Catastrophe Bonds definition

Catastrophe Bonds means securities that entitle the holders thereof to receive a fixed principal or similar amount and a specified return on such amount, generally having the following characteristics: (1) the issuer of such asset-backed security has entered into a swap, insurance contract or similar arrangement with a counterparty pursuant to which such issuer agrees to pay amounts to the counterparty upon the occurrence of certain specified events, including: hurricanes, earthquakes and other events, and (2) payments on such security depend primarily upon the occurrence and/or severity of such events.
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Catastrophe Bonds means (i) any note, bond or other debt instrument or any swap or other similar agreement which has a catastrophe, weather or other risk feature linked to payments thereunder and (ii) any equity interest in a Person that is not a Subsidiary controlled, directly or indirectly, by Platinum Holdings or any of its Subsidiaries for the sole purpose of investing in Indebtedness of the type described in clause (i), which, in the case of Catastrophe Bonds purchased by Platinum Holdings or any of its Subsidiaries, are purchased in accordance with its customary reinsurance underwriting procedures.
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Catastrophe Bonds means Asset-Backed Securities that entitle the holders thereof to receive a fixed principal or similar amount and a specified return on such amount, generally having the following characteristics: (1) the issuer of such Asset-Backed Security has entered into a swap, insurance contract or similar arrangement with a counterparty pursuant to which such issuer agrees to pay amounts to the counterparty upon the occurrence of certain specified events, including but not limited to: hurricanes, earthquakes and other events; and (2) payments on such Asset-Backed Security depend primarily upon the occurrence and/or severity of such events.
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Examples of Catastrophe Bonds in a sentence

  • The Fitch Discount Factor applied to Catastrophe Bonds will be 333.33%.

  • Letters of Credit issued ----------- hereunder will be used solely to secure the obligations of the Borrower's Subsidiaries or, upon receipt of an opinion of Bermuda counsel satisfactory to the Administrative Agent in its sole discretion, the Borrower, in providing synthetic cover of catastrophe risks through one or more Catastrophe Bonds (other than Catastrophe Bonds described in clause (b) of the definition ---------- thereof).

  • Catastrophe Bonds During the year ended December 31, 2011, the Company disposed of all of its holdings in catastrophe bonds.

  • Catastrophe Bonds: The Moody’s Discount Factor applied to catastrophe bonds will be 475%.

  • In an October 29, 2013 Investor Alert entitled "Catastrophe Bonds and Other Event- Linked Securities," FINRA highlighted the some of the complexities associated with insurance-linked securities.

  • Letters of Credit issued hereunder will be used solely to secure the obligations of the Borrower's Insurance Subsidiaries or, upon receipt of an opinion of Bermuda counsel satisfactory to the Administrative Agent in its sole discretion, the Borrower, in providing synthetic cover of catastrophe risks through one or more Catastrophe Bonds (other than Catastrophe Bonds described in clause (b) of the definition thereof).


More Definitions of Catastrophe Bonds

Catastrophe Bonds means (a) any note, bond or other Debt instrument ----------------- which has a catastrophe risk feature linked to interest payments, principal payments or both and is issued with the purpose of transferring traditional reinsurance risk to the capital markets and (b) any equity interest in a Person controlled by the Borrower formed for the sole purpose of investing in Debt of the type described in clause (a), in each case which are purchased by the Borrower in accordance with its customary reinsurance underwriting procedures.
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Catastrophe Bonds has the meaning ascribed thereto in Section 3.4(b) hereof.
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Catastrophe Bonds means (a) any note, bond or other Debt instrument or agreement which has a catastrophe risk feature linked to payments thereunder and (b) any equity interest in a Person that is not a Subsidiary controlled, directly or indirectly, by the Borrower for the sole purpose of investing in Debt of the type described in clause (a), which, in the case of Catastrophe Bonds purchased by the Borrower or any of its Subsidiaries, are purchased in accordance with its customary reinsurance underwriting procedures. Change in Control shall be deemed to have occurred if (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Guarantor occurs; (b) any
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Catastrophe Bonds is amended in its entirety to read as follows:
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Related to Catastrophe Bonds

  • Catastrophe means a condition or occurrence that interferes with the ability of a district to comply with the requirements of the PIA, including:

  • Landslide means episodic down slope movement of a mass of soil or rock that includes, but is not limited to, rock falls, slumps, mudflows, and earth flows.

