Estimated Ceding Commission definition
Examples of Estimated Ceding Commission in a sentence
The parties shall also pay Ceding Commission and Estimated Ceding Commission in accordance with the provisions of this Agreement.
Subsequent amounts due as Estimated Ceding Commission under Schedule A Part III shall be paid in accordance with Section 5.4 below.
The Estimated Ceding Commission in respect of any Accounting Period is, for the avoidance of doubt, an estimate of the actual Ceding Commission due in respect of that Accounting Period and the adjustment to such estimate shall be effected through the Ceding Commission Adjustments referred to in Schedule B and Section 5.5.
The amount of the Estimated Ceding Commission in respect of each Accounting Period shall, subject to Section 4.2 below, be calculated by the Reinsurer in good faith on the basis of information provided by the Company and shall be paid, by the Reinsurer or the Company as the case may be, at the same time as any Negative or Positive Settlement Amount required to be paid in respect of the previous Accounting Period becomes due in accordance with the arrangements set out in Section 5.4 below.
The Reinsurer shall pay to the Company an amount equal to the Estimated Ceding Commission amounts in respect of all Accounting Periods commencing prior to the execution and delivery of this Agreement as set out in Schedule A Part III and, for the avoidance of doubt, the Company shall take account of such amount payable when producing the First Monthly Report in accordance with section 5.4(b) below.
The “Ceding Commission Adjustment” shall be equal to the following amount (whether positive or negative): (1) the difference (whether positive or negative) between the Actual Ceding Commission minus the Estimated Ceding Commission, minus (2) the Net Retained Liabilities Ceding Commission Interest.
Notwithstanding Section 4.1, the amounts of the Estimated Ceding Commission in respect of each of the first 12 Accounting Periods shall be in the respective amounts set out in Schedule A Part III.
Upon execution of this Agreement, the Reinsurer shall pay to the Company an amount equal to the Estimated Ceding Commission in respect of the first Accounting Period as set out in Schedule A Part III.
Section 4.1 the amounts of the Estimated Ceding Commission in respect of each of the first 12 Accounting Periods shall be in the respective amounts set out in Schedule A Part III.
Notwithstanding Section 4.1, the amounts of the Estimated Ceding Commission in respect of each of the first 6 Accounting Periods shall be in the respective amounts set out in Schedule A Part III.