Reinsurances Sample Clauses
Reinsurances. If reinsurance is required for the insurances to be acceptable under this Lease, including without limitation, the requirements of this Section 5, such reinsurance will: (a) be on the same terms as the original insurances and will include the provisions of this Section 5; (b) provide that notwithstanding any bankruptcy, insolvency, liquidation, dissolution or similar proceedings of or affecting the reinsured that the reinsurers’ liability will be to make such payments as would have fallen due under the relevant policy of reinsurance if the reinsured had (immediately before such bankruptcy, insolvency, liquidation, dissolution or similar proceedings) discharged its obligations in full under the original insurance policies in respect of which the then relevant policy of reinsurance has been effected; and (iii) contain a “cut-through” clause in the following form (or otherwise satisfactory to Lessor in its sole discretion): “The Reinsurers and the Reinsured hereby mutually agree that in the event of any claim arising under the reinsurances in respect of an Event of Loss or other claim where as provided by the Aircraft Lease Agreement (S/N 2282) dated effective August 9, 2024 and made between Lessor and Lessee such claim is to be paid to the Person named as sole loss payee under the primary insurances, the Reinsurers will in lieu of payment to the Reinsured, its successors in interest and assigns pay to the Person named as sole loss payee under the primary insurances effected by the Reinsured that portion of any loss due for which the Reinsurers would otherwise be liable to pay the Reinsured (subject to proof of loss), it being understood and agreed that any such payment by the Reinsurers will (to the extent of such payment) fully discharge and release the Reinsurers from any and all further liability in connection therewith.”
Reinsurances. (a) To the extent required by Kenyan law, but not otherwise, the Company shall place and maintain insurances with a Kenyan insurer which (i) is authorised from time to time under Kenyan law to underwrite such risks, and (ii) is approved for the purpose by the Global Agent (acting on the instructions of the Lenders, the approval of which shall not be unreasonably withheld or delayed).
(b) To the extent required to procure contracts of reinsurance in Kenya, but not otherwise, the company shall procure that any insurances underwritten by Kenyan insurers shall be reinsured with a Kenyan reinsurer which:
(i) is authorised from time to time under Kenyan law to reinsure such risks, and
(ii) is approved for the purpose by the Global Agent (acting on the instructions of the Lenders the approval of which shall not be unreasonably withheld or delayed), (each reinsurance so placed, a “Local Reinsurance”).
Reinsurances. (a) If one or more of the Insurances are not effected and maintained with approved insurers, then the Borrowers shall, with the approval of the Agent (acting on the instructions of the Majority Lenders) procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with reinsurers and through brokers, in each case, of recognised standing, that:
(b) are on the same, terms, conditions, duration, law and jurisdiction and date of renewal as the primary Insurances;
(c) are fully reinsured with reinsurers with the minimum rating referred to in paragraph (a) of the definition of approved insurers and approved by the Majority Lenders with the primary or ceding insurer’s retention not exceeding 5% of the insured risks, and such reinsurances are assigned by the primary or ceding insurer in favour of the Security Agent pursuant to a Reinsurance Assignment.
Reinsurances. Reinsurance arrangements placed with the broker producing the business to a Club are not a financial inducement where they are on arm's length terms. However, there clearly is potential scope for a financial inducement to be created particularly if the member were to benefit in any way.