FATCA Exempt Party means a person that is entitled to receive payments free from any FATCA Deduction.
Fee means any charge, commission, interest or other fee of any kind which may be specified in the Fee Letter.
Fee Letter means any fee letter addressed by the Bank to the Existing Companies which relates to the Facility Letter.
Finance Party means the Bank and any Correspondent which issues a Payment Instrument.
Financial Indebtedness means any indebtedness incurred for or in respect of (a) moneys borrowed (b) any transaction or arrangement that has the commercial effect of a borrowing and (c) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (b) above.
GAAP means generally accepted accounting principles in the jurisdiction of incorporation of the Company.
Group means each Existing Company and its Subsidiaries for the time being and Group Member means any member of the Group.
Guarantee means the guarantee issued by on the Guarantor in connection with the Facility.
Guarantor means the Parent.
Holding Company means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.
Increased Cost means:
| ||(a) || |
a reduction in the rate of return from the Facility or on the overall capital of the Bank or any of its Affiliates;
| ||(b) || |
an additional or increased cost; or
| ||(c) || |
a reduction of any amount due and payable under the Facility,
which is incurred or suffered by the Bank or any of its Affiliates to the extent that it is attributable to the Bank funding or performing its obligations under the Facility.
ISP means the ICC International Standby Practices in force as at 1 January 1998 (ICC publication number 590) as may be amended, reissued or replaced from time to time.
Issuance Cut-Off Date is as defined in the Facility Letter.
Issuing Bank means, in relation to a Payment Instrument, the Bank or, as the case may be, the Correspondent which issues that Payment Instrument.
Issue Date means, in relation to a Payment Instrument, the proposed date of issue of that Payment Instrument or, as the context requires, the date on which that Payment Instrument was issued.
Losses means any or all costs, expenses (including legal expenses), losses, claims, damages or other liabilities of whatsoever nature and whensoever arising (including any direct, indirect or consequential losses, loss of profit, loss of goodwill and loss of reputation), whether or not they were foreseeable or likely to occur.
Market Standard Rules means, in relation to a Payment Instrument, ISP or UCP if incorporated in that Payment Instrument.
Material Adverse Effect means the occurrence of an event (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding) which has or could reasonably be expected to have a material adverse effect on (a) the assets, business, financial condition or operations of the Company and its Subsidiaries taken as a whole; (b) the ability of the Company to perform any of its payment or other material obligations under any of the Facility Documents; or (c) the legality, validity, binding effect or enforceability against the Company of any Facility Document that by its terms purports to bind the Company.
NAIC means the National Association of Insurance Commissioners and any successor thereto.
NAIC-Qualified Institution means, at any time, an issuer of Payment Instructions listed on the NAIC List of Qualified U.S. Financial Institutions maintained by the NAIC at such time and acting through the legal entity so listed.
Outstanding Value means, at any time in relation to any Payment Instrument, the maximum actual and contingent liability of the Bank at that time under or in relation to that Payment Instrument, as determined by the Bank.
Parent means RenaissanceRe Holdings Ltd., a Bermuda company.
Party means the Company or the Bank.
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