Subject Reserves definition

Subject Reserves means, as of any date, all reserves set forth on Schedule A as of such date corresponding to liabilities of a type or kind identified as Covered Liabilities, related to the Reinsured Policies, such amount as determined by the Ceding Company in accordance with the methodologies used by the Ceding Company to calculate such amounts for purposes of its financial statements prepared in accordance with CGAAP, or such other accounting standards as may be applicable during the term of this agreement, and generally consistent with past practices as of all dates without giving effect to this Agreement or as may otherwise be required to be maintained pursuant to the Insurance Companies Act (Canada) and its applicable regulations as well as any instructions, advisories or guidelines issued by OSFI, including the MCCSR Guideline.

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Subject Reserves means the aggregate amount of gross reserves of AII allocable to the Covered Losses ceded by AEL, All and Technology under the Existing Quota Share Agreement, less Third Party Reinsurance Recoverables allocable to such Covered Losses, plus Commuted Reserves, in each case, calculated in accordance with GAAP, in excess of the Retention and up to the Aggregate Limit. For the avoidance of doubt, pursuant to Post Termination Endorsemeot No. J, All shall be responsible, and Maiden Re shall not indemnify 6 \ PH . IX3029.'000IS3 . fl 1926 v29

Subject Reserves means (a) any PDP Reserves and PDNP Reserves identified by Grantor or Brig▇▇▇ ▇▇▇ent (or any Subsidiary thereof) as of the date hereof as being produced or producible in paying quantities out of well▇ ▇▇▇ located on the Hydrocarbon Interests as of the date hereof including those listed on the attached Exhibit A or (b) any PDP Reserves and PDNP Reserves identified by Grantor or Brig▇▇▇ ▇▇▇ent (or any Subsidiary thereof) following the date hereof and on or before December 31, 2000, as being produced or producible in paying quantities out of any well spudded or acquired by Grantor or Brig▇▇▇ ▇▇▇ent (or any Subsidiary thereof) on or before December 31, 2000, (c) in the event only that Brig▇▇▇ ▇▇▇ent's Consolidated Interest Coverage Ratio calculated as of September 30, 2000 (in accordance with the Indenture), is less than 1.1 to 1.0, any PDP Reserves and PDNP Reserves identified by Grantor or Brig▇▇▇ ▇▇▇ent (or any Subsidiary thereof) following December 31, 2000 and on or before December 31, 2001, as being produced or producible in paying quantities out of any well spudded or acquired after December 31, 2000 but on or before December 31, 2001, and (d) in the cases of (a), (b) and (c), above, a sufficient interest in the Hydrocarbon Interests to afford Grantor or the Brig▇▇▇ ▇▇▇ent as applicable the right, prior to giving effect hereto or to any Term ORRI Conveyance, to secure the maximum authorized share of production that is allocable to PDP Reserves and, when applicable, PDNP Reserves found in each Subject Well. Under no circumstances, and notwithstanding any provision hereof to the contrary, shall the term "Subject Reserves" include (1) any PUD Reserves or any Non-Proved Reserves or (2) any PDP Reserves and/or PDNP Reserves beneficially or legally owned (whether in a vested or contingent manner) by a third party (which is not an Affiliate of the Brig▇▇▇ ▇▇▇ent) under or pursuant to any agreement or other matter disclosed in Exhibit B hereto, or (3) any PDP Reserves or PDNP Reserves identified by Brig▇▇▇ ▇▇▇ent or Grantor as a result of the deepening or sidetracking of a Subject Well after December 31, 2000 (in the event item (c) of the definition of Subject Reserves is not triggered) and after December 31, 2001, (in the event item (c) of the definition of Subject Reserves is triggered). Under no circumstances shall the term "Subject Reserves" include reserves that are not either producing or capable of producing (or being made in the case of PDNP Reserves to...

Examples of Subject Reserves in a sentence

Notwithstanding the provisions of Sections 11.1, the Ceding Company shall not be permitted to effect a partial recapture pursuant to Section 11.1 if, after giving effect to the recapture, the Subject Reserves would be less than C$75,000,000.
Where the Reinsurer seeks to commute as provided herein, it will not be obligated to pay the Commutation Amount and shall be entitled to withdraw and retain all amounts held in the Funded Accounts, including any such amounts in excess of the Net Subject Reserves as of the Commutation Effective Time, and the Company shall pay any offset, credit or receivable owed by it to the Reinsurer for Third-Party Reinsurance and any Ultimate Net Loss payments made by the Reinsurer with respect to the Corridor Layer.
Grantor shall have the obligation to market, or cause to be marketed, the oil, gas and other minerals attributable to the Term ORRI (the "ORRI Hydrocarbons") on behalf of and for the account of Grantee in arm's-length transactions with purchasers who are not Affiliates, on the same terms upon which Grantor markets its own Subject Reserves from the same Subject Well.
It is hereby recognized that certain of the Subject Reserves are or may be subject to Underproduced Positions.
It is hereby further recognized and stipulated that the Term ORRI does and shall apply to the volumes of oil, gas or other hydrocarbons taken by Grantor in reducing or making up an Underproduced Position (which volumes and any make-up rights relating thereto shall for all purposes hereof be included within the Subject Reserves), whether the subject Underproduced Position arose before, or arises after, the Effective Date hereof.
It is hereby recognized and stipulated that the Term ORRI is payable out of and shall burden the Non-Working Interest Properties, to the extent they constitute Subject Reserves, just as it is payable out of and burdens the balance of the Hydrocarbon Interests.
Where, in relation to the ‘Asbestos Fac’ reserving cohort, the (x) Third-party Reinsurance Reserves plus Collected Third-party Reinsurance (that amount in dollars being the “Third-party Reinsurance Recovery”), as a percentage of (y) the Gross Subject Reserves plus Paid Gross UNL is less than 34.63%, the Company will pay the Reinsurer the difference between: a.
For a good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantor does hereby GRANT, BARGAIN, SELL, TRANSFER, ASSIGN, CONVEY, WARRANT and DELIVER, for and during the ORRI Term only, to each Grantee according to their Participations, an overriding royalty interest (collectively, the "Term ORRI") equal to the ORRI Percentage of the Applicable Percentage of each of the Subject Reserves.
No Reinsurer Indemnified Person shall be entitled to indemnification with respect to any particular Indemnifiable Loss to the extent the related damages, losses, liabilities, obligations, costs, or expenses were reflected or provided for or reserved against in the calculation of the Initial Reinsurance Premium and the Net Subject Reserves at the Closing.
Payor shall use commercially reasonable efforts to diligently mine, develop, and sell Saleable Product from the Subject Reserves; provided, however that Payee acknowledges and agrees that Payor shall have no obligation to produce or sell Saleable Product from the Subject Reserves if such production or sale would be commercially unreasonable or result in financial loss to Payor.

More Definitions of Subject Reserves

Subject Reserves means the Company's proved Oil and Gas reserves

Subject Reserves means LMC's indicated loss and allocated loss adjustment expense reserve, net of third party reinsurance and losses assumed from LMC Fronted Policies, for accident dates prior to December 31, 2002 for the Eagle Entities, calculated as of the Closing Date.

Subject Reserves means, collectively, the Antelope Reserves, the ▇▇▇▇▇▇▇ ▇▇▇▇ Reserves and the Spring Creek Reserves.