Commutation Effective Time definition

Commutation Effective Time means the Division Effective Time, but without giving effect to the Division.
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Commutation Effective Time has the meaning given to it in the Term of this Agreement Article.
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Examples of Commutation Effective Time in a sentence

  • Where the Reinsurer seeks to commute as provided herein, it will not be obligated to pay the Commutation Amount and shall be entitled to withdraw and retain all amounts held in the Funded Accounts, including any such amounts in excess of the Net Subject Reserves as of the Commutation Effective Time, and the Company shall pay any offset, credit or receivable owed by it to the Reinsurer for Third-Party Reinsurance and any Ultimate Net Loss payments made by the Reinsurer with respect to the Corridor Layer.

  • In the event this Agreement is commuted, the Company shall prepare a settlement statement (the “Commutation Settlement Statement”) setting forth the settlement amount for the commutation (the “Commutation Amount”) within thirty (30) Business Days of the Commutation Effective Time.

  • Where the Company seeks to commute as provided herein, the Reinsurer shall pay the Company the Commutation Amount at the Commutation Effective Time.