Reinsurance Credit Event definition

Reinsurance Credit Event has the meaning set forth in Section 4.01.

Reinsurance Credit Event means any event, other than the financial impairment of the Grantor, that results in the Beneficiary being unable to obtain full statutory financial statement credit for the reinsurance provided by the LPT Reinsurance Agreement in any applicable jurisdiction at any point in time during the term of the LPT Reinsurance Agreement.

Reinsurance Credit Event shall have the meaning provided in the Reinsurance Agreement.

Examples of Reinsurance Credit Event in a sentence

• Furthermore, the Parties acknowledge and agree that a Reinsurance Credit Event may occur as a result of the financial impairment of the Reinsurer or it may occur as a result of other causes, some of which may be cured by the Reinsurer within a reasonable period of time.

• Upon the occurrence of a Reinsurance Credit Event, however, in accordance with the requirements of the Collateral Trust Agreement and Section 9.6 herewith, the assets in the Collateral Trust Account shall consist of Permitted Investments.

• In accordance with the requirements of the Collateral Trust Agreement, unless there is a Collateral Triggering Event or a Reinsurance Credit Event, the Reinsurer shall not be required to deposit additional assets into the Collateral Trust Account after the Closing Date.

• Reinsurer shall promptly notify Reinsured of any event or change or condition that will reasonably likely result in a Reinsurance Credit Event.

• Without limiting the generality of the foregoing, if any such event is the result of a downgrade of the Reinsurer’s ratings, then the Reinsurer shall adjust the amount of security provided hereunder to the extent necessary to satisfy the aggregate minimum collateral requirements that are necessary for the Cedant to cure the applicable Reinsurance Credit Event, which aggregate minimum collateral requirements as of the date hereof are set forth on Schedule 10.01.

More Definitions of Reinsurance Credit Event

Reinsurance Credit Event means an event that causes the Company to be unable, for any reason attributable to the Reinsurer or a change in Applicable Law, to take full statutory financial statement credit for the reinsurance provided by this Agreement.

Reinsurance Credit Event has the meaning set forth in Section 15.1(a).

Reinsurance Credit Event shall have the meaning specified in Section 11.1.

Reinsurance Credit Event has the meaning set forth in the Retrocession Agreement.

Reinsurance Credit Event is as defined in Article XV.

Reinsurance Credit Event has the meaning set forth in Section 15.1(a). “Reinsurance Credit Event I” has the meaning set forth in Section 9.6(a)(i). “Reinsurance Credit Event II” has the meaning set forth in Section 9.6(a)(i). “Reinsurance Credit Event II Trust Accounts” has the meaning set forth in Section 9.6(a)(iv). “Reinsurance Credit Event II Trust Agreement” has the meaning set forth in Section 9.6(a)(iii). “Reinsured” has the meaning set forth in the Preamble. The term “Reinsured” as used herein shall include any predecessor or successor of such companies, including by reason of merger, consolidation or otherwise. “Reinsured Contracts” means all policies, contracts, certificates, binders and cover notes of insurance or reinsurance issued by any Reinsured or CNA Insurer, or by any GRM Direct & Assumed, Syndicate, Pool or Association, covering or pertaining to the Business Covered. “Reinsured Liabilities” has the meaning set forth in Section 2.1. “Reinsurance Premium” has the meaning set forth in Section 3.1. 9

Reinsurance Credit Event has the meaning set forth in Section 19.1(a).