Accounting and Settlement. 6.01 NET DAILY ADJUSTMENT. With respect to any Business Day, the "NET DAILY ADJUSTMENT" shall be the amount calculated by comparing:
(a) the sum of:
(i) the gross premium collected on all Contracts, net of premiums to be allocated to the Separate Accounts pursuant to Contract owner instructions;
(ii) the interest payments and principal repayments on all Contract Loans;
(iii) the mortality and expense risk, administrative, cost of insurance, and other fees and charges deducted under the Contracts and/or from the Separate Accounts (whether through the calculation of unit values or by direct deduction);
(iv) the payments made to FAFLIC or its broker-dealer under distribution agreements and/or participation agreements in each case with respect to the Contracts;
(v) the amount of funds transferred from the Separate Accounts to the general account in connection with (a) the payment of Contract benefits, including, without limitation, death benefits, full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Contract Loans and premium (or other) refunds, (b) annuitization of Contracts, or (c) in connection with a transfer to a general account option under a Contract;
(vi) the amount of any net gain from any investment or disinvestment in the Registered Separate Accounts, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Contracts (i.e., breakage); and
(vii) any other fees, charges, premiums, costs, recoveries from reinsurers under the Reinsurance Agreements, commission refunds or other amounts, or portion(s) thereof, collected, which would be payable to the general account of FAFLIC in the absence of the reinsurance of the Contracts affected by this Agreement in each case with respect to the Contracts.
(b) with the sum of the following:
(i) the Contract Liabilities paid, including death benefits, full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Contract Loans and premium (or other) refunds;
(ii) the amount of funds transferred from the general account to the Separate Accounts in connection with maintaining the Contract Accounts (including, without limitation, transfers to a Separate Account from a general account option under a Contract);
(iii) the amount of any net loss from any investment or disinvestment in the Registered Separate Accounts, whenever occurring, having resulted in ...
Accounting and Settlement. Pursuant to and in accordance with the terms of the Administrative Services Agreement, the Reinsurer shall prepare such periodic accounting reports regarding the business reinsured hereunder as may be agreed by the Reinsurer and the Ceding Company and the Reinsurer shall be solely responsible for making any and all payments under, arising from or relating to the Reinsured Policies.
Accounting and Settlement. Notwithstanding Sub-Articles 7.1 and 7.2 of the Main Agreement, settlement of account shall be effected as follows:
Accounting and Settlement. 19 ARTICLE IX DURATION, RECAPTURE AND TERMINATION . . . . . . 22 ARTICLE X INSOLVENCY. . . . . . . . . . . . . . . . . . . 25 ARTICLE XI ARBITRATION . . . . . . . . . . . . . . . . . . 26 ARTICLE XII SECURITY. . . . . . . . . . . . . . . . . . . . 28 ARTICLE XIII REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. . . . . . . . . . . . . . . . . 33
Accounting and Settlement. 8.01. Amounts Due the Reinsurer or the Company.
(a) The payments required to be made under Section 6.01 shall be paid in cash or Cash Equivalents and shall be made monthly by wire transfer of funds to an account designated by the Company by 11 a.m. on the second Business Day following the end of each month with respect to the Commissions and Expenses incurred as of the close of business on the last day of each month (or partial month) during the term of this Agreement; provided, that the Company notifies the Reinsurer by 2 p.m. on the first Business Day following the end of each month of the amounts due from the Reinsurer with respect to such month.
(b) The payments required to be made under Section 7.01 (other than the payment on the Closing Date pursuant to Section 7.01(b)) shall be paid in cash or Cash Equivalents and shall be made weekly by wire transfer of funds to an account designated by the Company by 11 a.m. on each Thursday following the Closing Date with respect to the Benefits paid as of the close of business on the second Business Day next preceding such Thursday; provided, that the Company notifies the Reinsurer by 2 p.m. on the Business Day prior to such Thursday of the amounts due from the Reinsurer with respect to such week.
(c) If amounts due to be paid by the Reinsurer to the Company pursuant to Section 8.01(a) or 8.01(b) above cannot be determined at such dates on an exact basis, such payments may be determined on an estimated basis, and any adjustments subsequently required to reflect actual data shall be made on the weekly or monthly payment date, as applicable, following the date that such actual data is available.
(d) Except as otherwise specifically provided herein, all other amounts due to be paid to either the Reinsurer or the Company under this Agreement shall be determined on a net basis, giving full effect to Section 3.06 hereof, as of the last day of each Accounting Period. Any net amount due from the Company to the Reinsurer shall be paid in cash or Cash Equivalents no later than the day on which the Quarterly Report showing such net amount, as described in Section 8.02, is due. Any net amount due from the Reinsurer to the Company shall be paid no later than ten (10) Business Days following the receipt of such Quarterly Report from the Company. If amounts due to be paid cannot be determined at such dates on an exact basis, such payments may be determined on an estimated basis, and any adjustments subsequently required to ref...
