NICO definition
Examples of NICO in a sentence
Except as otherwise expressly set forth in this Parental Guarantee Agreement, Berkshire hereby expressly waives promptness, diligence, demand, notice of dishonor, non-payment, non-performance or other default with respect to the Guaranteed Obligations, or any requirements that any right or power be exhausted or any action taken against NICO.
This Agreement is written on a “net” basis such that amounts due from the Reinsurer hereunder shall be adjusted to take into account NICO Reinsurance Recoveries.
Following the occurrence of a Trigger Event, the Beneficiary shall be entitled to so proceed directly against Berkshire without first proceeding against or joining NICO or any other Person.
The parties acknowledge and agree that the Reinsurer shall be responsible for and has hereby assumed the financial risk of any uncollected or uncollectible Additional Consideration, other than the NICO Reinsurance Recoveries, except to the extent any such amount is not received as a direct result of a Carolina Circumstance as described in the immediately preceding sentence.
The parties acknowledge and agree that the Reinsurer shall be responsible for and has hereby assumed the financial risk of any uncollected or uncollectible Additional Consideration, other than the NICO Reinsurance Recoveries.