Commutation Date definition

Commutation Date has the meaning set forth in Article 3.D.
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Commutation Date means the date of any termination as specified in Article X.
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Commutation Date means the date this Agreement is commuted in accordance with the COMMUTATION Section herein.
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Examples of Commutation Date in a sentence

  • The Company shall designate an independent actuary to determine Reinsurer’s share of outstanding loss reserves, allocated loss adjustment expense reserves, IBNR reserves, and reserves for any future adjustments of the expenses identified in Schedule 1 attached to and hereby made a part of this Agreement by this reference (collectively called the “Outstanding Reserves”) with respect to the risk or risks agreed to be commuted as of the Commutation Date.

  • ARTICLE 17 — COMMUTATION At any time after three (3) months following the expiration of the last policy reinsured hereunder (the “Commutation Date”), the parties may agree to commute, as of the Commutation Date, any risk or risks reinsured hereunder in accordance with the following terms and conditions.

  • For the purposes of this definition, the present value shall be calculated using a discount rate equal to the five-year U.S. Treasury note rate prevailing at the close of business on the Commutation Date, as set forth in the Federal Reserve statistical release H.15(519) or any replacement release therefor for such date (or if such release is not available, as agreed by the Retrocessionaire and the Company, acting reasonably), plus .375% (37.5 basis points).

  • Upon the provision or receipt of a request to commute this Agreement as of a date certain (the "Commutation Date"), the Company shall provide to the Retrocessionaire a calculation of the Settlement Value (the final amount payable under this Agreement) along with a report detailing the basis for its calculations (the "Settlement Report").


More Definitions of Commutation Date

Commutation Date as defined in Section 8.1 hereof or such earlier date as may be determined under Section 9.1 hereof.
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Related to Commutation Date

  • Allowance Date means the date on which a Claim becomes an Allowed Claim.

  • Loan Termination Date means the earliest to occur of the following: (i) as to the REVOLVING NOTES, November 1, 2012, as to the TERM NOTES, October 31, 2016, (ii) the date the OBLIGATIONS are accelerated pursuant to this AGREEMENT, and (iii) the date ADMINISTRATIVE AGENT has received (a) notice in writing from BORROWER of BORROWER’s election to terminate this AGREEMENT and (b) indefeasible payment in full of the OBLIGATIONS.

  • Escrow Termination Date has the meaning ascribed to such term in Section 9.12.

  • Policy Issuance Date means the date of first issuance of these Terms and Benefits.

  • Premium Termination Date With respect to the Series A Certificates, the scheduled maturity date of the Series A Certificates, with respect to the Series B Certificates, the scheduled maturity date of the Series B Certificates and with respect to the Series C Certificates, the scheduled maturity date of the Series C Certificates.

  • Termination Payment Date means the earlier of the first Distribution Date following the liquidation or sale of the Receivables as a result of an Insolvency Event and the occurrence of the Scheduled Series 1995-1 Termination Date.

  • Loan Payment Date means any date on which any Bond Service Charges are due and payable.

  • Purchase Termination Date means the date upon which the Transferor shall cease, for any reason whatsoever, to make purchases of Receivables from the Seller under the Receivables Purchase Agreement or the Receivables Purchase Agreement shall terminate for any reason whatsoever.

  • Lease Termination Date means the last day of the Lease Term.

  • Retention Date shall have the meaning set forth in Section 9.01 of this Agreement.

  • Payment Date means, with respect to each Collection Period, the 22nd day of the calendar month following the end of that Collection Period, or, if such day is not a Business Day, the next Business Day, commencing on April 23, 2012.

  • Term Loan Termination Date means the earlier to occur of (a) the Term Loan Maturity Date and (b) the acceleration of the Term Loans in accordance with the terms hereof.

  • Change of Control Payment Date has the meaning provided in Section 4.15.

  • Severance Date means the date on which an Eligible Employee incurs a Severance.

  • Amortization Payment Date shall have the meaning set forth in Section 2(d).

  • Plan Termination Date means the date that is ten (10) years after the Effective Date, unless the Plan is earlier terminated by the Board pursuant to Section 15 hereof.

  • Payment Adjustment Date With respect to each ARM Loan, the date on which the Borrower's Monthly Payment changes in accordance with the terms of the related Mortgage Note.

  • Initial Adjustment Date As to any Adjustable Rate Mortgage Loan, the first Adjustment Date following the origination of such Mortgage Loan.

  • Principal Payment Date means, if applicable, each date designated as such in the Series Term Sheet.

  • Non-Payment Period means a period commencing on and including a Dividend Payment Date or redemption date for which the Trust shall fail to (i) declare, prior to the close of business on the second Business Day preceding such Dividend Payment Date, for payment on or (to the extent permitted by Section 11.2(c)(i) of these Bylaws) within three Business Days after such Dividend Payment Date to the Holders as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on APS payable on such Dividend Payment Date, provided, however, that if the Trust is not able to make such declaration in compliance with the foregoing because an unforeseen event or unforeseen events causes or cause a day that otherwise would have been a Business Day not to be a Business Day, then the Trust may make such declaration on the Business Day immediately preceding the Dividend Payment Date, if possible, or, if not possible, on the Dividend Payment Date, and in such case the Trust shall not be deemed to have failed to declare a dividend otherwise required to be declared, or (ii) deposit, irrevocably in trust, in same-day funds, with the Auction Agent by 12:00 noon, New York City time, (A) on such Dividend Payment Date the full amount of any cash dividend on such shares payable (if declared) on such Dividend Payment Date or (B) on any such redemption date for any shares of APS called for redemption, the Mandatory Redemption Price per share of such APS or, in the case of an optional redemption, the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available to Holders in same-day funds; provided that, a Non-Payment Period shall not end unless the Trust shall have given at least five days’ but no more than 30 days’ written notice of such deposit or availability to the Auction Agent, all Existing Holders (at their addresses appearing in the Share Books) and the Securities Depository. Notwithstanding the foregoing, the failure by the Trust to deposit funds as provided for by clauses (ii)(A) or (ii)(B) above within three Business Days after any Dividend Payment Date or redemption date, as the case may be, in each case to the extent contemplated by Section 11.2(c)(i) of these Bylaws, shall not constitute a “Non-Payment Period.”

  • Bank Closing Date means the close of business of the Failed Bank on the date on which the Chartering Authority closed such institution.

  • Allocation Date means, with respect to any Transfer Date, the Business Day which is immediately prior to such Transfer Date.

  • Special Payment Date means each Distribution Date with respect to the Early Amortization Period.

  • Swap Payment Date For so long as the Swap Agreement is in effect or any amounts remain unpaid thereunder, the Business Day immediately preceding each Distribution Date.

  • Revolver Termination Date means the date that is the three (3) year anniversary of the Effective Date, unless extended with the consent of each Lender in its sole and absolute discretion.

  • Collection Date The date following the Termination Date on which the Aggregate Unpaids have been reduced to zero and indefeasibly paid in full.