  • War means war, whether declared or not, or any warlike activities, including use of military force by any sovereign nation to achieve economic, geographic, nationalistic, political, racial, religious or other ends.

  • Catastrophic Damage as used hereunder is major change or damage to In- cluded Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:

  • Catastrophic Event means a rare circumstance in which mass casualties and/or significant property damage has occurred or is imminent (e.g. September 11th, hurricanes, earthquakes greater than 6.1 on the Richter scale)

  • Catastrophic illness or “injury” means an illness or injury that is expected to incapacitate the employee for an extended period of time, or that incapacitates a member of the employee’s family which incapacity requires the employee to take time off from work for an extended period of time to care for that family member, and taking extended time off work creates a financial hardship for the employee because he or she has exhausted all of his or her sick leave and other paid time off.

  • windstorm means straight line winds of at least 80 miles per

  • Sabotage means deliberate damage, with malevolent intent, to a Category 1 or Category 2 quantity of radioactive material, a device that contains a Category 1 or Category 2 quantity of radioactive material, or the components of the security system.

  • Storm means violent wind (including cyclones and tornadoes), thunderstorms and hail which may be accompanied by rain or snow.

  • Explosion means the sudden release of energy sufficient to cause pressure waves and/or projectiles that may cause structural and/or physical damage to the surrounding of the vehicle."

  • Catastrophic injury or illness means a life-threatening injury or illness of an employee or a member of an employee's immediate family that totally incapacitates the employee from work, as verified by a licensed physician, and forces the employee to exhaust all leave time earned by that employee, resulting in the loss of compensation from the state for the employee. Conditions that are short-term in nature, including, but not limited to, common illnesses such as influenza and the measles, and common injuries, are not catastrophic. Chronic illnesses or injuries, such as cancer or major surgery, that result in intermittent absences from work and that are long-term in nature and require long recuperation periods may be considered catastrophic.

  • Vandalism means destruction of or damage to a Project Asset deliberately

  • Pandemic means any outbreaks, epidemics or pandemics relating to SARS-CoV-2 or COVID-19, or any evolutions, variants or mutations thereof, or any other viruses (including influenza), and the governmental and other responses thereto.

  • Refunding Bonds means Bonds issued pursuant to provisions of this Master Indenture, the proceeds of which are used to refund one or more Series of Outstanding Bonds.

  • nuclear energy hazard means the radioactive, toxic, explosive, or other hazardous properties of radioactive material;

  • Epidemic means a sudden development and rapid spreading of a contagious disease in a region where it developed in a simply endemic state or within a previously unscathed community.

  • Earthquake insurance, if the Leased Property is currently, or at any time in the future, located within a major earthquake disaster area, in amount, and in such form and substance and with such limits and deductibles as are satisfactory to Landlord; and

  • Hostile environment means a situation in which bullying among students is sufficiently severe or pervasive to alter the conditions of the school climate;

  • Catastrophic illness or injury means one of the following:

  • Energy conservation measure means a training program or facility alteration designed to reduce energy consumption or operating costs and includes:

  • Atomic Energy Act means the Atomic Energy Act of 1954, as amended.

  • Sinkhole means a surface depression caused by a collapse of soil or overlying formation above fractured or cavernous bedrock.

  • Quarantine means the restriction of activities or separation of a person, who was or may potentially have been exposed, to COVID-19 and who could potentially spread the disease to other non-exposed persons, to prevent the possible spread of infection or contamination to healthy individuals;

  • Energy Order means the Energy (Northern Ireland) Order 2003;

  • Revenue bonds means the following types of instruments payable from the sources provided in the Central Valley Project Act: revenue bonds, notes, refunding bonds, refunding notes, bond anticipation notes, certificates of indebtedness, and other evidences of indebtedness.

  • COVID-19 Pandemic means the SARS-Cov2 or COVID-19 pandemic, including any resurgence or evolutions or mutations thereof and/or any related or associated outbreaks, epidemics and/or pandemics.