Retrocession Term definition
Examples of Retrocession Term in a sentence
Within 30 days following the end of each calendar quarter during the Retrocession Term, the Retrocessionaire will prepare and deliver to the Retrocedent a report containing the Retrocessionaire’s good faith estimate of the loss reserves to be established by the Retrocedent in respect of the Reinsurance Agreements ceded hereunder as of the end of such calendar quarter.
Within 30 days following the end of each calendar quarter during the Retrocession Term, the Retrocedent will prepare and deliver to the Retrocessionaire a report (the “Quarterly Report”) containing information relevant to the calculation of the amount (other than amounts due and owing pursuant to Article 8 hereof) owed by or to the Retrocessionaire hereunder in respect of such calendar quarter (which report shall be in such form as the Retrocedent and the Retrocessionaire shall reasonably agree).
From time to time during the Retrocession Term, the Retrocessionaire may request that the Retrocedent provide a written statement of the Collateral Amount as of any day during the Retrocession Term and, if the Collateral Amount is less than the Deposit Amount as of such day, the Retrocedent will promptly (and in any event within five business days of such day) transfer such difference to the Retrocessionaire.
Within 30 days following the end of each calendar quarter during the Retrocession Term, the Retrocedent will prepare and deliver to the Retrocessionaire a report (the “Quarterly Report”) containing information relevant to the calculation of the amount (other than amounts due and owing pursuant to Article 8 hereof), if any, owed by or to the Retrocessionaire hereunder in respect of such calendar quarter (which report shall be in such form as the Retrocedent and the Retrocessionaire shall reasonably agree).
From time to time during the Retrocession Term, the Retrocedent will provide to the Retrocessionaire a written statement (the “Collateral Statement”) of the amount (such amount, the “Collateral Amount”) of collateral, if any, that the Retrocedent is required to post in respect of the Reinsurance Agreement.
Within 30 days following the end of each calendar quarter during the Retrocession Term, the Retrocessionaire will prepare and deliver to the Retrocessionaire a report containing the Retrocessionaire’s good faith estimate of the loss reserves to be established by the Retrocedent in respect of the Reinsurance Agreement as of the end of such calendar quarter (which report shall be in such form as the Retrocedent and the Retrocessionaire shall reasonably agree).
If on any day during the Retrocession Term the Collateral Amount is less than the Deposit Amount, in each case as of such day, the Retrocedent will promptly (and in any event within five business days of such day) transfer to the Retrocessionaire the lesser of (i) such difference and (ii) the positive difference between the Deposit Amount as of such day and $32,200,000.
If on any day during the Retrocession Term the Collateral Amount is less than the Deposit Amount, in each case as of such day, the Retrocedent will promptly (and in any event within 5 business days of such day) transfer to the Retrocessionaire the lesser of (i) such difference and (ii) the positive difference between the Deposit Amount as of such day and $32,200,000.
If on any day during the Retrocession Term the Retrocedent is required to procure a surety bond or some other form of security in connection with any litigation, arbitration or similar action (howsoever described) arising out of or in any way connected to the Reinsurance Agreement, the Retrocessionaire shall reimburse the Retrocedent for any and all costs incurred by the Retrocedent in connection with such security.
If on any day during the Retrocession Term the Retrocedent is required to procure a surety bond or some other form of security in connection with any litigation, arbitration or similar action (howsoever described) arising out of or in any way connected to the Reinsurance Agreement, the Retrocessionaire shall reimburse the Retrocedent for any and all costs incurred by the Retrocedent in connection with such procurement.