Currency Block definition
Currency Block means, in respect of the Retrocedant, all Retroceded Policies ceded to this Agreement by the Retrocedant that are denominated in a particular currency;
Currency Block means, in respect of the Retrocedant, all Retroceded Policies ceded to this Agreement by the Retrocedant that are denominated in a particular currency; "Custodian" means such authorised person serving from time to time as the custodian of the Funds-Withheld Accounts; "Data Protection Laws" means, in relation to a Party, the laws and regulations applicable to that Party regulating data protection, data privacy and/or the protection of personal and/or sensitive information, including, where applicable: the relevant principles of the Insurance Code of Conduct issued by the Bermuda Monetary Authority in February 2010 relating to the safeguard of sensitive information and the requirements for appropriate risk management procedures relating to the same; and laws implementing EU Directive 95/46/EC (including for example the UK Data Protection 1998); - 4 - "Deed of Charge" means the Bermuda law governed fixed and floating charge entered into on the same date as this Agreement between (1) the Retrocessionaire; (2) the Retrocedant; (3) XL Re and (4) XL Re (UK); "Difference" means the amount (whether positive or negative) determined by the sum of: (i) the Recapture Amount determined by the Retrocedant's Actuary; less (ii) the Recapture Amount determined by the Expert pursuant to Clause 30; "Dispute" has the meaning given to it in Clause 31.1; "Distribution" means every description of dividend or distribution of the Retrocessionaire's assets to its beneficial owner(s) whether in cash or otherwise; "Due" has the meaning given under section 4.90(4) of the Insolvency Rules 1986; "Due Date" has the meaning given to it in Clause 8.10; "Effective Date" means 1 January 2014; "Event of Default" means any event or circumstance referred to in Clause 5.2; "Expert" has the meaning given to it in Clause 30.1; "External Retrocession Agreements" means the following agreements: