Cession Percentage definition

Cession Percentage as used in this Agreement shall be 60% (sixty percent) for the new and renewal Business Covered written during the period January 1, 2004 through December 31, 2004, both days inclusive. However, the Cession Percentage may be reduced to a minimum cession percentage of 25% (twenty five percent) for each quarter starting with the calendar quarter beginning July 1, 2004 and only if the Company has increased its December 31, 2003 Statutory Surplus Level by more than 20% (twenty percent) on or before June 30, 2004. The Company must advise the Reinsurer, with 30 (thirty) days advance written notice, of its election to reduce the Cession Percentage for the forthcoming quarter.
Sample 1
Cession Percentage as used in this Agreement shall be 60% (sixty percent) for the new and renewal Business Covered written during the period January 1, 2004 through December 31, 2004, both days inclusive. However, if the Company has increased its December 31, 2003 Statutory Surplus by more than 20% (twenty percent) on or before December 31, 2004, the Company may elect to change the Cession Percentage, effective as of October 1, 2004, to any amount that is not less than the minimum cession percentage of 25% (twenty-five percent) and not greater than 60% (sixty percent) by providing the Reinsurers with written notice of the Company's election of such new Cession Percentage amount by no later than December 31, 2004." All other terms and conditions of the Original Agreement remain unchanged. In Witness Whereof, the parties hereto have caused this Addendum No.1 to be executed by their duly authorized representatives. Signed for and on behalf of Tower Insurance Company of New York: By: /s/ Xxxxxx Xxxxxxxx ----------------------------------------------------------------------- Title: Vice President ----------------------------------------------------------------------- Date: September 14, 2004 ----------------------------------------------------------------------- Signed for and on behalf of Tokio Millennium Re Ltd. for its 33.333% (thirty three point three three three percent) participation of the terms and conditions of the Original Agreement By: /s/ Unknown ----------------------------------------------------------------------- Title: Senior Underwriting Officer ----------------------------------------------------------------------- Date: September 14, 2004 ----------------------------------------------------------------------- Signed for and on behalf of Hannover Reinsurance (Ireland) Limited for an 80% (eighty percent) share of a 33.334% (thirty three point three three four percent) their participation of the terms and conditions herein. By: /s/ Xxxxx Olagrier ----------------------------------------------------------------------- Title: Underwriter ----------------------------------------------------------------------- Date: September 15, 2004 ----------------------------------------------------------------------- Signed for and on behalf of E+S Reinsurance (Ireland) Limited for a 20% (twenty percent) share of a 33.334% (thirty three point three three four percent) participation of the terms and conditions herein. By: /s/ Xxxxx Olagrier ---------------------------------------...
Sample 1
Cession Percentage as used in this Agreement shall equal 80% (eighty percent) if the maximum overall Net Written Premium is $95,250,000 (ninety two million two hundred fifty thousand dollars) or less for this Agreement. If the maximum overall Net Written Premium is greater than $92,250,000 (ninety two million two hundred fifty thousand dollars) the Cession Percentage shall be equal to the result of multiplying 80% (eighty percent) by the result of dividing $92,250,000 (ninety two million two hundred fifty thousand dollars) by the actual Net Written Premium.
Sample 1

Examples of Cession Percentage in a sentence

  • The Company shall retain net and unreinsured such portion of all Ultimate Net Loss in respect of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio as shall equal 100% (one hundred percent) less the Cession Percentage and shall retain 100% (one hundred percent) of Ultimate Net Loss in excess of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio.

  • RETENTION The Company shall retain net and unreinsured the result of 100% (one hundred percent) minus the Coverage Cession Percentage of all Ultimate Net Loss in respect of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio and 100% (one hundred percent) of Ultimate Net Loss in excess of the first 95.0% (ninety five point zero percent) of Ultimate Net Loss Ratio.

