Reserve Credit Event definition

Reserve Credit Event means any event that would cause the Ceding Company to not be permitted to receive Reserve Credit in the Ceding Company Domiciliary State.

Reserve Credit Event means any event that would cause the Ceding Company to not be permitted to receive Reserve Credit if such event has not been remedied prior to the last calendar day of the calendar quarter in which such event occurs or, if such event occurs thirty (30) or fewer calendar days prior to the end of such calendar quarter, within thirty (30) calendar days of the occurrence of such event.

Reserve Credit Event shall have the meaning set forth in Section 7.03.

Examples of Reserve Credit Event in a sentence

• The Master Second Lien Bond Declaration provides that each subaccount in the Second Lien Bond Reserve Account is deemed to contain the amount available to be paid under all Reserve Equivalents that are credited to that subaccount unless a Reserve Credit Event has occurred and is continuing.

• For deficiencies that are due to the occurrence of a Reserve Credit Event, each transfer required by this Section 3.B(4) shall be at least equal to one thirty-sixth (1/36) of the deficiency that was measured on the first Second Lien Reserve Valuation Date that occurred on or after the Reserve Credit Event.

• A Reserve Credit Triggering Event shall be deemed to be continuing unless no Reserve Credit Event exists or would exist but for the modifications of this Agreement in connection with a Reserve Credit Triggering Event as set forth inSection 5.6. The Ceding Company agrees to deliver a cure notice to the Trustee promptly upon becoming aware that a FMV Triggering Event or Reserve Credit Triggering Event is no longer continuing in accordance with the terms of this Section 5.9.

• The City currently believes that the amount available to be paid under each Reserve Equivalent shown in Table 3 is equal to its full face amount and no Reserve Credit Event has occurred and is continuing.

• For deficiencies that are not due to the occurrence of a Reserve Credit Event, each transfer required by this Section 3.A(5) shall be at least equal to one twelfth (1/12) of the deficiency that was measured on that Senior Lien Reserve Valuation Date.

More Definitions of Reserve Credit Event

Reserve Credit Event means the failure of the Ceding Company to receive Reserve Credit due to the failure of the Reinsurer to remain an authorized reinsurer in any Applicable Jurisdiction, and such failure has not been cured by the later to occur of (a) thirty (30) days after the receipt of written notice of such event from the Ceding Company and (b) the end of the calendar quarter during which the Reinsurer receives written notice from the Ceding Company of such event. 46445052.5 1007063901v8

Reserve Credit Event means the occurrence of any of the following: (a) the withdrawal or suspension of all Reserve Credit Facility Ratings for a 2011 Reserve Credit Facility; or (b) the downgrading of all Reserve Credit Facility Ratings for a 2011 Reserve Credit Facility below investment grade, or the equivalent rating reasonably determined by the City if rating terminology changes after January 2009 (As of August 2011, a rating below investment grade by Moody’s is a rating below Baa3, and a rating below investment grade by S&P is a rating below BBB-); or (c) the City properly tenders a request for funds under a 2011 Reserve Credit Facility, and the requested funds are not delivered materially in accordance with the terms of such 2011 Reserve Credit Facility.

Reserve Credit Event means any of the following occurrences:

Reserve Credit Event means the failure of the Reinsurer to remain licensed or an authorized reinsurer in the Ceding Company Domiciliary State and to take steps to permit the Ceding Company to obtain Reserve Credit within the time provided under and in accordance with Section 4.1.

Reserve Credit Event shall have the meaning specified in the Coinsurance Agreement.

Reserve Credit Event means the occurrence of any of the following: (a) the withdrawal or suspension of all Reserve Credit Facility Ratings for a Reserve Credit Facility; or

Reserve Credit Event means any event that would cause the Beneficiary to not be permitted to receive Reserve Credit on any of its statutory financial statements provided that such event has not been remedied prior to the last calendar day of the calendar quarter in which such event occurs. The term "S&P" shall mean Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, or any successor thereto. The term "Security Entitlement" shall mean "security entitlement" as defined in the UCC. The term "Statutory Book Value" shall mean, with respect to any Eligible Asset, the dollar amount thereof stated on the statutory financial statements as admitted assets of the Grantor, as determined in accordance with the statutory accounting requirements in the Grantor's state of domicile, but disregarding any prescribed or permitted practices applicable to the Grantor. The term "Termination Date" shall have the meaning specified in Section 12(b) of this Agreement. The term "Termination Notice" shall have the meaning specified in Section 12(b) of this Agreement. The term "Third Party Appraiser" shall mean a nationally recognized independent appraisal firm which is mutually acceptable to the Grantor and the Beneficiary or, if the Grantor and the Beneficiary are unable to agree on such an appraisal firm, an independent appraisal firm selected by mutual agreement of the Grantor's and the Beneficiary's independent accountants. The term "Triggering Event" shall mean means either of the following occurrences: (a) the Grantor's RBC Ratio falls below 300% as of a quarter-end and the Grantor has not cured such shortfall as of the applicable RBC Reporting Deadline; provided, that in the event there is a material change in the factors and formulae prescribed by the insurance regulatory authority in the Grantor's state of domicile with respect to the components of and methodologies contained in such calculation, the parties hereto shall amend this Agreement to incorporate an alternate calculation that is reasonably equivalent to the components of and methodologies contained in the calculation of the Grantor's RBC Ratio in effect as of the date of execution of this Agreement within thirty (30) calendar days after 23 <Page> the implementation of such change, and if the parties hereto cannot agree on any such alternative, the Grantor shall continue to calculate its RBC Ratio as if such material change had not occurred; or (b) on any day occurring after a Trust Withdrawal Event N...