Substitute Reset. If, in respect of a Calculation Date, a Reset Failure Event occurs and a Replacement Reset Agent cannot be identified within 45 days of such Reset Failure Event, the Ceding Insurer will update the applicable Attachment Point, the applicable Exhaustion Point and the applicable Insurance Percentage (“Substitute Reset”).
Appears in 3 contracts
Sources: Property Catastrophe Excess of Loss Reinsurance Agreement, Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC), Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC)