Applicable Reserves definition
Applicable Reserves means, as of any date, all reserves (including case reserves and incurred-but-not-reported reserves, or provisions for losses, claims, benefits, and Allocated Loss Adjustment Expenses) of Aspen on a net basis allocable to the Subject Business as of such date, calculated in accordance with GAAP and consistent with Aspen’s practice since the closing under the Original Agreement. “Net basis” means gross reserves allocable to the Subject Business, excluding any reserves for ULAE and any reserves for Extra Contractual Obligations (other than Reinsured Extra Contractual Obligations), less Third Party Reinsurance Recoverables, in each case as of the date of the determination.
Applicable Reserves means the All Applicable Reserves or the Technology Applicable Reserves, as the context requires. "Business Day" means any day other than a Saturday, Sunday or a day on wh ich commercial banks in New York City or Bermuda are required or authorized by law to be closed. "Claims" means any moneta1y demand, suit, occurrence or loss, actual or alleged, arising out of or in connection with the Reinsured Policies. "Collateral" has the meaning set forth in Section 5. Hb). "Commutation Agreement" means that certain Commutation and Release Agreement by and between All and Maiden Re entered into on the date hereof. "Commuted Covered Losses" means all losses and related amounts under the Existing Quota Share Agreement that are commuted under the Commutation Agreement, as and when such losses are paid or settled by All or its Affiliates, provided that such losses and other related amounts shall not exceed $312,785,677. "Commuted Reserves" means the aggregate amount of gross reserves of All allocable to losses and related amounts under the Existing Quota Share Agreement that are commuted under the Commutation Agreement, less Third Party Reinsurance Recoverables allocable to such losses and related amounts, in each case calculated in accordance with GAAP, provided that such aggregate amount shall not exceed $312,785,677. "Company Trust Account" has the meaning set fo rth in Post-Termination Endorsement No. I. "Covered Losses" means those Claims payable by Maiden Re after the Effective Time under the Existing Quota Share Agreement with respect to the Underlying Business, including all amounts payable in respect of allocated loss adjustment expenses, excess of policy lim it payments and extra contractual obligations, but limited to those Claims incurred (whether or not reported) on or before December 31, 2018. For the avoidance of doubt, Covered Losses shall not include (i) any Claims under the Existing Quota Share Agreement incurred after December 31, 2018, and (ii) any Excluded Liabilities. "Disputed Item" bas the meaning set forth in Section 5.4(e). "Effective Date" means Janua1y 1, 2019. "Effective T ime" means 12:01 a.m. Eastern time on the Effective Date. "Excess Funding Requirement" has the meaning set forth in Post-Termination Endorsement No. I. 4 \ PH . IX3029.'000IS3 . fl 1926 v29
Applicable Reserves means the net reserves, including claims reserves, of the Retrocedent with respect to the Ultimate Net Loss, determined by the Retrocedent or the Retrocessionaire (as applicable as provided in this Agreement) in accordance with Applicable Law and applicable accounting rules, consistently applied with respect to the Subject Business.
Examples of Applicable Reserves in a sentence
The Reinsurer will fund its collateral obligations to each such reinsured hereunder in proportion to the breakdown of Applicable Reserves attributable to such reinsured, subject in all events to the additional terms and conditions set forth in this ARTICLE VIII.
Five (5) days prior to the Closing Date, Aspen will provide to the Reinsurer a breakdown prepared in good faith of the Applicable Reserves attributable to each reinsured included in the definition of “Aspen” as of the calendar quarter immediately preceding the Closing Date.
For the purposes of calculating Applicable Reserves (aod other measurements of reserves hereunder) aod the conversion of any payments due under this Agreement into United States dollars, the Parties shall use the applicable exchange rate in effect on the date of payment or other date of measurement.
Ultimate Net Loss paid in any other currency shall be converted to United States dollars at the applicable rate of exchange used by AXIS in the preparation of the balance sheet included in its financial statements for such period, which, for the avoidance of doubt, is the same the exchange rate utilized by AXIS to establish the Applicable Reserves carried in its financial statements.
