Captive Subsidiary definition
Examples of Captive Subsidiary in a sentence
The KTYB, the Captive Subsidiary, and to the extent required their respective professional advisors, have filed all necessary and proper notices, reports and filings in response to the above-referenced Notices.
KTYB and the Captive Subsidiary shall cause the captive manager to provide to SYBT copies of the renewal notice, the actuarial shared risk model, together with any pricing, and terms proposed for participation upon renewal, including the proposed participants and new participants.
Neither the KTYB or the Captive Subsidiary have received any notice of default under any contract or agreement, including any “risk pool” participation agreement or reinsurance contract.
The Captive Subsidiary is engaged in the business of providing commercial property and various liability insurance to its parent company and related entities.
The Captive Subsidiary is a pure captive insurance company as defined by the Nevada Revised Statutes, Chapter 694C.
The Borrower and, to the extent the relevant Synthetic L/C was issued for the benefit of the Captive Subsidiary, Holdings, shall be conclusively deemed to have waived any such claim against the Issuing Bank and its correspondents unless such notice is given as aforesaid.
Section 1.956 2(c) (2)) and (ii) 100% of the issued and outstanding Capital Stock of the Captive Subsidiary not entitled to vote (within the meaning of Treas.
The Borrower and, to the extent the relevant Synthetic L/C was issued for the benefit of the Captive Subsidiary, Holdings, shall promptly examine a copy of each Synthetic L/C that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s or Holdings’ instructions or other irregularity, the Borrower will immediately notify the Issuing Bank.
Permit the Total Adjusted Capital of each U.S.-domiciled Insurance Company that is a Subsidiary at any time to be less than (i) 175% of the Company Action Level Risk Based Capital for such Insurance Company or (ii) in the case of any Captive Subsidiary, the greater of 75% of the Company Action Level Risk Based Capital or the minimum amount required by the Applicable Insurance Regulatory Authority.
Each request by the Borrower (or, to the extent issued for the benefit of the Captive Subsidiary, Holdings) for the issuance or amendment of a Synthetic L/C shall be deemed to be a representation by the Borrower (or, to the extent issued for the benefit of the Captive Subsidiary, Holdings) that the Synthetic L/C Credit Extension so requested complies with the conditions set forth in the preceding sentence.