Settlement Concessions definition

Settlement Concessions is defined as the difference, with respect to each company on Schedule A hereto, between the Reinsurance Coverage for Direct Excess Business or Gibraltar-Sourced Business reinsured by MUF and ceded to such company and the amount received from such company.
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Settlement Concessions is defined as the difference, with respect to each company on Schedule A hereto, between the Reinsurance Coverage for Direct Excess Business or Gibraltar-Sourced Business reinsured by MUF and ceded to such company and the amount received from such company. F. "Direct Excess Business" is defined as policies, contracts, and binders of insurance or reinsurance ("Policies") that were issued by Everest Re prior to January 1, 1986. G. "Gibraltar-Sourced Business" is defined as Policies that were issued by the Company prior to January 1, 1986. H. Although Everest Re rather than the Company has the direct ceding relationship with MUF, solely for purposes of this Agreement and only up to the amounts scheduled in Schedule A hereto, the Parties hereby deem any Uncollectible Reinsurance Recoverables to belong to the Company and not to Everest Re. ARTICLE II -
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Examples of Settlement Concessions in a sentence

  • Such quarterly reports shall include information showing, as applicable with respect to each company listed on Schedule A, Uncollected Reinsurance, Settlement Concessions, Advances received, Advances due, Refunds due, and unpaid amounts outstanding.

  • Provided, however, that this Agreement shall not apply to the first four million dollars ($4,000,000) of any Settlement Concessions on Gibraltar-Sourced Business, as those terms are defined in the Quota Share Reinsurance Agreement between the Parties ("Quota Share Reinsurance Agreement"), in excess of Settlement Concessions listed on Schedule A to the Quota Share Reinsurance Agreement.

  • Schedule A shall identify, by reinsurer name, (1) the expected amounts of Uncollected Reinsurance attributable to each reinsurer with respect to Direct Excess Business and (2) the expected amounts of Settlement Concessions with respect to Direct Excess Business and Gibraltar-Sourced Business.

  • If the Company identifies a given reinsurer on Schedule A with respect to both Uncollected Reinsurance and for Settlement Concessions, then the amount scheduled for Uncollected Reinsurance shall represent only paid loss and loss adjustment expense amounts and the amount scheduled for Settlement Concessions shall include only unpaid loss and loss adjustment expense amounts.

  • No Refunds shall be due for Advances paid by the Reinsurer with respect to Settlement Concessions.

  • Subject to the limits set forth in Article V, pursuant to Article IX the Reinsurer shall make payments ("Advances") to the Company in the amount of the Uncollected Reinsurance and Settlement Concessions shown on the Company's statements.

  • No Refunds shall be due for Advances paid by the Indemnitor with respect to Settlement Concessions.

  • Subject to the limits set forth in Article V, pursuant to Article IX the Indemnitor shall make payments ("Advances") to the Company in the amount of the Uncollected Reinsurance and Settlement Concessions shown on the Company's statements.

  • Provided, however, that this Agreement shall not apply to the first four million dollars ($4,000,000) of any Settlement Concessions on Gibraltar-Sourced Business, as those terms are defined in the Quota Share Indemnification Agreement between the Parties ("Quota Share Indemnification Agreement"), in excess of Settlement Concessions listed on Schedule A to the Quota Share Indemnification Agreement.

Related to Settlement Concessions

  • Concessions means assent to repayment of a debt on terms more favorable to an individual than the terms of the contract between the individual and a creditor.

  • Concession means the granting of a license or right to act for or on behalf of the Board, or to provide a service requiring the approval or endorsement of the Board, and which may or may not involve a payment or exchange, or provision of services by or to the Board, provided that the term concession shall not include vending machines.

  • Supply Contracts means contracts having as their object the purchase, lease, rental or hire-purchase, with or without an option to buy, of products. A supply contract may include, as an incidental matter, siting and installation operations;

  • Petroleum Operations means, as the context may require, Exploration Operations, Development Operations or Production Operations or any combination of two or more of such operations, including construction, operation and maintenance of all necessary facilities, plugging and abandonment of ▇▇▇▇▇, safety, environmental protection, transportation, storage, sale or disposition of Petroleum to the Delivery Point, Site Restoration and any or all other incidental operations or activities as may be necessary.

  • Oil and Gas Hedging Contracts means any oil and gas purchase or hedging agreement, and other agreement or arrangement, in each case, that is designed to provide protection against oil and gas price fluctuations.