  • To the extent that the Company's overall Net Written Premium for Non-New York Policies exceeds the Premium Cap, the Cession Percentage for Non-New York Policies shall be adjusted by dividing 10% (ten percent) of Net Written Premium by the actual percentage of Net Written Premium and multiplying that result by the Cession Percentage elected in the Article 7, Definitions, definition A.

  • To the extent that the Company's overall ceded Net Written Premium exceeds the Aggregate Premium Cap, the Cession Percentage shall be reduced by dividing $200,000,000 (two hundred million dollars) by the actual Net Written Premium and multiplying that result by the Cession Percentage elected in the Coverage section.

  • Reinsurance Premium - The Company shall pay to the Reinsurers the Cession Percentage of the Net Written Premium as collected for the Term of the Agreement (the "Reinsurance Premium").

  • REINSURANCE PREMIUM The Company shall pay to the Reinsurer the Cession Percentage of the Net Written Premium as collected for the Term of this Agreement (the "Reinsurance Premium").

  • The Adjustment Date shall be the date at which the Adjusted Cession Percentage comes into effect.

  • The Company shall retain net and unreinsured the result of subtracting 100% (one hundred percent) from the Cession Percentage of all Ultimate Net Loss in respect of the first 92.0% (ninety two point zero percent) of Ultimate Net Loss Ratio and 100% (one hundred percent) of Ultimate Net Loss in excess of the first 92.0% (ninety two point zero percent) of Ultimate Net Loss Ratio.

  • To the extent the Company's overall ceded Net Written Premium exceeds the Aggregate Premium Cap, the Cession Percentage shall be reduced by dividing $200,000,000 (two hundred million dollars) by the actual Net Written Premium and multiplying that result by the Cession Percentage elected in Article 7, Definitions, definition A.

  • However, the Cession Percentage may be reduced to a minimum cession percentage of 25% (twenty five percent) for each quarter starting with the calendar quarter beginning July 1, 2004 and only if the Company has increased its December 31, 2003 Statutory Surplus Level by more than 20% (twenty percent) on or before June 30, 2004.


More Definitions of Cession Percentage

Cession Percentage as used in this Agreement shall be a rate of fourteen percent (14%) for both (i) the Unearned Premium Reserve and (ii) new and renewal Business Covered written during the Term of this Agreement. It shall be deemed for purposes of this Agreement that the Company shall retain net and unreinsured at least twenty five percent (25%) of Business Covered hereunder.
Sample 1
Cession Percentage as used in this Agreement shall be 25% (twenty five percent) for the new and renewal Business Covered written during the period January 1, 2005 through December 31, 2005, both days inclusive.
Sample 1

Related to Cession Percentage

  • Allocation Percentage means, with respect to any Monthly Period, the percentage equivalent of a fraction:

  • Valuation Percentage means, for any item of Eligible Collateral, the percentage specified in Paragraph 13.

  • Reduction Percentage means the percentage rate by which the Initial Per Certificate Entitlement will reduce on a daily basis on the assumption that the daily rate will be theper annum rate specified in the Final Terms divided by 365 and applied accordingly. B.26 Investment managementNot applicable - there is no active management of the assets of the Issuer. B.27 Further issuances backed by same pool of assetsNot applicable – the Issuer will not issue further securities backed by the same pool of assets. B.29 Description of the flow of fundsSave to the extent that the Authorised Participant as subscribed for the issue of Certificates in whole or in part by the physical delivery of the relevant Precious Metal in respect of the Series (the "Underlying Precious Metal"), the net proceeds from each issue of Certificates will be used (a) to purchase the Underlying Precious Metal and (b) to pay any listing fees incurred in connection with the listing of the Certificates. The Certificates will not bear interest. On redemption, a Certificateholder will, in respect of a Certificate, receive on a date on or before the third business day following the relevant Eligible Redemption Valuation Date(being any business day) (in each case the "Settlement Date"):

  • Dilution Percentage means the gross amount of all returns, allowances, discounts, credits, write-offs and similar items relating to Borrower's Accounts computed as a percentage of Borrower's gross sales, calculated on a ninety (90) day rolling average.

  • Utilization Percentage means, on any day, the percentage produced by dividing (a) the aggregate Revolving Credit Exposures by (b) the total Commitments, unless the Commitments shall have been terminated, in which case the Utilization Percentage shall be 100%.

  • Average Contribution Percentage means the average of the Contribution Percentages of the Eligible Participants in a group.

  • Subordination Percentage With respect to each class of Class A Certificates and Class M Certificates, the respective approximate percentage set forth in the table below: Class Percentage (1) Percentage (2) A 73.250% 78.600% M-1 81.625% 85.300% M-2 88.125% 90.500% M-3 91.500% 93.200% M-4 92.750% 94.200% M-5 94.125% 95.300%

  • Termination Percentage has the meaning set forth in Section 2.2.

  • Concentration Percentage means (i) for any Group AA Obligor, 30.00%, (ii) for any Group A Obligor, 17.50%, (iii) for any Group B Obligor, 15.00%, (iv) for any Group C Obligor, 12.50% and (v) for any Group D Obligor, 7.50%.

  • Net Liquidation Percentage means the percentage of the book value of Borrowers’ Inventory that is estimated to be recoverable in an orderly liquidation of such Inventory net of all associated costs and expenses of such liquidation, such percentage to be as determined from time to time by an appraisal company selected by Agent.

  • Floating Allocation Percentage means, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Invested Amount as of the last day of the preceding Monthly Period (or with respect to the first Monthly Period, the Initial Invested Amount) and the denominator of which is the greater of (1) the sum of (x) the total amount of Principal Receivables in the Trust at the end of the day on such date (or with respect to the first Monthly Period, at the end of the day on the Closing Date) and (y) the principal amount on deposit in the Excess Funding Account as of the end of the day on such date and (2) the sum of the numerators used to calculate the Series Percentages (as such term is defined in the Agreement) with respect to Finance Charge Receivables or Defaulted Receivables, as applicable, for all Series then outstanding; provided, however, that with respect to any Monthly Period in which an Addition Date occurs and the Servicer need not make daily deposits of Collections into the Collection Account, the denominator in (x) above shall be the Average Principal Balance; provided further, however, that with respect to any Monthly Period in which an Addition Date occurs and the Servicer is required to make daily deposits of Collections into the Collection Account, the denominator in (x) above shall be (1) for the period from and including the first day of such Monthly Period to but excluding the related Addition Date, the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period and (2) for the period from and including the related Addition Date to and including the last day of such Monthly Period, the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date.

  • Actual Contribution Percentage means the average of the Contribution Percentages of the Eligible Participants in a group.

  • Group II Allocation Percentage With respect to any Distribution Date, the percentage equivalent of a fraction, the numerator of which is (i) the Group II Principal Remittance Amount for such Distribution Date, and the denominator of which is (ii) the Principal Remittance Amount for such Distribution Date.

  • Group I Allocation Percentage With respect to any Distribution Date, the percentage equivalent of a fraction, the numerator of which is (i) the Group I Principal Remittance Amount for such Distribution Date, and the denominator of which is (ii) the Principal Remittance Amount for such Distribution Date.

  • Conversion Percentage means, (A) the number of Class B Ordinary Shares being converted, divided by (B) the total number of Class B Ordinary Shares issued and outstanding (i.e. up to 1,000).