If, following the end of any Quarterly Accounting Period, the credit balance on the Funds Withheld Account exceeds one hundred percent (100%) of the Applicable Reserves at the end of such Quarterly Accounting Period, the Retrocedent shall pay, within twenty (20) Business Days following the end of such Quarterly Accounting Period, an amount equal to such excess to the Lloyd’s Trust Account, provided that the Funds Withheld Account is reduced by the same amount.
More Definitions of Applicable Reserves
Applicable Reserves means, as of any date, all reserves (including case reserves and incurred-but-not-reported reserves, or provisions for losses, claims, benefits and Allocated Loss Adjustment Expenses) of AXIS on a net basis in respect of the Ultimate Net Loss ceded to the Reinsurer under this Agreement as of such date, calculated in accordance with applicable accounting rules, generally accepted actuarial principles, the terms of the Reinsured Policies and Applicable Law, in each case consistent with AXIS’s practice prior to the date hereof. For purposes of calculating Applicable Reserves, all amounts denominated in currencies other than United States dollars shall be converted to United States dollars at the applicable rate of exchange used by the AXIS in the preparation of the balance sheet included in its financial statements at the date of the calculation (or if such date is not a balance sheet date, the exchange rates that would be used by AXIS on such date to prepare a balance sheet). “ASIC” has the meaning set forth in the Section 10.1. “AXIS” has the meaning set forth in the Preamble. “AXIS Currency Translation Principles” mean the principles set forth on Schedule 1.1(a) attached hereto.
Applicable Reserves has the meaning specified therefor in Section 2.2(c) of the Agreement.
Applicable Reserves means the net reserves of the Insurance Subsidiaries with respect to Covered Losses (as defined in the Loss Portfolio Transfer and Adverse Development Cover Reinsurance Agreement) calculated in accordance with GAAP and in the ordinary course of business of the Insurance Subsidiaries consistent with past practice.
Applicable Reserves means the aggregate reserves for Accounts Receivable.
Applicable Reserves means, collectively, (a) the Applicable Reserves under the SINT Business LPT Agreement and (b) the Applicable Reserves under the SP Lloyd’▇ ▇▇▇ ▇▇▇eement.
Applicable Reserves means, as of any date, all reserves (including case reserves and incurred-but-not-reported reserves, or provisions for losses, claims, benefits, and Allocated Loss Adjustment Expenses) of Aspen on a net basis allocable to the Subject Business as of such date, calculated in accordance with GAAP and consistent with Aspen’s practice since the closing under the Original Agreement. “Net basis” means gross reserves allocable to the Subject Business, excluding any reserves for ULAE and any reserves for Extra Contractual Obligations (other than Reinsured Extra Contractual Obligations), less Third Party Reinsurance Recoverables, in each case as of the date of the determination. “Aspen” has the meaning set forth in the Preamble. “Aspen Annual Investment Return” means, with respect to each Crediting Interest Rate Period, the total return on the total investments and cash and cash equivalents of Aspen Parent and all of its subsidiaries during such Crediting Interest Rate Period, in each case, as set forth on the books and records of Aspen Parent. For the avoidance of doubt, such return shall include all net investment income and realized and unrealized gains and losses during each such respective period. “Aspen Parent” has the meaning set forth in the Preamble. “Base Crediting Interest Rate” means a rate of 1.75% per annum, compounded daily. “Base Crediting Interest Rate Accrued Amount” means, with respect to any period, the amount of interest accrued on the applicable Prior Funds Withheld Account Balance Average if interest accrued on such amount at the Base Crediting Interest Rate. “Books and Records” means originals or copies of all records and all other data and information (in whatever form maintained) in the possession or control of Aspen or its Affiliates to the extent relating to the Subject Business or the Reinsured Policies, including (a) administrative records, (b) claim records, (c) policy files, (d) sales records, (e) files and records relating to Applicable Law, (f) underwriting records and (g) accounting records, but excluding (i) Tax Returns and Tax records and all other information and data with respect to Tax, (ii) files, records, data and information with respect to employees, (iii) records, data and information with
Applicable Reserves means each of (a) the cash from time to time held in the Covered Project Account in respect of the Yaphank Project, (b) the Cash Reserve from time to time held in the Borrower Funding Account, (c) the cash from time to time held in the Project Proceeds Account, (d) the cash from time to time held in the Module Replacement Reserve Account, and (e) the cash from time to time held in the Debt Reserve Account.