Reinsurance Agreement, Administrative Services Agreement and Master Agreement Sample Clauses

Reinsurance Agreement, Administrative Services Agreement and Master Agreement. (a) Without the need for any action on the part of either Party or any other Person (including any consent or other action on the part of any Covered Policyholder or any other interested Person), the Parties hereby agree that each of the (i) Reinsurance Agreement, following settlement as of the Novation Effective Date of all amounts then known to be owed and remaining unpaid on such date as between FGIC and National under or with respect to the Reinsurance Agreement, (ii) Administrative Services Agreement, and (iii) Master Agreement, dated as of August 27, 2008, by and among FGIC, MBIA Inc. and MBIA (the “Master Agreement”), shall terminate as of the Novation Effective Date, and each Party shall be irrevocably released and fully, finally and forever discharged from any and all Liabilities to the other Party thereunder or with respect thereto, including any Liability of National to FGIC to return premium on any Policies determined after the Novation Effective Date to have been refinanced or otherwise not in-force as of the effective date of the Reinsurance Agreement, in each case subject to Sections 2.3(c) and (d) below. Notwithstanding anything to the contrary herein or in any of the foregoing agreements, in the event of any commutation or recapture of any or all the Third Party Reinsurance, whether before, at or after the Novation Effective Date, no amount or other obligation shall be payable or owed by FGIC to National in connection therewith. (b) National has informed FGIC, and FGIC acknowledges, that pursuant to Section 3 of the Second-to-Pay Policy, upon the termination of the Reinsurance Agreement, the Second-to-Pay Policy will be cancelled automatically and immediately without any further action on the part of National. (c) In the event that an applicable Governmental Authority should finally determine that all or any portion of any Covered Policies, Covered Policy Rights and/or Covered Policy Liabilities are not, by virtue of this Agreement, legally novated to National, the Parties hereby agree that the Reinsurance Agreement and the Administrative Services Agreement and the Parties' respective rights and obligations thereunder shall be deemed to be reinstated and in full force and effect (continuously from and after the Novation Effective Date, but without giving effect to any provisions concerning Third Party Reinsurance), solely as to such Covered Policies, Covered Policy Rights and/or Covered Policy Liabilities (or portion thereof, as applicable...
Sample 1
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Related to Reinsurance Agreement, Administrative Services Agreement and Master Agreement

  • Scope of Services The specific scope of work for each job shall be determined in advance and in writing between TIPS Member, Member’s design professionals and Vendor. It is permitted for the TIPS Member to provide a general scope description, but the awarded vendor should provide a written scope of work, and if applicable, according to the TIPS Member’s design Professional as part of the proposal. Once the scope of the job is agreed to, the TIPS Member will issue a PO and/or an Agreement or Contract with the Job Order Contract Proposal referenced or as an attachment along with bond and any other special provisions agreed by the TIPS Member. If special terms and conditions other than those covered within this solicitation and awarded Agreements are required, they will be attached to the PO and/or an Agreement or Contract and shall take precedence over those in this base TIPS Vendor Agreement.

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