Common use of Return of Assets Clause in Contracts

Return of Assets. In the event that the Ceding Insurer withdraws assets from the Reinsurance Trust Account for the purposes set forth in Article 10.E.2.a in excess of actual amounts required to meet the Reinsurer’s obligations to the Ceding Insurer under this Agreement (in each case, a “Ceding Insurer Additional Withdrawal” and such amount withdrawn, the “Ceding Insurer Additional Withdrawal Amount”), the Ceding Insurer will pay interest on the Ceding Insurer Additional Withdrawal Amount (the “Ceding Insurer Additional Withdrawal Interest”) at a per annum rate equal to the prime rate of interest as published in The Wall Street Journal, calculated by the Ceding Insurer on the basis of the actual number of days elapsed and a 360-day year, until such amounts are returned to the Reinsurance Trust Account (the “Ceding Insurer Additional Withdrawal Return Amount”).

Appears in 3 contracts

Sources: Property Catastrophe Excess of Loss Reinsurance Agreement, Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC), Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC)