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.
Appears in 4 contracts
Samples: Share Reinsurance Agreement (National General Holdings Corp.), Share Reinsurance Agreement (Amtrust Financial Services, Inc.), Share Reinsurance Agreement (Tower Group International, Ltd.)
Collateral for Ceded Losses. Without limiting the Reinsurer’s other obligations under this Section 3.63.5, 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.
Appears in 3 contracts
Samples: Personal Lines Quota Share Reinsurance Agreement (National General Holdings Corp.), Loss Portfolio Transfer Agreement (Amtrust Financial Services, Inc.), Loss Portfolio Transfer Agreement (National General Holdings Corp.)
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.
Appears in 2 contracts
Samples: Loss Portfolio Transfer Agreement (National General Holdings Corp.), Stock and Asset Purchase Agreement (Amtrust Financial Services, Inc.)
