Qualifying Catastrophic Event definition

Qualifying Catastrophic Event means (a) with respect to any single Event, an Event occurring during the Exposure Period pursuant to which the Company Subsidiaries incur an Ultimate Loss in excess of US$140,000,000 (the "Single Event Attachment Point"), or (b) with respect to any series of Events during the Exposure Period, a series of Events that, when considered in the aggregate, cause the Company Subsidiaries to incur an Ultimate Loss in excess of US$220,000,000 (the "Multiple Event Attachment Point"). Any Qualifying Catastrophic Event that commences during the Exposure Period, whether or not it terminates within the Exposure Period, shall be deemed to have occurred within the Exposure Period. A single Event that has occurred during the Exposure Period but which has not developed into a Qualifying Catastrophic Event prior to the first anniversary of the Event (or eighteen (18) months following the date of the Event if the Event is other than a windstorm) shall not constitute a Qualifying Catastrophic Event for purposes of this Agreement. A single Event that has occurred during the Exposure Period and which develops into a Qualifying Catastrophic Event prior to the first anniversary of the Event (or eighteen (18) months following the date of the Event if the Event is other than a windstorm), but after expiration of the Exposure Period (as the same may be extended), shall constitute a Qualifying Catastrophic Event for purposes of this Agreement. With respect to a single Event which develops into a Qualifying Catastrophic Event, such Qualifying Catastrophic Event shall be deemed to have occurred as of the date such single Event occurred. A series of Events that has occurred during the Exposure Period but which has not developed into a Qualifying Catastrophic Event prior to the end of one (1) year following the end of such Exposure Period shall not constitute a Qualifying Catastrophic Event for purposes of this Agreement. A series of Events that has occurred during the Exposure Period and which develops into a Qualifying Catastrophic Event prior to the end of one (1) year following the end of such Exposure Period, but after expiration of the Exposure Period, shall constitute a Qualifying Catastrophic Event for purposes of this Agreement. With respect to a series of Events which develops into a Qualifying Catastrophic Event, such Qualifying Catastrophic Event shall be deemed to have occurred during the Exposure Period in which such series of Events occurred.
View Source
Qualifying Catastrophic Event means (a) with respect to a single Event, any single Event taking place during an Agreement Year from which HM incurs an Ultimate Loss in an amount greater than the Attachment Point, or (b) with respect to multiple Events taking place during an Agreement Year, multiple Events from which HM incurs an Ultimate Loss in the aggregate from such Events in an amount greater than the Attachment Point. A single Event that takes place during the Exposure Period but which has not developed into a Qualifying Catastrophic Event prior to the first anniversary of such Event shall not constitute a Qualifying Catastrophic Event for purposes of this Agreement. A single Event that takes place during the Exposure Period and which develops into a Qualifying Catastrophic Event prior to the first anniversary of such Event, but after expiration of the Exposure Period, shall constitute a Qualifying Catastrophic Event for purposes of this Agreement. Multiple Events that have taken place during any Agreement Year within the Exposure Period but which have not developed into a Qualifying Catastrophic Event prior to the end of six (6) months after the end of such Agreement Year shall not constitute a Qualifying Catastrophic Event for purposes of this Agreement. Multiple Events that have taken place during any Agreement Year within the Exposure Period and which develop into a Qualifying Catastrophic Event prior to the end of six (6) months after the end of such Agreement Year shall constitute a Qualifying Catastrophic Event for purposes of this Agreement.
View Source

Examples of Qualifying Catastrophic Event in a sentence

  • A Qualifying Catastrophic Event shall have occurred with respect to the Company Subsidiaries.

  • In connection with such investigation, Trenwick shall provide or procure for Option Writer, or its designated agent, reasonable access to loss records of the applicable Company Subsidiaries relating to the Qualifying Catastrophic Event in question (including, without limitation, policy files, claim files, and loss and loss reserve files or information), during normal business hours of the applicable Company Subsidiaries, in order to allow Option Writer to undertake such investigation.

  • A Qualifying Catastrophic Event shall have occurred with respect to the HM Insurance Subsidiaries collectively.

  • In connection with such investigation, HM shall provide Option Writer, or its designated agent, reasonable access to its loss records relating to the Qualifying Catastrophic Event in question (including, without limitation, policy files, claim files and loss and loss reserve files or information), during normal business hours, in order to allow Option Writer to undertake such investigation.

  • In no event shall HM exercise the Securities Issuance Option more than one time (i) per Qualifying Catastrophic Event resulting from any single Event, (ii) per Qualifying Catastrophic Event resulting from multiple Events occurring during any one (1) Agreement Year or (iii) with respect to any one Agreement Year (regardless of the number of Qualifying Catastrophic Events occurring during such Agreement Year).

  • In the event that Trenwick desires to exercise the Securities Issuance Option with respect to a Qualifying Catastrophic Event, Trenwick shall provide written notice to Option Writer during the Exercise Term of its intent to exercise the Securities Issuance Option (a "Notice of Exercise").

  • In the event that Company desires to exercise the Securities Issuance Option with respect to a Qualifying Catastrophic Event, Company shall provide written notice to each Option Writer during the Exercise Term of its intent to exercise the Securities Issuance Option (a "Notice of Exercise").

  • To acquire the right to exercise the Securities Issuance Option during the Exercise Term with respect to a Qualifying Catastrophic Event, Trenwick shall pay to Option Writer a fee (the "Option Fee") as set forth on the attached Schedule 2.

  • With respect to any subsequent exercise of the Option, after accounting for the Qualifying Catastrophic Event but prior to accounting for any payment for Preferred Shares previously issued pursuant to an exercise of the Securities Issuance Option, the HM Net Worth shall not be less than US$215,000,000, excluding goodwill.

  • In connection with such investigation, Company shall provide or procure for such Option Writer, or its designated agent, reasonable access to loss records of the applicable Company Subsidiaries relating to the Qualifying Catastrophic Event in question (including, without limitation, policy files, claim files, and loss and loss reserve files or information), during normal business hours of the applicable Company Subsidiaries, in order to allow such Option Writer to undertake such investigation.