Adverse Development definition

Adverse Development means any event or condition which is or with either notice or the passage of time would (i) constitute a breach, default, event of default, early redemption event, payout event, early amortization event or other similar event under any Company Securitization Document or (ii) trigger any requirement under any Company Securitization Document to (x) fund an increase in any form of internal credit enhancement, external credit enhancement, spread account or similar account (other than with respect to spread accounts that have already been funded), (y) draw on any such internal or external credit enhancement or account under the terms of any Company Securitization Document or (z) otherwise increase any otherwise required credit enhancement required under the Company Securitization Documents.
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Adverse Development means a development that (a) materially and adversely impacts the market for a Product or Galderma’s ability to sell a Product, (b) is beyond Galderma’s control, and (c) makes attainment of the minimum royalty thresholds under Section 6.4 not commercially reasonable.
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Adverse Development means any event or condition which is or with either notice or the passage of time would (i) constitute a breach, default, event of default, early redemption event, payout event, early amortization event or other similar event under any Company Securitization Document or (ii) trigger any requirement under any Company Securitization Document to (x) fund an increase in any form of internal credit enhancement, external credit enhancement, spread account or similar account (other than with respect to spread accounts that have already been funded), (y) draw on any such internal or external credit enhancement or account under the terms of any Company Securitization Document or (z) otherwise increase any otherwise required credit enhancement required under the Company Securitization Documents; provided, however, that changes required by the Company Securitization Documents with respect to (i) the priority of payment of allocation of losses among classes of securities or (ii) amounts deposited in or withdrawn from any account held for the benefit of the related security holders shall not be deemed to constitute an “Adverse Development”.
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Examples of Adverse Development in a sentence

  • For purposes of this Section 3(h), the terms "Material Adverse Change" and "Material Adverse Development" shall exclude continuing losses that are consistent with the Company's historical losses.

  • The NYID has approved in writing the terms of this Agreement and any Transaction to which XLRA is a party, including the Adverse Development Cover Commutation Agreement, pursuant to applicable Law, including Section 1505 of the New York State Insurance Laws.

  • Subject to the terms, conditions, and limitations of this Agreement, XLIB agrees to indemnify XLFA on an aggregate excess of loss basis for Aggregate Adverse Development up to the Maximum Liability Amount on the Subject Business (as each such term is defined in Article V).

  • Subject to the terms, conditions, and limitations of this Agreement, the Reinsurer agrees to indemnify the Company on an aggregate excess of loss basis for Aggregate Adverse Development up to the Maximum Liability Amount on the Subject Business (as each such term is defined in Article V).

  • Any such notices shall be accompanied by copies of any and all pertinent documents, correspondence and similar papers relevant to a complete understanding of such Substantial Adverse Development.

  • The Company will apply the proceeds of the sale of the Notes hereunder for the acquisition by one or more of its Subsidiaries of the SwissRe Adverse Development Cover as described in the document “ADC Binding Quote Conifer 2017 08 31”, the repayment of the Existing Credit Facility and working capital purposes.

  • Notwithstanding any provision of the Warrant to the contrary, no adjustment shall be made to the number of shares of Common Stock issuable upon exercise of the Warrant as a result of any Additional Adverse Development.

  • Following the date hereof until the Closing, Seller shall cause Potomac Insurance not to cede any Run-Off Business under the Adverse Development Agreement of Reinsurance No. 8888 between Potomac Insurance and General Reinsurance Company dated as of April 13, 2001, unless Seller has obtained Purchaser’s prior consent therefor (which consent shall not be unreasonably withheld, delayed or conditioned).

  • Material Adverse Development....................................................

  • This Agreement shall apply to Ultimate Net Loss assumed by the Reinsurer under the Adverse Development Agreement of Reinsurance (hereinafter referred to as the "Original Contract") between the Reinsurer and the Company, as defined in the Original Contract.


