of such Net Securities Proceeds which is not required to be applied as a prepayment pursuant to Section 2.4B(ii)(c) (or pursuant to the First Lien Credit Agreement) may be used for Consolidated Capital Expenditures pursuant to this clause (ii).

  • Adjusted EBITDA The 2019 adjusted EBITDA for the Affiliated Club Sellers shall total an aggregate of not less than $10,700,000.

  • Interest Expense For any period, without duplication, (a) total interest expense incurred (both expensed and capitalized) of the Borrower, the Guarantors and their respective Subsidiaries on funded debt, including the portion of rents payable under a Capitalized Lease allocable to interest expense in accordance with GAAP (but excluding capitalized interest funded under a construction loan interest reserve account), determined on a consolidated basis in accordance with GAAP for such period, plus (b) the Borrower’s, the Guarantors’ and their respective Subsidiaries’ Equity Percentage of Interest Expense of their Unconsolidated Affiliates for such period. Interest Expense shall not include Preferred Distributions or interest on Trust Preferred Equity.

  • Interest Expense Coverage Ratio The Borrower will not permit the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense, in each case for any period of four consecutive fiscal quarters ending after the Effective Date, to be less than 4.0 to 1.0.