Subject Reserves definition

Subject Reserves means, as of any date, all reserves set forth on Schedule A as of such date corresponding to liabilities of a type or kind identified as Covered Liabilities, related to the Reinsured Policies, such amount as determined by the Ceding Company in accordance with the methodologies used by the Ceding Company to calculate such amounts for purposes of its financial statements prepared in accordance with CGAAP, or such other accounting standards as may be applicable during the term of this agreement, and generally consistent with past practices as of all dates without giving effect to this Agreement or as may otherwise be required to be maintained pursuant to the Insurance Companies Act (Canada) and its applicable regulations as well as any instructions, advisories or guidelines issued by OSFI, including the MCCSR Guideline.
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Subject Reserves means the aggregate amount of gross reserves of AII allocable to the Covered Losses ceded by AEL, All and Technology under the Existing Quota Share Agreement, less Third Party Reinsurance Recoverables allocable to such Covered Losses, plus Commuted Reserves, in each case, calculated in accordance with GAAP, in excess of the Retention and up to the Aggregate Limit. For the avoidance of doubt, pursuant to Post­ Termination Endorsemeot No. J, All shall be responsible, and Maiden Re shall not indemnify 6 \ PH . IX3029.'000IS3 . fl 1926 v29
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Subject Reserves means (a) any PDP Reserves and PDNP Reserves identified by BOG or Borrower (or any Subsidiary thereof) as of the date hereof as being produced or producible in paying quantities out of wellx xxx located on the Hydrocarbon Interests owned by any of them as of the date hereof including those listed on the attached Exhibit I or (b) any PDP Reserves and PDNP Reserves identified by BOG or Borrower (or any Subsidiary thereof) following the date hereof and on or before December 31, 2000, as being produced or producible in paying quantities out of any well spudded or acquired by BOG or Borrower (or any Subsidiary thereof) on or before December 31, 2000, (c) in the event only that Borrower's Consolidated Interest Coverage Ratio calculated as of September 30, 2000 (in accordance with the Indenture), is less than 1.1 to 1.0, any PDP Reserves and PDNP Reserves identified by BOG or Borrower (or any Subsidiary thereof) following December 31, 2000 and on or before December 31, 2001, as being produced or producible in paying quantities out of any well spudded or acquired after December 31, 2000 but on or before December 31, 2001, and (d) in the cases of (a), (b) and (c), above, a sufficient interest in the Hydrocarbon Interests and Oil and Gas Properties to afford BOG or the Borrower as applicable the right, prior to giving effect to any Term ORRI Conveyance, to secure the maximum authorized share of production that is allocable to PDP Reserves and, when applicable, PDNP Reserves found in each Subject Well. Under no circumstances, and notwithstanding any provision hereof to the contrary, shall the term "Subject Reserves" include (1) any PUD Reserves or any Non-Proved Reserves or (2) any PDP Reserves and/or PDNP Reserves beneficially or legally owned (whether in a vested or contingent manner) by a third party (which is not an Affiliate of the Borrower) under or pursuant to any agreement or other matter disclosed in Exhibit H hereto, or (3) any PDP Reserves or PDNP Reserves identified by Borrower or BOG as a result of the deepening or sidetracking of a Subject Well after December 31, 2000 (in the event item (c) of the definition of Subject Reserves is not triggered) and after December 31, 2001, (in the event item (c) of the definition of Subject Reserves is triggered). Under no circumstances shall the term "Subject Reserves" include reserves that are not either producing or capable of producing (or being made in the case of PDNP Reserves to produce or capable of producing) ...
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Examples of Subject Reserves in a sentence

  • Notwithstanding the provisions of Sections 11.1, the Ceding Company shall not be permitted to effect a partial recapture pursuant to Section 11.1 if, after giving effect to the recapture, the Subject Reserves would be less than C$75,000,000.

  • No Reinsurer Indemnified Person shall be entitled to indemnification with respect to any particular Indemnifiable Loss to the extent the related damages, losses, liabilities, obligations, costs, or expenses were reflected or provided for or reserved against in the calculation of the Initial Reinsurance Premium and the Net Subject Reserves at the Closing.

