Adverse Development definition

Adverse Development means any event or condition which is or with either notice or the passage of time would (i) constitute a breach, default, event of default, early redemption event, payout event, early amortization event or other similar event under any Company Securitization Document or (ii) trigger any requirement under any Company Securitization Document to (x) fund an increase in any form of internal credit enhancement, external credit enhancement, spread account or similar account (other than with respect to spread accounts that have already been funded), (y) draw on any such internal or external credit enhancement or account under the terms of any Company Securitization Document or (z) otherwise increase any otherwise required credit enhancement required under the Company Securitization Documents.

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Adverse Development means a development that (a) materially and adversely impacts the market for a Product or Galderma’s ability to sell a Product, (b) is beyond Galderma’s control, and (c) makes attainment of the minimum royalty thresholds under Section 6.4 not commercially reasonable.

Adverse Development means any event or condition which is or with either notice or the passage of time would (i) constitute a breach, default, event of default, early redemption event, payout event, early amortization event or other similar event under any Company Securitization Document or (ii) trigger any requirement under any Company Securitization Document to (x) fund an increase in any form of internal credit enhancement, external credit enhancement, spread account or similar account (other than with respect to spread accounts that have already been funded), (y) draw on any such internal or external credit enhancement or account under the terms of any Company Securitization Document or (z) otherwise increase any otherwise required credit enhancement required under the Company Securitization Documents; provided, however, that changes required by the Company Securitization Documents with respect to (i) the priority of payment of allocation of losses among classes of securities or (ii) amounts deposited in or withdrawn from any account held for the benefit of the related security holders shall not be deemed to constitute an “Adverse Development”.

Examples of Adverse Development in a sentence

• For purposes of this Section 3(h), the terms "Material Adverse Change" and "Material Adverse Development" shall exclude continuing losses that are consistent with the Company's historical losses.

• No Adverse Development has occurred and is continuing in connection with any Company Sponsored Asset Securitization Transaction.

• The consummation of the transactions contemplated hereby (including the Merger) shall not cause the occurrence of any Adverse Development or Servicer Default or Termination.

• The NYID has approved in writing the terms of this Agreement and any Transaction to which XLRA is a party, including the Adverse Development Cover Commutation Agreement, pursuant to applicable Law, including Section 1505 of the New York State Insurance Laws.

• The granting of Access Rights may be made conditional on the acceptance of specific conditions aimed at ensuring that these rights will be used only for the intended purpose and that appropriate confidentiality obligations are in place.

• Subject to the terms, conditions, and limitations of this Agreement, XLIB agrees to indemnify XLFA on an aggregate excess of loss basis for Aggregate Adverse Development up to the Maximum Liability Amount on the Subject Business (as each such term is defined in Article V).

• The Company will apply the proceeds of the sale of the Notes hereunder for the acquisition by one or more of its Subsidiaries of the SwissRe Adverse Development Cover as described in the document “ADC Binding Quote Conifer 2017 08 31”, the repayment of the Existing Credit Facility and working capital purposes.

• Unless one of the Parties terminates this Agreement within the aforementioned period, the written notice of a Substantial Adverse Development will be deemed to have amended the Disclosure Statement or the Disclosure Schedules, to have qualified the representations and warranties contained herein, and to have cured any misrepresentation or breach of warranty that otherwise might have existed hereunder by reason of the Substantial Adverse Development.

• Following the date hereof until the Closing, Seller shall cause Potomac Insurance not to cede any Run-Off Business under the Adverse Development Agreement of Reinsurance No. 8888 between Potomac Insurance and General Reinsurance Company dated as of April 13, 2001, unless Seller has obtained Purchaser’s prior consent therefor (which consent shall not be unreasonably withheld, delayed or conditioned).

• Upon such rescission, the Adverse Development Cover and all rights, obligations and liabilities of the Parties under the Adverse Development Cover shall be reinstated as if this Agreement had never been executed.