Recapture Triggering Event definition
Recapture Triggering Event means any of the following occurrences:
Recapture Triggering Event means any of the following occurrences: (a) the Reinsurer has become 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; (b) the Reinsurer ceases to maintain any of (i) a Standard & Poor's Corporation's (or its successor's) insurer financial strength rating of at least BBB+, (ii) a ▇▇▇▇▇'▇ Investors Services, Inc.'s (or its successor's) insurer financial strength rating of at least Baa1, or (iii) an A.M. Best Company, Inc.'s (or its successor's) claims paying rating of at least B++; (c) the Reinsurer's Total Adjusted Capital falls below one-hundred fifty percent (150%) of Company Action Level RBC as of a quarter-end and has not been cured as of the forty-fifth (45th) calendar day following such quarter-end; provided that in the event following the Effective Date there is a material change in the factors and formula prescribed by the National Association of Insurance Commissioners with respect thereto, the Parties will amend this Agreement to incorporate an alternate calculation that is reasonably equivalent to the Company Action Level RBC in effect as of the Effective Time within 30 days after the implementation of such change, and if the Parties cannot agree on any such alternative, the Reinsurer shall continue to calculate its Company Action Level RBC as if such material change had not occurred; (d) there has been a material breach of this Agreement or any Transaction Agreement by the Reinsurer, including failure to fund the Trust Account as required, and such breach has not been cured within thirty (30) calendar days after notice; (e) the Ceding Company is unable to receive Reserve Credit within thirty (30) calendar days of Reinsurer's receipt of written notice from the Ceding Company as to the inability to receive Reserve Credit; (f) the Ceding Company and Reinsurer have not entered into the Purchase Agreement on or prior to June 15, 2012; or (g) the Purchase Agreement terminates pursuant to its terms.
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.