  • Grantor shall have no express or implied obligation to sell or otherwise to market or render marketable or more valuable the ORRI Hydrocarbons on any terms better or otherwise different than those pursuant to which it sells, markets or renders marketable or more valuable its own Subject Reserves from the same Subject Well.

  • Webb seconded the motion; the meeting adjourned at 8:02 p.m. with a unanimous vote of 7 – 0.

  • Grantor shall have the obligation to market, or cause to be marketed, the oil, gas and other minerals attributable to the Term ORRI (the "ORRI Hydrocarbons") on behalf of and for the account of Grantee in arm's-length transactions with purchasers who are not Affiliates, on the same terms upon which Grantor markets its own Subject Reserves from the same Subject Well.

  • Payor shall use commercially reasonable efforts to diligently mine, develop, and sell Saleable Product from the Subject Reserves; provided, however that Payee acknowledges and agrees that Payor shall have no obligation to produce or sell Saleable Product from the Subject Reserves if such production or sale would be commercially unreasonable or result in financial loss to Payor.

  • Any payable or receivable that is not within the Net Subject Reserves on the Valuation Date is for the Company’s account.

  • Where the Reinsurer seeks to commute as provided herein, it will not be obligated to pay the Commutation Amount and shall be entitled to withdraw and retain all amounts held in the Funded Accounts, including any such amounts in excess of the Net Subject Reserves as of the Commutation Effective Time, and the Company shall pay any offset, credit or receivable owed by it to the Reinsurer for Third-Party Reinsurance and any Ultimate Net Loss payments made by the Reinsurer with respect to the Corridor Layer.

  • It is hereby recognized and stipulated that the Term ORRI is payable out of and shall burden the Non-Working Interest Properties, to the extent they constitute Subject Reserves, just as it is payable out of and burdens the balance of the Hydrocarbon Interests.

  • No Property Sale may be consummated unless Payor shall cause such Property Transferee in connection with the closing of such Property Sale to assume in writing all obligations of Payor under this Agreement applicable to the Subject Reserves for which record title or operating rights are to be conveyed, pursuant to an assumption agreement in a form reasonably acceptable to Payee (each, an “Assumption Agreement”).


More Definitions of Subject Reserves

Subject Reserves means the Company's proved Oil and Gas reserves
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Subject Reserves means, collectively, the Antelope Reserves, the Xxxxxxx Xxxx Reserves and the Spring Creek Reserves.
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Subject Reserves means LMC's indicated loss and allocated loss adjustment expense reserve, net of third party reinsurance and losses assumed from LMC Fronted Policies, for accident dates prior to December 31, 2002 for the Eagle Entities, calculated as of the Closing Date.
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Related to Subject Reserves

  • PDP Reserves means the Proven Reserves which are categorized as both “developed” and “producing” under the definitions for oil and gas reserves promulgated by the Society of Petroleum Evaluation Engineers (or any generally recognized successor) as in effect at the time in question and reasonably acceptable to the Administrative Agent.

  • Replacement Reserve As defined in Section 9.5.1.

  • Required Reserves at any time means the product of (x) the Net Pool Balance and (y) the greater of (I) 13.00% and (II) the sum of (a) the Yield Reserve Ratio, plus (b) the Servicing Fee Reserve Ratio, plus (c) the greater of (i) the sum of the Loss Reserve Ratio and the Dilution Reserve Ratio and (ii) the Minimum Reserve Ratio, each as in effect at such time.

  • Bank Product Reserves means all reserves which the Agent from time to time establishes in its reasonable discretion for the Bank Products then provided or outstanding.

  • Cash Management Reserves means such reserves as the Agent, from time to time, determines in its Permitted Discretion as being appropriate to reflect the reasonably anticipated liabilities and obligations of the Loan Parties with respect to Cash Management Services then provided or outstanding.

  • Bank Product Reserve means the aggregate amount of reserves established by the Administrative Agent from time to time in its Permitted Discretion in respect of Secured Bank Product Obligations.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Proved Undeveloped Reserves means Proved Reserves which are categorized as “Undeveloped” in the Definitions.

  • Interest Reserve means, for any Calculation Period, the product (expressed as a percentage) of (i) 1.5 times (ii) the Alternate Base Rate as of the immediately preceding Cut-Off Date times (iii) a fraction the numerator of which is the highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of which is 360.

