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.

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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 has the meaning given to such term in the Recitals.

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.

• As of the Closing, as a result of (i) commutation of the Quota Share Treaty pursuant to the Quota Share Commutation Agreement and (ii) commutation of the Financial Security Master Facultative Agreement, the Guarantee and the Financial Security Guarantee shall no longer have any force or effect and for all purposes shall be considered a nullity.

• The NYID has approved in writing the terms of this Agreement and any Transaction to which XLCA is a party, including the Quota Share Treaty Commutation Agreement, pursuant to applicable Law, including Section 1505 of the New York Insurance Law.

• A true and correct copy of the Financial Security Master Facultative Commutation Agreement has been delivered to the XL Parties.

• The Financial Security Master Facultative Commutation Agreement remains in full force and effect and has not been amended, waived, terminated or repealed in any way.

More Definitions of Commutation Agreement

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. "Covered Losses" means those Claims payable by Maiden Re after the Effective T ime under the Existing Quota Share Agreement with respect to the Underlying Business, including all amounts payable in respect of allocated loss adj ustment expenses, excess of policy limit payments and extra contractual obligations, but limited to those Claims incurred (whether or not reported) on or before December 3 1, 2018. For the avoidance of doubt, Covered Losses shall not include (i) any Claims under the Existing Quota Share Agreement incurred afler December 31, 2018, (ii) any Excluded Liabilities and (iii) Other Commuted Covered Losses. "Damages" has the meaning set forth in Section 11.1. "Effective Date" means January I, 2019. "Effective Time" means 12:01 a.m. Eastern time on the Effective Date. "Enstar" has the meaning set forth in the Recitals. "Excluded Liabi lities" has the meaning set forth in Section 2.5(d). "Existing Quota Share Agreement" means that certain Amended and Restated Quota Share Reinsurance Agreement between All and Maiden Re dated as of July 1, 2007, as amended. "Governmental Authority" means any government, political subdivision, cou11, arbitrator, arbitration panel, mediator, mediation panel, board, commission, regulatory or administrative agency or other instrumentality thereof, whether federal, state, provincial, local or foreign and including any regulatory authority which may be partly or wholly autonomous. "Maiden" has the meaning set forth in the Recitals. "Maiden Re" has the meaning set forth in the Preamble. 4

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

Commutation Agreement means the agreement in the agreed terms in the form set out in Schedule 14 proposed to be entered into between the Company (1) and the Seller (2);

Commutation Agreement means the Partial Commutation and Termination Agreement, dated as of the Closing Date, by and between FSA and AG Re.