Subject Premium definition
Subject Premium means the premium subject to retrospective adjustment on the basis described in Section 1, Paragraph A of this PART I.
Subject Premium means, for each Affiliate, the percentage of the premium ceded to the Company under the Underlying Reinsurance Agreement to which such Affiliate is a party equal to forty percent (40%) of the Affiliate Subject Premium, in respect of Covered Business in accordance with the terms of the Underlying Reinsurance Agreements, to the extent the Affiliates shall have collected such premiums, and whether or not such Affiliates shall have remitted such premiums to the Company.
Subject Premium means Gross Written Premium in respect of the Personal Lines Business written or assumed by National General or its Affiliates in connection with the Transactions (including, without limitation, business written or assumed by National General or its Affiliates pursuant to the Cut-Through Quota Share Agreement and the Pre-Closing MGA Agreement) on or following the Effective Time, including, without limitation, Gross Written Premium in respect of renewals or replacements of policies in respect of the Personal Lines Business issued on or prior to the Effective Time, and policies in respect of the Personal Lines Business written by National General or its Affiliates following the Effective Time.
Examples of Subject Premium in a sentence
As consideration for entering into this Agreement, the Company shall transfer to the Reinsurer, not later than October 30, 2007, the portion of premium attributable to Covered Business ceded to the Company by each Affiliate equal to the Subject Premium that is unearned as of the Effective Time (the "Initial Premium").
The Company acknowledges and agrees that the net amount of Subject Premium due to the Reinsurer hereunder (being the Reinsurer’s proportionate share of Subject Premium less the ceding commission described in Article VI hereof) shall not be reduced as a result of or in order to pay such Federal Excise Tax, if any.
The Reinsurer shall allow the Company a 31% commission on all Subject Premium ceded hereunder until July 1, 2008 and attributable to Covered Business.
During the five-day period immediately following ACP's receipt of an Earn-Out Payment, ACP shall be permitted to review AmTrust's books and records and AmTrust's working papers to the extent solely related to the determination of the Subject Premium and the applicable Earn-Out Payment.
Subject to and in accordance with the terms of Article VII, in addition to the payment of the Initial Premium, during the term of this Agreement, the Company shall cede to the Reinsurer the Subject Premium.
More Definitions of Subject Premium
Subject Premium means: (i) for each Affiliate except AEL, the percentage of premium ceded to the Company under the Underlying Reinsurance Agreement to which such Affiliate is a party equal to forty percent (40%) of Affiliate Subject Premium, in respect of Covered Business in accordance with the terms of the Underlying Reinsurance Agreements, to the extent the Affiliates shall have collected such premiums, to the Company, and (ii) for AEL, the percentage of premium ceded to the Company under the AEL Quota Share, not to exceed forty percent (40%) of AEL’s Affiliate Subject Premium.
4. Paragraph I of Article IV - DEFINITIONS is deleted in its entirety and the following is substituted therefor:
Subject Premium means: (i) for each Affiliate except AEL, the percentage of premium ceded to the Company under the Underlying Reinsurance Agreement to which such Affiliate is a party equal to forty percent (40%) of Affiliate Subject Premium, in respect of Covered Business in accordance with the terms of the Underlying Reinsurance Agreements, to the extent the Affiliates shall have collected such premiums, to the Company, and (ii) for AEL, the percentage of premium ceded to the Company under the AEL Quota Share, not to exceed forty percent (40%) of AEL’s Affiliate Subject Premium.
Subject Premium as used herein is defined as the Company's gross written premium hereunder, less cancellations and return premiums, and less premium ceded for reinsurance which inures to the benefit of this Contract.
Subject Premium means Gross Written Premium in respect of the Commercial Lines Business written or assumed by AmTrust or its Affiliates in connection with the Transactions (including, without limitation, business written or assumed by AmTrust or its Affiliates pursuant to the Cut-Through Quota Share Agreement and the Pre-Closing MGA Agreement) on or following the Effective Time, including, without limitation, Gross Written Premium in respect of renewals or replacements of policies in respect of the Commercial Lines Business issued on or prior to the Effective Time, and policies in respect of the Commercial Lines Business written by AmTrust or its Affiliates following the Effective Time. "Subsidiary" of any Person means another Person 50% or more of the total combined voting power of all classes of capital stock or other voting interests of which, or 50% or more of the equity securities of which, is owned directly or indirectly by such first Person. "Taxes" means all federal, state, local and foreign taxes of any kind, including those on or measured by or referred to as income, gross receipts, sales, use, ad valorem, franchise, profits, value added, property or windfall profits taxes, or similar fees, assessments or charges of any kind whatsoever (whether payable directly or by withholding and whether or not requiring the filing of -5- a tax return), together with any interest and any penalties, additions to tax or additional amounts imposed thereon by any Taxing Authority, domestic or foreign. "Taxing Authority" means any Governmental Entity or other Person responsible for and having jurisdiction over, the administration of Taxes. "Third-Party Claim" has the meaning set forth in Section 8.2(a). "Tower" has the meaning set forth in the Recitals. "Tower Companies" means the companies set forth on Exhibit H hereto. "Transaction Closing" has the meaning set forth in Section 2.1. "Transaction Closing Date" has the meaning set forth in Section 2.1. "Transaction Documents" means this Agreement, the Administrative Services Agreement, the Commercial Lines ▇▇▇▇ of Sale, the Commercial Lines MGA Agreement, the Commercial Lines Reinsurance Agreement, the Credit Agreement, the LPT Agreement, the Retrocession Agreement, the Investment Agreement, the Stop-Loss Agreement and the Investment Agreement. "Transactions" has the meaning set forth in the Recitals. ARTICLE II TRANSACTION CLOSING Section 2.1
Subject Premium. Unearned Premium as of June 30, 1998, PLUS Written Premium during the Term for Subject Business, TERM: July 1, 1998 to June 30, 1999. LIMIT: 15.0% Quota ,hare of Subject Premium. CEDING COMMISSION: Provisional: 75.09"0 at 25,0% Loss and I AE Ratio. Sliding- 1 for 1 to Minimum: 67.0% at 33.0% Loss and LAE Ratio.
Subject Premium. Unearned premium portfolio as of April 1, 2000 (from bonds written after December 31, 1999) plus written premium during the term.
Subject Premium means Gross Written Premium in respect of the Commercial Lines Business written or assumed by AmTrust or its Affiliates in connection with the Transactions (including, without limitation, business written or assumed by AmTrust or its Affiliates pursuant to the Cut-Through Quota Share Agreement and the Pre-Closing MGA Agreement) on or following the Effective Time, including, without limitation, Gross Written Premium in respect of renewals or replacements of policies in respect of the Commercial Lines Business issued on or prior to the Effective Time, and policies in respect of the Commercial Lines Business written by AmTrust or its Affiliates following the Effective Time.