EBNR definition
EBNR or "earned but unbilled") as of the Effective Time and relating to the Reinsurance Contracts, as determined on or before September 30, 2002, as set forth in Exhibit B, in a manner consistent with Retrocedant's customary practices and procedures and as submitted to The St. ▇▇▇▇, shall be allocated to Retrocedant. All payments received after the Effective Time by Retrocedant or Retrocessionaire in respect of EBUB as of the Effective Time shall be retained by Retrocedant or held on trust for and paid by Retrocessionaire to or to the order of Retrocedant, and all rights to collect such amounts shall be retained by or transferred to Retrocedant. Any changes made on or after the Effective Time as to the estimated amount of EBUB as of the Effective Time shall be for the account of Retrocessionaire and shall not affect the amount retained by Retrocedant. The parties agree that as of the first anniversary of the date hereof, Retrocessionaire shall pay to Retrocedant the difference, if any, between the amount of EBUB as of the Effective Time and the aggregate amount subsequently billed and paid to and/or retained by Retrocedant prior to that date with respect to EBUB as of the Effective Time, it being understood that Retrocedant shall bear all risk of non-payment and non-collectibility with respect to premiums written and unearned as of the Effective Date and subsequently billed. All amounts, if any, in respect of EBUB which are in excess of EBUB as of the Effective Time, calculated pursuant to the first sentence of this Section 4.01(d), shall be for the account of Retrocessionaire and no such amounts shall be retained by or payable to Retrocedant.
Examples of EBNR in a sentence
Notwithstanding the foregoing, the parties agree that all gross estimated premiums written prior to the Effective Date and earned but not yet billed ("EBUB", and also referred to as "ESTIMATED PREMIUMS RECEIVABLE" or "EBNR") as of the Effective Time and relating to the Reinsurance Contracts, as determined, on or before ______, 2002, in accordance with Retrocedant's customary practices and procedures and as submitted to The St. ▇▇▇▇, shall be allocated to Retrocedant.