Recapture Triggering Event definition
Recapture Triggering Event means any of the following occurrences:
Recapture Triggering Event means any of the following occurrences:
(i) the Reinsurer becomes insolvent or has been placed into liquidation, rehabilitation, conservation, supervision, receivership or similar proceedings (whether voluntary or involuntary), or there has been instituted against it proceedings for the appointment of a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or assume control of its operations, and, in any such case such proceeding shall continue undismissed for forty-five (45) calendar days;
(ii) the Reinsurer’s RBC Ratio falls below 150% as of a calendar quarter-end and the Reinsurer has not cured such shortfall as of the forty-fifth (45th) calendar day following such calendar quarter-end; provided, that in the event there is a material change in the factors and formulae prescribed by the insurance regulatory authority in the Reinsurer’s state of domicile with respect to the components of and methodologies contained in such calculation, the Parties shall amend this Agreement to incorporate an alternate calculation that is reasonably equivalent to the components of and methodologies contained in the calculation of the Reinsurer’s RBC Ratio in effect as of the Effective Time within thirty (30) calendar days after the implementation of such change;
(iii) there has been a material breach of Section 4.1 or 4.2 of this Agreement by the Reinsurer, and such breach has not been cured within twenty (20) Business Days after the Reinsurer has received written notice of such breach from the Ceding Company in the form attached hereto as Annex A-1; or
(iv) the Reinsurer fails to pay any material amount due to the Ceding Company under this Agreement and (i) such amount is not subject to a good faith dispute and (ii) such failure is not cured within sixty (60) days after the Reinsurer has received written notice of such breach from the Ceding Company in the form attached hereto as Annex A-2.
Recapture Triggering Event has the meaning set forth in Section 9.1(a).
Examples of Recapture Triggering Event in a sentence
In addition, the Reinsurer shall cooperate fully with the Ceding Company and promptly respond to the Ceding Company’s reasonable inquiries from time to time concerning the determination of whether a FMV Triggering Event or Recapture Triggering Event has occurred or is likely to occur.
Upon the occurrence of any FMV Triggering Event or Recapture Triggering Event, such FMV Triggering Event or Recapture Triggering Event, as applicable, shall be deemed to be continuing unless (a) such FMV Triggering Event or Recapture Triggering Event, as applicable, has been cured and (b) no other FMV Triggering Event or Recapture Triggering Event, as applicable, has occurred during a period of six (6) months commencing with the date of such cure.
More Definitions of Recapture Triggering Event
Recapture Triggering Event has the meaning set forth in the Reinsurance Agreement.
Recapture Triggering Event has the meaning assigned to such term in Article V, section 1.
Recapture Triggering Event means any of the following occurrences: 1007933761v22
Recapture Triggering Event has the meaning given to such term in the Coinsurance Agreement.
Recapture Triggering Event means either of the following occurrences: (a) the Reinsurer becomes insolvent or is placed into liquidation, rehabilitation, conservation, supervision, receivership or similar proceedings (whether voluntary or involuntary), or there is instituted against it proceedings for the appointment of a receiver, liquidator, rehabilitator, 6 <Page> conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or assume control of its operations; or
Recapture Triggering Event has the meaning given to such term in the Coinsurance Agreement.