Collateral for Ceded Losses Sample Clauses
Collateral for Ceded Losses. Without limiting the Reinsurer’s other obligations under this Section 3.6, in the event pursuant to Applicable Law of any state of the United States of America or the District of Columbia having jurisdiction over a Ceding Company, such Ceding Company is no longer able to take full reserve credit on its statutory financial statements for the reinsurance ceded to the Reinsurer without qualifying collateral therefor, the Reinsurer shall promptly agree to modifications to this Agreement so that the Reinsurer shall provide collateral for its obligations hereunder in the amount and form necessary for such Ceding Company to take full reserve credit on its statutory financial statements for the reinsurance provided hereunder on terms and conditions reasonably satisfactory to such Ceding Company and Reinsurer and in accordance with Applicable Law.
Collateral for Ceded Losses. In the event pursuant to applicable law of any state of the United States of America or the District of Columbia having jurisdiction over the Company, the Company is no longer able to take full reserve credit on its statutory financial statements for the reinsurance ceded to the Reinsurer, the Reinsurer shall promptly provide collateral for its obligations hereunder in the amount and form necessary for the Company to take full reserve credit on its statutory financial statements for the reinsurance provided hereunder on terms and conditions reasonably satisfactory to the Company and in accordance with applicable law.