  • Availability Reserves means, without duplication of any other Reserves or items that are otherwise addressed or excluded through eligibility criteria, such reserves as the Agent from time to time determines in its discretion as being appropriate (a) to reflect the impediments to the Agent’s ability to realize upon the Collateral, (b) to reflect claims and liabilities that the Agent determines may need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which the Agent believes in good faith could adversely affect any component of the Borrowing Base, or the assets, business, financial performance or financial condition of any Loan Party, or (d) to reflect that a Default or an Event of Default then exists. Without limiting the generality of the foregoing, Availability Reserves may include, in the Agent’s discretion, (but are not limited to) reserves based on: (i) rent; (ii) customs duties, and other costs to release Inventory which is being imported into the United States; (iii) outstanding Taxes and other governmental charges, including, without limitation, ad valorem, real estate, personal property, sales, claims of the PBGC and other Taxes which may have priority over the interests of the Agent in the Collateral; (iv) salaries, wages and benefits due to employees of any Borrower, (v) Customer Credit Liabilities, (vi) customer deposits, (viii) reserves for reasonably anticipated changes in the Appraised Value of Eligible Inventory between appraisals, (viii) warehousemen’s or bailee’s charges and other Permitted Encumbrances which may have priority over the interests of the Agent in the Collateral, (ix) amounts due to vendors on account of consigned goods, (x) Cash Management Reserves, (xi) Bank Products Reserves and (xii) royalties payable in respect of licensed merchandise.

  • Activated reserve components means members of the reserve component of the uniformed services who have received a notice of intent to deploy or mobilize under Title 10 of the United States Code, Title 32 of the United States Code, or state mobilization to active duty.

  • Concentration Reserve Percentage means, at any time of determination, the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors, (b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

  • Capital Expenditure Reserve means, on an annual basis, an amount equal to $0.15 per square foot for each property owned by a Borrower or the Parent (or a Subsidiary thereof).

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • FF&E Reserve means, for any Person or any Hotel Property at any time, a reserve equal to four percent (4%) of gross revenues from any Hotel Property owned by such Person or from such Hotel Property, as applicable, for the Rolling Period of the Parent most recently ended for which financial statements have been, or are required to be, delivered to the Banks hereunder.

  • Receivables Reserves mean such reserves as may be established from time to time by the Administrative Agent in the Administrative Agent’s Permitted Discretion with respect to the determination of the collectability in the ordinary course of Eligible Accounts Receivables, including, without limitation, reserves for dilution.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Loan Loss Reserves means funds held by the Seller to cover potential losses in connection with the mortgage loans owned in the Seller’s portfolio, including without limitation any amounts required to be maintained and held as a loan loss reserve in accordance with GAAP and any other regulatory requirement applicable to the Seller.

  • Cash Reserve means for any Financed Receivable which has been paid in full during a Monthly Period, the amount by which the amount(s) paid on such Financed Receivable exceeds the Advance made on such Financed Receivable.

  • road reserve ’ means the area contained within the statutory width of a road, and includes roadways, shoulders and sidewalks and the airspace above such roadways, shoulders and sidewalks and all other areas within the road reserve boundary;

  • Required Reserve Factor Floor means, for any Calculation Period, the sum (expressed as a percentage) of (a) 28.00% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date.

  • Loss Reserve means, on any date, an amount equal to the Loss Percentage multiplied by the Net Receivables Balance as of the close of business of the Servicer on such date.

  • Rent Reserve means, with respect to any store, warehouse distribution center, regional distribution center or depot where any Inventory subject to Liens arising by operation of law is located, a reserve equal to two (2) months’ rent at such store, warehouse distribution center, regional distribution center or depot.

  • Aggregate Reserves means, on any date of determination, the sum of the Loss Reserve, the Dilution Reserve and the Servicing and Yield Reserve.

  • Operating Reserve means generation capacity or load reduction capacity which can be called upon on short notice by either Party to replace scheduled energy supply which is unavailable as a result of an unexpected outage or to augment scheduled energy as a result of unexpected demand or other contingencies.

  • free reserves means such reserves which, as per the latest audited balance sheet of a company, are available for distribution as dividend: