Ceded Contracts definition

Ceded Contracts means Underlying Contracts ceded by the Company to the Retrocessionaire hereunder as set forth in Article 1.
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Ceded Contracts means all contracts defined as Covered Contracts in the Services Agreement except Excluded Business as defined in the Services Agreement.
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Ceded Contracts shall not include any contract as to which Retrocessionaire or any Affiliate (as defined in the Services Agreement) of Retrocessionaire has a side-by­ side participation with the Company on the same risk (for the same layer and same time period) as the Company equal to or greater than the product of the Ceded Per­centage and the sum o f the Company's and the Retrocessionaire's (or its Affiliate's) percentage participations on such risk. By way of illustration, if the Company's par­ticipation on a risk is 42.5% for the relevant layer, the Ceded Percentage is 15% and the Retrocessionaire's (or Affiliates) side-by-side participation is 7.5% or greater, then the Company's participation shall not be a Ceded Contract (because 7.5% is equal to 15% x (42.5% + 7.5%)).
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Examples of Ceded Contracts in a sentence

  • All reinsurance under this Agreement shall attach simultaneously with the attachment of the Ceded Contract and shall be subject to the same rates, terms, conditions, waivers, and interpretations, and to the same modifications, cancellations and alterations, as the respective Ceded Contracts.

  • The Retrocessionaire hereby assumes liability for the Ceded Percentage of any and all assessments and assignments imposed as a result of the Ceded Contracts and shall reimburse the Company for its share of any fines, assessments and/or penalties imposed upon the Company as a result of the Ceded Contracts.

  • The Retrocessionaire shall in every case to which this Agreement applies and to the extent of the Ceded Percentage absolutely and unconditionally follow the underwriting fortunes of the Company in respect of the Ceded Contracts, and the Retrocessionaire shall be bound, without limitation, by all payments and settlements entered into by the Company in good faith, subject always to the terms, conditions and limitations of this Agreement.

  • The Retrocessionaire shall assume, be liable for and pay to or on behalf of the Company, the Ceded Percentage of all Loss and Loss Adjustment Expenses incurred in connection with the Ceded Contracts, including, but not limited to, judgments (including interest thereon), settlements and compromises in connection therewith.

  • The Company in its full discretion shall investigate, defend, and resolve claims or proceedings relating to the Ceded Contracts.

  • For the avoidance of doubt, premiums retained by the cedents on the Ceded Contracts as funds withheld shall not be payable by the Company to the Retrocessionaire until actually received by the Company.

  • In consideration of the acceptance by the Retrocessionaire of the applicable Ceded Percentage of the Company’s liability for the Ceded Contracts, the Retrocessionaire shall be ceded the applicable Ceded Percentage of Earned Gross Premiums by the Company.

  • The territorial limits of this Agreement shall be identical with those of the Ceded Contracts.

  • Should payment due from the Retrocessionaire exceed $100,000 (or equivalent in original currency of the relevant Ceded Contract(s)) as respects any one Loss, the Retrocessionaire shall within 5 business days pay its share of such Loss upon written request by the Company accompanied by supporting documentation.

  • This Agreement (and any Letter of Credit provided by the Retrocessionaire to the Company or Reinsurance Trust Agreement in accordance with Article 19 of this Agreement) and the Services Agreement constitute the entire agreement between the parties in connection with the retrocession of the Ceded Contracts.

Related to Ceded Contracts

  • Excluded Contracts has the meaning set forth in Section 2.02(a).

  • Excluded Contract means, at any date, any rights or interest of the Borrower or any Guarantor under any agreement, contract, license, instrument, document or other general intangible (referred to solely for purposes of this definition as a “Contract”) to the extent that such Contract by the terms of a restriction in favor of a Person who is not the Borrower or any Guarantor, or any requirement of law, prohibits, or requires any consent or establishes any other condition for or would terminate because of an assignment thereof or a grant of a security interest therein by the Borrower or a Guarantor; provided that (i) rights under any such Contract otherwise constituting an Excluded Contract by virtue of this definition shall be included in the Collateral to the extent permitted thereby or by Section 9-406 or Section 9-408 of the Uniform Commercial Code and (ii) all proceeds paid or payable to any of the Borrower or any Guarantor from any sale, transfer or assignment of such Contract and all rights to receive such proceeds shall be included in the Collateral.

  • Acquired Contracts has the meaning given in Section 2.1(a).

  • Shared Contracts has the meaning specified in Section 4.12(b).

  • Transferred Contracts has the meaning ascribed to it in Section 2.1(c).