Commutation Agreement Clause Samples
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Commutation Agreement. (i) At the Closing, Purchaser and Seller shall cause FIC and each of the Affiliated Reinsurance Entities to execute and deliver a commutation agreement in substantially the form attached hereto as Exhibit A (the “Commutation Agreement”), which agreement shall provide for the commutation of all liabilities assumed by the Affiliated Reinsurance Entities from FIC in respect of the ARE Reinsured Pre-Closing Contracts (the “Closing Date Legacy Liabilities”).
(ii) In consideration for the commutation of the Closing Date Legacy Liabilities pursuant to the Commutation Agreement at the Closing, the Affiliated Reinsurance Entities shall pay to FIC an aggregate commutation payment in cash equal to the greater of (A) the Estimated Legacy Reserves and (B) the sum of (1) Estimated Affiliated Reinsurance Entity Cash, plus (2) the amount, if any, by which the Estimated FIC Equity is less than $1,500,000 (such aggregate amount payable to FIC pursuant to this Section 2.1(b)(ii), the “Estimated Commutation Payment,” and as adjusted pursuant to Section 2.3, the “Commutation Payment”).
Commutation Agreement. 46- ---------------------
Commutation Agreement. Substitution of capital support arrangement and duration of the Letter of Credit THIS AGREEMENT is made on 30 December 2005 BETWEEN:
Commutation Agreement. Simultaneously herewith, Seller and CMIC are entering into a 90% Quota Share Mutual Release, Settlement and Commutation Agreement pursuant to which, simultaneously herewith, Seller is paying to CMIC, by certified or bank check, the amount of two hundred thirty-four thousand one hundred thirty-six dollars ($234,136).
Commutation Agreement. All consents, non-objections or approvals required by applicable insurance regulators, including but not limited to the New York Department of Financial Services, in connection with the Commutation Agreement shall have been obtained or made. If the Closing occurs, all conditions set forth in this Section 6.3 that have not been fully satisfied as of the Closing shall be deemed to have been duly waived by the Company.
Commutation Agreement. On or prior to the Closing Date, Integrity and General American will give joint, irrevocable instructions to the Trustee to transfer to General American ownership and possession of each asset in the Trust Fund, free and clear of any claims of Integrity, the Trustee or any other Person. On the Closing Date, Integrity and General American will execute the Commutation Agreement.
Commutation Agreement. (a) The Commutation Agreement shall have been duly executed and delivered by the parties thereto and such Commutation Agreement shall have been approved or non-disapproved by the Insurance Commissioner of the Commonwealth of Pennsylvania and the Commissioner of Insurance of the State of Delaware.
Commutation Agreement. The Company shall, and shall cause its Affiliates to, use their reasonable best efforts to sign the Commutation Agreement promptly following the date hereof and to cause the transactions contemplated thereby to be completed as of the Closing Date. The Company shall keep the Reinsurer reasonably informed regarding the negotiation of the Commutation Agreement. The Commutation Agreement shall contain a full and final release of all claims by [*****] and its Affiliates with respect to the Subject Business the Company reinsured with [*****]. The Company shall indemnify and hold harmless the Reinsurer from any claims by [*****] or its Affiliates arising from or related to the Commutation Agreement or the reinsurance agreements commuted thereby.
Commutation Agreement. 29 5.15 Payment of Brokers' or Finders' Fees.............................. 29 5.16 Preparation of Statutory Financial Statements..................... 29 ARTICLE VI CONDITIONS TO CLOSING; ABANDONMENT OF THE TRANSACTION................ 29 6.1 Conditions to the Obligations of Purchaser........................ 29 6.2 Conditions to the Obligations of Parent and Seller................ 33 6.3 Termination of Agreement and Abandonment of Transactions.......... 34
Commutation Agreement. Seller shall have caused the Company as of the Closing Date to enter into the Commutation Agreement pursuant to which the Company shall transfer all of its Policy Liabilities, other than Policy Liabilities set forth on Schedule 4.18(b), to Seller.