Commutation Agreement definition

Commutation Agreement means each Commutation Agreement by and among the Ambac Parties and each Commuting Policy Beneficiary in the form attached hereto as Exhibit D (with variations as provided in such form), executed and delivered (or, when referred to prior to the Closing, contemplated hereby to be executed and delivered) at the Closing.

Commutation Agreement means any agreement, contract, undertaking, commitment, instrument or other arrangement, including an Insurance Agreement, whether or not contained in a written contract, pursuant to which an Insurance Agreement is commuted, recaptured or otherwise terminated.

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

Examples of Commutation Agreement in a sentence

• At the Closing, each Commuting Policy Beneficiary shall deliver to the Ambac Parties the Commutation Agreement to which such Commuting Policy Beneficiary is a party, executed by such Policy Beneficiary.

• The "Remaining Balance" shall be defined as the Commutation Amount less all amounts that would have been paid to Company under the Reinsurance Agreements if this Commutation Agreement had never existed.

• This Commutation Agreement constitutes the entire agreement between Company and Reinsurer and supersedes all prior and contemporaneous oral and/or written agreements and understandings between the parties relating to the Reinsurance Agreements.

• Therefore, the terms of this Commutation Agreement shall be considered and interpreted without any presumption, inference or rule requiring construction or interpretation of any provision of this Commutation Agreement against the interest of the drafter of the Commutation Agreement.

• Company and Reinsurer agree that it is in each of their best interests to freely and voluntarily enter into this Commutation Agreement and to compromise, resolve and settle all amounts due, or which may become due, between each other.

More Definitions of Commutation Agreement

Commutation Agreement has the meaning given to such term in the Recitals.

Commutation Agreement has the meaning set forth in Section 4.16.

Commutation Agreement means that certain Commutation Agreement the form of which is attached as Exhibit A.

Commutation Agreement means the Commutation Agreement between Economy and Seller, substantially in the form attached hereto as Exhibit D.

Commutation Agreement means the Partial Commutation Agreement to be entered into as of the Closing Date by Seller and the Business Entities, to be mutually agreed to by Seller and Buyer prior to Closing in accordance with the requirements therefor set forth in Section 5.19.

Commutation Agreement has the meaning set forth in Section 9.6. ---------------------

Commutation Agreement means the Commutation Agreement to be entered into by Integrity and General American in substantially the form as Exhibit A attached hereto.