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.
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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.
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Examples of Qualifying Catastrophic Event in a sentence

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

  • 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.

  • 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 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 2.1. The Option Fee payment shall be delivered upon the later of the Effective Date or the date of execution of this Agreement.

  • 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.

  • The trade union states that Supreme Decree No. 40 (2013) mentions environmental impact statements only in the context of projects carried out on an indigenous people’s land, in areas of indigenous-centred development or near groups of members of indigenous peoples in accordance with the second paragraph of section 86 of Supreme Decree No. 40 (2013).

  • With respect to the first exercise of the Option, after accounting for the Qualifying Catastrophic Event, but prior to payment for any Preferred Shares to be purchased upon such first exercise of the Option, the consolidated stockholders' equity of HM and its consolidated subsidiaries, as determined in accordance with GAAP (the "HM Net Worth") shall not be less than US$215,000,000, excluding goodwill.

  • To acquire the right (the "Option") to exercise (a) ---------- the Securities Issuance Option during the Exercise Term with respect to a Qualifying Catastrophic Event or (b) the Quota Share Reinsurance Right, all on the terms contained herein, HM shall pay to Option Writer an Option Fee (the "Option Fee") for each Agreement Year.

Related to Qualifying Catastrophic Event

  • Catastrophic Event means a rare circumstance in which mass casualties and/or significant property damage has occurred or is imminent (e.g. September 11th, hurricanes, earthquakes greater than 6.1 on the Richter scale)

  • Qualifying condition means a condition described in Section 26-61a-104.

  • SOFR Index Cessation Event means the occurrence of one or more of the following events:

  • Qualifying child means an individual who:

  • OBFR Index Cessation Event means the occurrence of one or more of the following events:

  • Qualifying Change in Control means the date on which there occurs a Change in Control that also qualifies as: (i) a change in the ownership of the Corporation, as determined in accordance with Section 1.409A-3(i)((5)(v) of the Treasury Regulations, (ii) a change in the effective control of the Corporation, as determined in accordance with Section 1.409A-3(i)((5)(vi) of the Treasury Regulations, or (iii) a change in the ownership of a substantial portion of the assets of the Corporation, as determined in accordance with Section 1.409A-3(i)((5)(vii) of the Treasury Regulations.

  • Catastrophic Damage as used hereunder is major change or damage to In- cluded Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:

  • Fraud Loss Coverage Termination Date The point in time at which the Fraud Loss Coverage Amount is reduced to zero.

  • Special Hazard Coverage Termination Date The point in time at which the Special Hazard Loss Coverage Amount is reduced to zero.

  • Index Cessation Event means, with respect to an Applicable Benchmark, (a) a public statement or publication of information by or on behalf of the Administrator of the Applicable Benchmark announcing that it has ceased or will cease to provide the Applicable Benchmark permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator or provider, as applicable, that will continue to provide the Applicable Benchmark; or (b) a public statement or publication of information by the regulatory supervisor for the Administrator of the Applicable Benchmark, the central bank for the currency of the Applicable Benchmark, an insolvency official with jurisdiction over the Administrator for the Applicable Benchmark, a resolution authority with jurisdiction over the Administrator for the Applicable Benchmark or a court or an entity with similar insolvency or resolution authority over the Administrator for the Applicable Benchmark, which states that the Administrator of the Applicable Benchmark has ceased or will cease to provide the Applicable Benchmark permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator or provider that will continue to provide the Applicable Benchmark.

  • CIC Qualifying Termination means a Separation (A) within twelve (12) months following a Change in Control or (B) within three (3) months preceding a Change in Control (but as to part (B), only if the Separation occurs after a Potential Change in Control) resulting, in either case (A) or (B), from (i) the Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability shall not constitute a CIC Qualifying Termination. A “Potential Change in Control” means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the applicable Change in Control (which for the avoidance of doubt, would include, for example, a merger agreement, but not a term sheet for a merger agreement). In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated.

  • Non-Viability Event means the earlier of:

  • Qualifying Period means 12 continuous Calendar Weeks during the whole or part of which the Agency Worker is supplied by one or more Temporary Work Agencies to the relevant Hirer to work temporarily for and under the supervision and direction of the relevant Hirer in the same role, and as further defined in the Schedule to these Terms;

  • Qualifying Income Gross income that is described in Section 856(c)(2) or 856(c)(3) of the Code.

  • Qualifying Distribution Event means (i) the Separation from Service of the Participant, (ii) the date the Participant becomes Disabled, (iii) the death of the Participant, (iv) the time specified by the Participant for an In-Service or Education Distribution, (v) a Change in Control Event, or (vi) an Unforeseeable Emergency, each to the extent provided in Section 5.

  • Data Loss Event means any event that results, or may result, in unauthorised access to Personal Data held by the Supplier under this Agreement, and/or actual or potential loss and/or destruction of Personal Data in breach of this Agreement, including any Personal Data Breach.

  • Qualifying Transaction means a transaction where a CPC acquires Significant Assets, other than cash, by way of purchase, amalgamation, merger or arrangement with another Company or by other means.

  • Qualifying Asset in relation to any Project Financing means:

  • TLAC Disqualification Event means OSFI has advised the Bank in writing that the bail-inable notes issued under the applicable pricing supplement will no longer be recognized in full as TLAC under the TLAC Guideline as interpreted by the Superintendent, provided that a TLAC Disqualification Event will not occur where the exclusion of those bail-inable notes from the Bank’s TLAC requirements is due to the remaining maturity of those bail-inable notes being less than any period prescribed by any relevant eligibility criteria applicable as of the issue date of those bail-inable notes.

  • A "CHANGE IN CONTROL means an Ownership Change Event or a series of related Ownership Change Events (collectively, the "TRANSACTION") wherein the stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction, in substantially the same proportions as their ownership of shares of the Company's voting stock immediately before the Transaction, direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding voting stock of the Company or the corporation or corporations to which the assets of the Company were transferred (the "TRANSFEREE CORPORATION(S)"), as the case may be. For purposes of the preceding sentence, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting stock of one or more corporations which, as a result of the Transaction, own the Company or the Transferee Corporation(s), as the case may be, either directly or through one or more subsidiary corporations. The Board shall have the right to determine whether multiple sales or exchanges of the voting stock of the Company or multiple Ownership Change Events are related, and its determination shall be final, binding and conclusive.