More Definitions of Adverse Development

Adverse Development means any event or condition which is or with either notice or the passage of time would (i) constitute a breach, default, event of default, early redemption event, payout event, early amortization event or other similar event under any Company Securitization Document or (ii) trigger any requirement under any Company Securitization Document to (x) fund an increase in any form of internal credit enhancement, external credit enhancement, spread account or similar account (other than with respect to spread accounts that have already been funded), (y) draw on any such internal or external credit enhancement or account under the terms of any Company Securitization Document or(z) otherwise increase any otherwise required credit enhancement required under the Company Securitization Documents.
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Related to Adverse Development

  • experimental development means acquiring, combining, shaping and using existing scientific, technological, business and other relevant knowledge and skills with the aim of developing new or improved products, processes or services. This may also include, for example, activities aiming at the conceptual definition, planning and documentation of new products, processes or services;

  • Mixed use development means a Building used, designed or intended for Residential and Non-Residential uses, where:

  • Infill development means new construction on a vacant commercial lot currently held as open space.

  • the Development means the residential development for –

  • Economic development means all powers expressly granted and reasonably inferred pursuant to SDCL § 9-54.

  • Adverse decision means a decision reducing,

  • Employee Developments means any idea, discovery, invention, design, method, technique, improvement, enhancement, development, computer program, machine, algorithm or other work or authorship that (i) relates to the business or operations of the Company or any of its subsidiaries or affiliates, or (ii) results from or is suggested by any undertaking assigned to the Employee or work performed by the Employee for or on behalf of the Company or any of its subsidiaries or affiliates, whether created alone or with others, during or after working hours. All Confidential Information and all Employee Developments shall remain the sole property of the Company or any of its subsidiaries or affiliates. The Employee shall acquire no proprietary interest in any Confidential Information or Employee Developments developed or acquired during the Term. To the extent the Employee may, by operation of law or otherwise, acquire any right, title or interest in or to any Confidential Information or Employee Development, the Employee hereby assigns to the Company all such proprietary rights. The Employee shall, both during and after the Term, upon the Company’s request, promptly execute and deliver to the Company all such assignments, certificates and instruments, and shall promptly perform such other acts, as the Company may from time to time in its discretion deem necessary or desirable to evidence, establish, maintain, perfect, enforce or defend the Company’s rights in Confidential Information and Employee Developments.

  • Commercial Development means any development on private land that is not heavy industrial or residential. The category includes, but is not limited to: hospitals, laboratories and other medical facilities, educational institutions, recreational facilities, plant nurseries, car wash facilities, mini-malls and other business complexes, shopping malls, hotels, office buildings, public warehouses and other light industrial complexes.

  • Substantial development means any development of which the total cost or fair market value exceeds two thousand five hundred dollars, or any development which materially interferes with the normal public use of the water or shorelines of the state; except that the following shall not be considered substantial developments for the purpose of this chapter:

  • Existing development means development, other than that associated with agricultural or forest management activities, that meets one of the following criteria:

  • site development plan means a dimensioned plan drawn to scale that indicates details of the proposed land development, including the site layout, positioning of buildings and structures, property access, building designs and landscaping;

  • sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their own needs.

  • Major development means an individual “development,” as well as multiple developments that individually or collectively result in:

  • New development means development resulting from the conversion of previously undeveloped land or agricultural land uses.

  • Development means any man-made change to improved or unimproved real estate, including, but not limited to, buildings or other structures, mining, dredging, filling, grading, paving, excavation or drilling operations, or storage of equipment or materials.

  • Clinical experience means providing direct services to individuals with mental illness or the provision of direct geriatric services or special education services. Experience may include supervised internships, practicums, and field experience.

  • High-technology activity means that term as defined in section 3 of the Michigan economic growth authority act, 1995 PA 24, MCL 207.803.

  • Development Officer means the Development Officer appointed by the Council of the Municipality.

  • Affordable development means a housing development all or a portion of which consists of restricted units.

  • Commercial cannabis activity means the production, cultivation,

  • Development Team means the entities and professionals assembled to develop and manage the Project, typically including the Applicant, Owner, Developer(s), Co-Developer(s) and general partner or any other related entities in which the Developer or Co-Developer has an identity of interest or a Controlling Interest.

  • Professional development means training programs for

  • Development Works means the external development works and internal development works on immovable property;

  • Residential Development means lands, buildings or structures developed or to be developed for residential use;

  • Planned development means a real property development other than a community apartment project, a condominium project, or a stock cooperative, having either or both of the following features:

  • Research and development means (1) theoretical analysis, exploration, or experimentation; or (2) the extension of investigative findings and theories of a scientific or technical nature into practical application for experimental and demonstration purposes, including the experimental production and testing of models, devices, equipment, materials, and processes. Research and development does not include the internal or external administration of radiation or radioactive material to human beings.