  • Contribution Percentage means the percentage obtained by dividing (x) the Adjusted Net Worth (as defined below) of such Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the “Adjusted Net Worth” of each Guarantor shall mean the greater of (x) the Net Worth (as defined below) of such Guarantor and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount by which the fair saleable value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to any Guaranteed Obligations arising under this Guaranty or any guaranteed obligations arising under any guaranty of any Permitted Additional Indebtedness) on such date. Notwithstanding anything to the contrary contained above, any Guarantor that is released from this Guaranty pursuant to Section 17 hereof shall thereafter have no contribution obligations, or rights, pursuant to this Section 18, and at the time of any such release, if the released Guarantor had an Aggregate Excess Amount or an Aggregate Deficit Amount, same shall be deemed reduced to $0, and the contribution rights and obligations of the remaining Guarantors shall be recalculated on the respective date of release (as otherwise provided above) based on the payments made hereunder by the remaining Guarantors. All parties hereto recognize and agree that, except for any right of contribution arising pursuant to this Section 18, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right of contribution or subrogation against any other Guarantor in respect of such payment until the Termination Date. Each of the Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the right to waive its contribution right against any Guarantor to the extent that after giving effect to such waiver such Guarantor would remain solvent, in the determination of the Required Lenders.

  • Principal Allocation Percentage means, with respect to any day during a Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for Series 2022-2 as of the last day of the immediately preceding Monthly Period (or, in the case of the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the Series Adjusted Invested Amount for Series 2022-2 as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the product of (x) the sum of (i) the total amount of Principal Receivables in the Trust as of the last day of the immediately preceding Monthly Period (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, the Closing Date) and (y) the Series 2022-2 Allocation Percentage as of the last day of the immediately preceding Monthly Period; provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (x)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period; and provided further, that if after the commencement of the Controlled Accumulation Period a Pay-Out Event occurs with respect to another Series that was designated in the Supplement therefor as a Series that is a “Paired Series” with respect to Series 2022-2, the Transferor may, by written notice delivered to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the Adjusted Invested Amount as of the last day of the revolving period for such Paired Series, (y) the Transferor shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee and (z) the Transferor shall have delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on the facts known to such officer at such time, in the reasonable belief of such Transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay-Out Event, to occur with respect to Series 2022-2.

  • Borrowing Base Utilization Percentage means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day.

  • Class Subordination Percentage With respect to any Distribution Date and each Class of Subordinated Certificates, the quotient (expressed as a percentage) of (a) the Class Certificate Balance of such Class of Certificates immediately prior to such Distribution Date divided by (b) the aggregate of the Class Certificate Balances immediately prior to such Distribution Date of all Classes of Certificates.

  • Prepayment Distribution Percentage With respect to any Distribution Date and each Class of Subordinate Certificates, under the applicable circumstances set forth below, the respective percentages set forth below:

  • Class A Principal Percentage means, with respect to any Monthly Period (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class A Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class A Initial Invested Amount and denominator of which is the Initial Invested Amount.

  • NOLV Percentage the net orderly liquidation value of Inventory, expressed as a percentage, expected to be realized at an orderly, negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent appraisal of Borrowers’ Inventory performed by an appraiser and on terms satisfactory to Agent.

  • Class A Floating Percentage means, with respect to any Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is equal to the Class A Adjusted Invested Amount as of the close of business on the last day of the preceding Monthly Period and the denominator of which is equal to the Adjusted Invested Amount as of such day; provided, however, that with respect to the first Monthly Period, the Class A Floating Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class A Initial Invested Amount and the denominator of which is the Initial Invested Amount.

  • Collateral Principal Percentage means, with respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Collateral Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount.

  • Class B-6 Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Percentage by (ii) a fraction, the numerator of which is the Class B-6 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-6 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-6 Percentage for such Distribution Date will be zero.

  • Class A Principal Allocation Percentage With respect to any Distribution Date, the percentage equivalent of a fraction, determined as follows: (A) with respect to the Group I Class A Certificates, a fraction, the numerator of which is (x) the portion of the Principal Remittance Amount for such Distribution Date that is attributable to the principal received or advanced on the Group I Mortgage Loans and the denominator of which is (y) the Principal Remittance Amount for such Distribution Date and (B) with respect to the Group II Class A Certificates, a fraction, the numerator of which is (x) the portion of the Principal Remittance Amount for such Distribution Date that is attributable to the principal received or advanced on the Group II Mortgage Loans and the denominator of which is (y) the Principal Remittance Amount for such Distribution Date.