Return Premium definition

Return Premium means, as of the date of any Triggering Event, an amount (which shall not be less than zero) equal to (a) the product of (x) the Initial Investment Amount as of such date, multiplied by (y) 0.50, minus (b) the aggregate amount of interest paid to the Lenders in cash on or prior to such date, if any, minus (c) the amount of returns received by the applicable Lenders (or their Affiliates) in cash with respect to Warrants held by the Lenders (or their Affiliates) on or prior to such date, if any, minus (d) the amount of any Return Premium Fee paid to the Lenders in cash on or prior to such date, minus (e) any principal amount of Term Loan representing PIK Interest that is paid to the Lenders on such date, if any. For the avoidance of doubt, the payment of the Return Premium shall be in addition to all principal paid, prepaid, or accelerated on the date of any such Triggering Event. The Return Premium shall be calculated by the Borrower in consultation with Required Lenders and the Administrative Agent and approved by the Required Lenders.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Return Premium. If the Insurer cancels this Agreement, the Insurer shall refund any unearned premium calculated on a pro-rata basis from the date of cancellation.

Return Premium means the aggregate amount of unearned premium attributable to the cancellation of Certificates for which Houston General has previously received payment of Net Premium.

Examples of Return Premium in a sentence

• If the difference is negative, Retrocedant shall promptly pay such difference to Retrocessionaire, provided however, that no payment will be required if the cumulative aggregate Return Premium for such Reinsurance Contract would be less than zero upon such payment.

• XIS are authorised to sign policies in multiple copies Processing Documents: XIS are authorised to accept Additional Premium or Return Premium or Premium Adjustment or Profit Commission figures, where applicable, without certification or production of letters or other documents and enter in accordance with the figures shown thereon, without Reinsurers agreement.

• Any voluntary prepayment pursuant to this Section 2.2 shall be subject to the payment of the Minimum Return Premium as provided in Section 2.4 below.

• The parties hereto agree that the payment of any Minimum Return Premium hereunder constitutes liquidated damages and not a penalty and the actual amount of damages to the Noteholders as a result of any Minimum Return Triggering Event would be impracticable and extremely difficult to ascertain.

• The Borrower expressly acknowledges that its agreement to pay any applicable Minimum Return Premium as herein described is a material inducement to the Noteholders to make the Loans contemplated under this Note.

• All payments made under this Note shall be applied first to the payment of any reimbursements outstanding hereunder on a pro rata basis, second to accrued and unpaid interest under this Note on a pro rata basis, third for the payment of the Minimum Return Premium, and fourth to the payment of the Outstanding Principal Amount under this Note on a pro rata basis.

• XIS are authorised to sign policies in multiple copies XIS are authorised to accept Additional Premium or Return Premium or Premium Adjustment or Profit Commission figures, where applicable, without certification or production of letters or other documents and enter in accordance with the figures shown thereon, without Reinsurers agreement.

• In the event of any Return Premium becoming due hereunder, the Company will either (i) offset the Excise Tax applicable to the Return Premium against future Excise Taxes payable to the Treasury Department, or (ii) pay to the Reinsurer the amount which the Company recovers from the Treasury Department with respect to the Return Premium.

• Each such payment shall be applied ratably to the Loans, the Return Premium and all other Obligations in accordance with the Lenders’ respective Applicable Percentages of the outstanding Loans.

• Accordingly, the Minimum Return Premium hereunder is provided by mutual agreement of the Borrower and the Noteholders as a reasonable estimation and calculation of such actual lost profits and other actual damages of the Noteholders as a result of such Minimum Return Triggering Event.

More Definitions of Return Premium

Return Premium means the aggregate amount of unearned Premium attributable to the cancellation/ void of Contracts for which COMPANY has previously received payment.

Return Premium has the meaning set forth in Article 5.

Return Premium. The premium, or a portion thereof, that is returned to the policyholder or cedent by an insurance/reinsurance company for some specific reason, e.g., the policy is cancelled, the policy benefits are reduced, or the policy premium is reduced. [***Confidential Treatment Requested***] [***Confidential Treatment Requested***]

Return Premium means, as of any date of determination, an amount equal to the sum (if positive) of:

Return Premium means, as of any date of determination, an amount equal to the sum (if positive) of: (a) Revenue-Based Cap, minus (b) all Revenue-Based Payments actually made in cash to Agent, for the benefit of Lenders, on or prior to such date, minus (c) the outstanding principal amount of the Loans as of such date. Revenue-Based Cap means, as of any date of determination, an amount equal to one and three-quarters (1.75) times the aggregate amount of the Term Loan actually advanced by Lenders pursuant to Section 2.2 hereof on or prior to such date. Revenue-Based Payment has the meaning set forth in Section 2.9.1(a).