Examples of Cat Cover Reinsurance Recoverables in a sentence
In the event the aggregate amount of cash and other Qualifying Assets maintained in the Trust is below the Required Balance, the Assignment hereunder shall be of all Cat Cover Reinsurance Recoverables due and owing, regardless of the amount of the deficiency in the Trust.
The parties intend that the Trustee shall at all times have a first priority, perfected security interest in the Cat Cover Reinsurance Recoverables under the UCC and at common law.
Any assignment by the Trustee to the Ceding Companies under this Assignment Agreement shall be solely for the purpose of enabling the Ceding Companies, as agent for the Trustee, to collect such Cat Cover Reinsurance Recoverables for deposit into the Trust.
The failure by the Reinsurer, Trustee and/or the Ceding Companies to collect the Cat Cover Reinsurance Recoverables shall not relieve Reinsurer of any of its obligations under the Quota Share Reinsurance Agreements to maintain Qualifying Assets in the Trust in an amount equal to the Required Balance.
Reinsurer further agrees that it shall cooperate with the Beneficiary in instructing the Trustee to assign its right to receive such Cat Cover Reinsurance Recoverables directly from the applicable third party reinsurer to the Ceding Companies, as named beneficiaries of the Trust if the aggregate fair market value of Qualifying Assets in the Trust do not at least equal the Required Balance.
The rights of the Trustee under this Assignment Agreement with respect to collection of the Cat Cover Reinsurance Recoverables directly from the applicable third party reinsurer and enforcement of claims (or, if such rights are assigned to the Ceding Companies pursuant to the Trust Agreement, the Ceding Companies), are limited to the extent of the deficiency, if any, in the Required Balance.
The Chief Compliance Officer of the Applicant will forward the offer to the Applicant’s Disciplinary Panel with a recommendation on whether to accept or reject the offer.
The rights of the Trustee under this Assignment Agreement with respect to receipt of the Cat Cover Reinsurance Recoverables directly from the applicable third party reinsurer and enforcement of claims (or, if such rights are assigned to the Ceding Companies pursuant to the Trust Agreement, the Ceding Companies), are limited to the extent of the deficiency, if any, in the Required Balance.
The failure by the Reinsurer, Trustee and/or the Ceding Companies to collect or receive the Cat Cover Reinsurance Recoverables shall not relieve Reinsurer of any of its obligations under the Quota Share Reinsurance Agreements to maintain Qualifying Assets in the Trust in an amount equal to the Required Balance.
Any Cat Cover Reinsurance Recoverables which are subject to the Assignment collected by the Reinsurer, Trustee and/or the Ceding Companies shall be deposited directly into the Trust.