Reserve Credit Event definition

Reserve Credit Event means any event that would cause the Ceding Company to not be permitted to receive Reserve Credit in the Ceding Company Domiciliary State.

Reserve Credit Event means any event that would cause the Ceding Company to not be permitted to receive Reserve Credit and that such event has not been remedied within thirty (30) days following the end of the calendar quarter in which such event occurs.

Reserve Credit Event shall have the meaning set forth in Section 7.03.

Examples of Reserve Credit Event in a sentence

• The parties will provide prompt notice of the occurrence of any Reserve Credit Event.

• The Party who first becomes aware of such event will provide prompt notice to the other Party of the occurrence of either an Uncontrollable Reserve Credit Event or a Controllable Reserve Credit Event (hereinafter collectively "Reserve Credit Event").

• If the Reinsurer cannot cure an Uncontrollable Reserve Credit Event, as set forth above, but such Uncontrollable Reserve Credit Event can be cured by the posting of collateral, within fifteen (15) days the Reinsurer shall establish and maintain collateral, either a trust or a letter of credit, in a form which meets all applicable standards of law and regulation to enable the Ceding Company to claim Reinsurance Credit during the pendency of the Reserve Credit Event.

• If a Reserve Credit Event is not cured or the Reinsurer fails to establish or maintain collateral as set forth above, then the Ceding Company may recapture the Business Reinsured under this Agreement in accordance with the terms of Article XVI.

• Within fifteen (15) days of delivery of (if the delivering Party) or receipt of (if the receiving Party) such notice, the Reinsurer shall propose to the Ceding Company a cure to the Reserve Credit Event in a manner that eliminates the need for or enables the Ceding Company to continue to receive Reinsurance Credit.

More Definitions of Reserve Credit Event

Reserve Credit Event means the failure of the Ceding Company to receive Reserve Credit due to the failure of the Reinsurer to remain an authorized reinsurer in any Applicable Jurisdiction, and such failure has not been cured by the later to occur of (a) thirty (30) days after the receipt of written notice of such event from the Ceding Company and (b) the end of the calendar quarter during which the Reinsurer receives written notice from the Ceding Company of such event.

Reserve Credit Event means the occurrence of any of the following: (a) the withdrawal or suspension of all Reserve Credit Facility Ratings for a Reserve Credit Facility[; or (b) the downgrading of all Reserve Credit Facility Ratings for a Reserve Credit Facility below investment grade, or the equivalent rating reasonably determined by the City if rating terminology changes after [closing month] 2022 (As of [closing month] 2022, a rating below investment grade by Moody’s is a rating below [Baa3], and a rating below investment grade by S&P is a rating below [BBB-])]; or (c) the City properly tenders a request for funds under a Reserve Credit Facility, and the requested funds are not delivered materially in accordance with the terms of such Reserve Credit Facility.

Reserve Credit Event means any of the following occurrences:

Reserve Credit Event means the failure of the Reinsurer to remain licensed or an authorized reinsurer in the Ceding Company Domiciliary State and to take steps to permit the Ceding Company to obtain Reserve Credit within the time provided under and in accordance with Section 4.1.

Reserve Credit Event shall have the meaning specified in the Coinsurance Agreement.

Reserve Credit Event means the occurrence of any of the following: (a) the withdrawal or suspension of all Reserve Credit Facility Ratings for a 2010 Reserve Credit Facility; or (b) the

Reserve Credit Event means the failure of the Ceding Company to receive Reserve Credit due to (i) the failure of the Reinsurer to remain an authorized reinsurer in the Ceding Company Domiciliary State and to take steps to permit the Ceding Company to obtain Reserve Credit within the time provided under and in accordance with Section 4.1, or (ii) the Reinsurer being placed into liquidation, rehabilitation, conservation, supervision, receivership or similar proceedings (whether voluntary or involuntary), or the institution against the Reinsurer of proceedings for the appointment of a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or assume control of its operations.