Common use of Tail Loss Termination Date Clause in Contracts

Tail Loss Termination Date. The Parties' obligations under this Article shall continue until the earlier of (1) the Subscribing Reinsurer has paid or reimbursed the Company for the Subscribing Reinsurer's share of Claims (as defined in the Policy) paid or payable by the Company relating to Tail Loss Loans pursuant to the provisions of the Policy reinsured under this Contract, following Disposition (as defined in the Policy) and final settlement of any Claim (as defined in the Policy) relating to the last Tail Loss Loan associated with the Policy; (2) no Tail Loss Loan associated with the Policy is in Default (as defined in the Policy) or; (3) the date on which the sum of (i) the aggregate unpaid principal balance of all Tail Loss Loans in Default (as defined in the Policy) on such date, and (ii) Aggregate Losses (as defined in the Policy), falls below the Aggregate Retention (as defined in the Policy).