RMC Reinsurance Stock Sample Clauses

RMC Reinsurance Stock. Borrowers agree to use their commercially reasonable efforts to cause Regional to pledge 65% of the outstanding stock of RMC Reinsurance to Agent, for the benefit of the Agent and the Lenders, and Agent and the Lenders agree to use their commercially reasonable efforts to assist Regional and RMC Reinsurance in their efforts, to obtain all necessary licenses and approvals with respect thereto, within one hundred eighty (180) days after the date hereof; provided, however, that if such stock is not pledged by Regional within one hundred eighty (180) days after the date hereof, such failure shall not at any time constitute a Default or Event of Default so long as (a) Regional causes RMC Reinsurance to distribute to Regional the RMC Reinsurance Excess Cash, on a monthly basis commencing on October 15, 2007 for the month ending September 30, 2007 and on the 15th day of each month thereafter for the immediately preceding month until 65% of the outstanding stock of RMC Reinsurance has been pledged by Regional to Agent, for the benefit of the Agent and the Lenders and (b) Borrowers continue to use their commercially reasonable efforts (so long as Agent and Lenders continue to agree to use their commercially reasonable efforts to assist Regional and RMC Reinsurance in such efforts) to obtain the license and approvals necessary to permit such pledge of the capital stock of RMC Reinsurance. Notwithstanding anything to the contrary contained herein, at no time shall Regional be required to cause RMC Reinsurance to dividend or otherwise distribute RMC Reinsurance Excess Cash if and to the extent, both before and after giving effect to such dividend or distribution, the net worth of RMC Reinsurance would be less than or equal to zero.
Sample 1
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Related to RMC Reinsurance Stock

  • Reinsurance Reinsurance services including, but not limited to (i) agreement to reinsurance policy and/or contract wordings and endorsements to existing policies; (ii) processing of reinsurance policy cancellations, nonrenewals and endorsements and other amendatory addenda; (iii) collection of premiums due under reinsurance policies or contracts, audits and remittances; (iv) negotiation and purchase of reinsurance coverage; (v) administration of letters of credit and other arrangements for the provision of security; and (vi) administration of reinsurance contracts.

  • LIFE REINSURANCE The reinsurance premiums per $1000 are shown in Schedule B. Reinsurance premiums for renewals will be calculated using (1) the issue age of the insured under the policy, (2) the duration since issuance of the policy and (3) the current underwriting classification.

  • Other Reinsurance The Company shall be permitted to carry other reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in applying all of the provisions of this Contract.

  • Automatic Reinsurance For automatic reinsurance, the Reinsurer's liability will commence at the same time as the Ceding Company's liability, including liability under any conditional receipt or temporary insurance provision.

  • Plan of Reinsurance A. Reinsurance of Life risks shall be on the risk premium basis. The risk amount on the policy reinsured shall be calculated monthly and shall be equal to the death benefit less the cash value. At the time of issue, the Ceding Company shall cede to North American Re the portion of the initial risk amount in excess of its retention. Thereafter, the Ceding Company and North American Re shall keep the same proportionate shares of the risk amount developed each month.

  • Basis of Reinsurance Reinsurance under this Agreement will be on the Yearly Renewable Term basis on the portion of each policy that is reinsured as described in Schedule A.

  • RESERVES FOR REINSURANCE See Schedule A.

  • Reinsurance Agreements Promptly, notice of any material change or modification to any Reinsurance Agreements or Surplus Relief Reinsurance Agreements whether entered into before or after the Closing Date including Reinsurance Agreements, if any, which were in a runoff mode on the Closing Date, which change or modification could have a Material Adverse Effect;

  • FACULTATIVE REINSURANCE For Facultative reinsurance, the Reinsurer’s liability will commence at the same time as the Ceding Company’s liability, provided that the Reinsurer has made a binding Facultative offer and that offer was accepted, during the lifetime of the insured, in accordance with the terms of this Agreement.

  • Insurance Contracts To the extent that any Welfare Plan is funded through the purchase of an insurance contract or is subject to any stop loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for SpinCo or Parent as applicable (except to the extent that changes are required under applicable Law or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts, pricing discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 7.06.

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