Special Termination Application Sample Clauses
The Special Termination Application clause allows a party to formally request the early termination of an agreement under specific circumstances. Typically, this clause outlines the process for submitting a termination application, including any required notice periods, documentation, or conditions that must be met for the request to be considered valid. Its core function is to provide a structured and transparent mechanism for ending a contract before its natural expiration, thereby offering flexibility and reducing uncertainty for both parties in situations where continuing the agreement is no longer feasible or desirable.
Special Termination Application. Should the Company elect to terminate a Reinsurer's participation on a cut-off basis pursuant to Article 8 - SPECIAL TERMINATION, subparagraph C(1), the Company (with the consent of the Original Insured, which will not be unreasonably withheld) will provide such Reinsurer and the Original Insured with a written statement of the Security Amount with respect to such Reinsurer as of the date of the termination notice delivered by the Company pursuant to Article 8 - SPECIAL TERMINATION, subparagraph C(1). If the Outstanding Collateral Amount with respect to such Reinsurer as of the date of such termination notice is less than the Company's written statement of the Security Amount with respect to such Reinsurer, then, subject to Section 1(e) of such Reinsurer's Trust Agreement, such Reinsurer will, within five
Special Termination Application. Should the Company elect to terminate a Reinsurer's participation on a cut-off basis pursuant to Article 8 - SPECIAL TERMINATION, subparagraph C(1), the Company (with the consent of the Original Insured, which will not be unreasonably withheld) will provide such Reinsurer and the Original Insured with a written statement of the Security Amount with respect to such Reinsurer as of the date of the termination notice delivered by the Company pursuant to Article 8 - SPECIAL TERMINATION, subparagraph C(1). If the Outstanding Collateral Amount with respect to such Reinsurer as of the date of such termination notice is less than the Company's written statement of the Security Amount with respect to such Reinsurer, then, subject to Section 1(e) of such Reinsurer’s Trust Agreement, such Reinsurer will, within five (5) Business Days following receipt of such notice, top up such Reinsurer’s Trust Account to an amount equal to the Security Amount with respect to such Reinsurer. For the avoidance of doubt, upon the occurrence of an Insolvency Event, the Reinsurer shall not deposit or withdraw any Assets from the Trust Account, regardless of the Outstanding Collateral Amount, until the payment of the Terminal Settlement Amount is received by the respective party, as applicable under the terms of Article 8 - SPECIAL TERMINATION, subparagraph E.
Special Termination Application. Should the Company elect to terminate the Reinsurer's participation on a cut-off basis pursuant to subparagraph B(1) of the SPECIAL TERMINATION Article, the Company (with the consent of the Original Insured, which will not be unreasonably withheld) will provide the Reinsurer with a written statement of the Security Amount as of the date of termination, such statement to constitute the Reinsurer's sole notice hereunder. If the Outstanding Collateral Amount as of the termination date is less than the Company's written statement of the Security Amount as of the effective date of termination, the Reinsurer will, within five