Retained Amounts. The Ceding Company may not reinsure, on any basis, the amount it has retained on the business covered under this Agreement without prior notification to and agreement of the Reinsurer.
Retained Amounts. The Ceding Company may not reinsure on any basis any portion of the amount it has retained on the Policies reinsured under this Agreement, without the written consent of Munich Re, U.S. (Life).
Retained Amounts. 2.1 The Buyer may, in accordance with paragraphs 2.2 to 2.6 below and subject to such notifications being given prior to the Release Date, notify the Sellers’ Representative and the Institutional Sellers’ Representative of its reasonable estimation of the amount of any liability in respect of (a) any bona fide Relevant Claim or (b) any right to recover any sum from a third party (other than the underwriter of the W&I Policy) in respect of a matter which could give rise to a Warranty Claim which the Buyer is pursuing against that third party in accordance with paragraph 7.1 of Schedule 5 of the Deed of Warranty, and, subject to paragraphs 2.2 to 2.6 below, require that such amount is retained in the Retention Account notwithstanding the Release Date, pending such Relevant Claim becoming a Substantiated Claim or agreement or determination that the Relevant Claim will not be or become a Substantiated Claim (a “Retained Amount”).
2.2 No withholding of a Retained Amount shall be permitted by the Buyer unless the Buyer has provided written notice thereof to the Institutional Sellers’ Representative and the Sellers’ Representative (a “Retained Amount Notice”). The Institutional Sellers’ Representative and the Sellers’ Representative shall be entitled (acting jointly) within 10 Business Days of the Buyer having served a Retained Amount Notice to give notice to the Buyer stating that it requires the exercise by the Buyer of its rights in respect of the Retained Amount in question pursuant to paragraph 2.1, to be referred for decision to a Queen’s Counsel in England and Wales (of at least 10 years standing and experience in commercial law) (“Queen’s Counsel”).
2.3 The Queen’s Counsel referred to in paragraph 2.2 above shall be nominated jointly by the Buyer and the Institutional Sellers’ Representative and the Sellers’ Representative (or in default of agreement by the Chairman for the time being of the Bar Council of England and Wales) and shall be instructed to act as expert and not as arbitrator and to opine on the merits and the quantum of the Relevant Claim in question and as to whether there is a reasonable prospect that such liability or Relevant Claim may be established by judgement in favour of the Buyer in relation to such liability or Relevant Claim. For the purposes of paragraph 2.3, a ‘reasonable prospect’ is one with greater than 50% likelihood of success and, for the avoidance of doubt, in the case of contingent liabilities, the Queen’s Counsel’s decis...
Retained Amounts. On each individual life, the Ceding Company shall retain the amounts of insurance as specified in Exhibit B - Plans Covered and Binding Limits.
Retained Amounts. The Ceding Company may not reinsure the amount it has retained on the business covered under this Agreement, on any basis, without prior notification to the Reinsurer. FACULTATIVE REINSURANCE
3.1 The Ceding Company may submit any application on a plan or rider identified in Exhibit B to the Reinsurer for its consideration on a facultative basis. The Ceding Company will apply for reinsurance on a facultative basis by sending to the Reinsurer an Application for Facultative Reinsurance, providing the information outlined in Exhibit H. Accompanying this Application will be copies of all underwriting evidence that is available for risk assessment including, but not limited to, copies of the application for insurance, medical examiners’ reports, attending physicians’ statements, inspection reports, and any other information bearing on the insurability of the risk. The Ceding Company also will notify the Reinsurer of any outstanding underwriting requirements at the time of the facultative submission. Any subsequent information received by the Ceding Company that is pertinent to the risk assessment will be immediately transmitted to the Reinsurer. After consideration of the Application for Facultative Reinsurance and related information, the Reinsurer will promptly inform the Ceding Company of its underwriting decision. The Reinsurer’s offer will expire at the end of 120 days, unless otherwise specified by the Reinsurer. If the unconditional underwriting decision is acceptable, the Ceding Company will notify the Reinsurer in writing of its acceptance of the offer provided the insured is still alive. If any risk is to be submitted to more than one reinsurer for consideration, the Allocation Rules for Placement of Facultative Cases as outlined in Exhibit D will apply. The relevant terms and conditions of this Agreement will apply to those facultative offers made by the Reinsurer and accepted by the Ceding Company.
Retained Amounts. The maximum amounts of insurance to be automatically reinsured on a life must not exceed the reinsurance limits specified in Exhibit B - Plans Covered and Binding Limits.
Retained Amounts. Nie xxxxxxx xxx xx 00 Xxx Xxxxxxxxx przed Dniem Ukończenia, Inżynier Kontraktu ma prawo do poinformowania Zamawiającego na piśmie o tym, że zamierza zabezpieczyć należyte wykonanie Umowy w Okresie Rękojmi poprzez Kwoty Zatrzymane. Jeżeli Inżynier Kontraktu nie skorzysta z uprawnienia, o którym mowa w poprzednim zdaniu, Inżynier Kontraktu będzie zobowiązany do dostarczenia Zamawiającemu Zabezpieczenia Odpowiedzialności za Wady na 15.
Retained Amounts. Funding 2 represents to the Funding 2 Security Trustee that any amounts retained by Funding 2 (other than those retained by way of profit) will be reasonably required to provide for losses or expenses arising from Funding 2's business or to maintain or enhance its creditworthiness.
Retained Amounts. The Trustee, on each Distribution Date, will use the Retained Amounts related to each Class of Class A Certificates to make payments, concurrently, as follows:
(i) the portion applicable to the Premium Rate for the related Policy shall be used:
(A) first, to pay any Guaranteed Distributions owed on such Distribution Date in respect of the relevant Class A Certificates (unless such Guaranteed Distributions are paid to the Trust by the Certificate Insurer directly), and any Interest Reimbursement Amounts or Principal Reimbursement Amounts owed to Xxxxxx Mae as a result of its payment under the Xxxxxx Xxx guaranty of any current or prior Guaranteed Distributions in respect of the relevant Class A Certificates not otherwise paid by the Certificate Insurer or from Retained Amounts (any such amount an “Applied Premium Amount”);
(B) second, to pay to the Certificate Insurer the premium payable in respect of such Policy on the relevant Distribution Date; and
(ii) the remaining portion shall be used to pay the Guarantor the guaranty fee.
Retained Amounts. The Company may not reinsure the amount it has retained on the business covered under this Agreement on any basis without the Reinsurer's written consent, which consent may be withheld for any reason.