Accounting and Settlement. 1 All EMS operators shall give preference to apply the accounting rules and procedures for inter- operator settlements prescribed in the EMS Pay-for-performance Plan (article 11.1 of the Procedures) and published on the EMS Cooperative website (xxx.xxx.xxxx).
Accounting and Settlement. 7.1 The Handling Company shall invoice the Carrier monthly with the charges arising from the provi sion of the handling services of Annex A as listed in Annex(es) B at the rates of charges set out in Annex(es) B.
7.2 Settlement shall be effected through the IATA Clearing House unless otherwise agreed in Annex(es) B. SGHA 2013/ 2008/2004 Main Agreement 99
Accounting and Settlement. A. Any Trustee may at any time and from time to time render to the General Partner an account of the acts and transactions of such Trustee with respect to the income and principal of such trust, from the date of the creation of such trust or from the date of the last previous account of such Trustee, as the case may be; and the General Partner shall have full power and authority on behalf of all persons and entities interested in such trust finally to settle and adjust such account; and upon such account being settled and adjusted to the satisfaction of the General Partner, it shall be binding and conclusive upon each and every person and entity (whether or not then living or then ascertainable) who shall then or thereafter be or become interested in either the income or the principal of such trust, with like effect as a judgment of a court having jurisdiction judicially settling such account in an action in which such Trustee and all persons having or claiming any interest in such trust were parties; and the approval by the General Partner of such account shall constitute a full discharge and release of such Trustee and of the estate of any deceased Trustee for whom such account is rendered, from all further liability, responsibility and accountability for or with respect to the acts and transactions of such Trustee as set forth in said account, as to both income and principal of such trust.
B. Nothing contained in this Article shall preclude any Trustee from having an account judicially settled or from filing periodic accounts if such Trustee shall deem such settlement or such filing advisable.
C. If, in any accounting or other proceeding or in any nonjudicial settlement of any Trustee's account, any party to such proceeding or settlement shall be a person under a disability, service of process in such proceeding shall not be required upon such person under a disability, or such person under a disability shall not be required to join in such settlement, if there is another person, not under a disability, who is a party to the proceeding or settlement and who has the same interest as the person under a disability.
Accounting and Settlement. Terminal Accounting. In the event that this Agreement is terminated in accordance with Article XI, Xxxxxxxxx 0, xx all reinsurance under this Agreement is recaptured in accordance with Article XI, Xxxxxxxxx 0, x Terminal Accounting and Settlement will take place.
Accounting and Settlement. (a) As soon as practicable but not more than forty (40) days following each calendar quarter ending after the Company’s assumption of the administration of the Reinsured Policies pursuant to Section 3.7 (or more frequently as mutually agreed by the parties), the Company shall supply the Reinsurer with a report that shall provide financial data for such calendar quarter in the form as agreed between the parties.
(b) As soon as practicable but not more than forty (40) days following the end of each calendar quarter ending after the Company’s assumption of the administration of the Reinsured Policies pursuant to Section 3.7 (or more frequently as mutually agreed by the parties), the Company shall supply the Reinsurer with reports related to the Reinsured Policies as may be reasonably requested for use in connection with the preparation of the Reinsurer’s SAP financial statements or other reports prepared by the Reinsurer in compliance with its internal reporting requirements. The parties shall cooperate in good faith to establish the form for the providing of such reports.
(c) Within forty-five (45) days after the end of each calendar year ending after the Company’s assumption of the administration of the Reinsured Policies pursuant to Section 3.7 (or more frequently as mutually agreed by the parties), the Company shall supply the Reinsurer with a report that shall provide financial data for such year in the form as agreed between the parties.
(d) Following any assumption by the Company of administration of the Reinsured Policies pursuant to Section 3.7, and for so long thereafter as this Agreement remains in effect, each of the parties shall periodically furnish to the other such other reports and information as may be reasonably requested by such other party for regulatory, tax or similar purposes and reasonably available to it.
(e) Following any assumption by the Company of administration of the Reinsured Policies pursuant to Section 3.7, in the event that all or any portion of any payment due either party pursuant to this Agreement becomes overdue, the portion of the amount overdue shall bear interest at an annual rate equal to the then current thirty (30) day U.S. Treasury Xxxx discount rate on the date that the payment becomes overdue plus 200 basis points, for the period that the amount is overdue.
