Common use of Special Termination Application Clause in Contracts

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 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 's Trust Agreement, such Reinsurer will, within five (5) Business Days following receipt of such notice, top up such Reinsurer’s '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.