Common use of BALANCES IN DEFAULT Clause in Contracts

BALANCES IN DEFAULT. If the Reinsurer is delinquent by more than thirty (30) days on an undisputed amount due to the Ceding Company relating to a claim: a. The Ceding Company shall have the right to charge interest on delinquent amounts in accordance with Section XXII.P; b. The Ceding Company shall have the right to offset such amount, including any accrued interest charged by the Ceding Company, from any amount due the Reinsurer in accordance with Article XVII; and c. To the extent there is an insufficient balance from which to offset such amounts, the Ceding Company shall have the right to recapture the remaining reinsurance under this Agreement, as described in Article XVI, provided the Ceding Company has given the Reinsurer ninety (90) days advance written notice of its intent to Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLIC and Canada Life recapture and the Reinsurer has failed to pay the net amount due, including any accrued interest charged by the Ceding Company, by the end of such notice period. In no event shall recapture be construed to be the exclusive remedy of the Ceding Company.

BALANCES IN DEFAULT. If the Reinsurer is delinquent by more than thirty (30) days on an undisputed amount due to the Ceding Company relating to a claim: a. The Ceding Company shall have the right to charge interest on delinquent amounts in accordance with Section XXII.P; b. The Ceding Company shall have the right to offset such amount, including any accrued interest charged by the Ceding Company, from any amount due the Reinsurer in accordance with Article XVII; and c. To the extent there is an insufficient balance from which to offset such amounts, the Ceding Company shall have the right to recapture the remaining reinsurance under this Agreement, as described in Article XVI, provided the Ceding Company has given the Reinsurer ninety (90) days advance written notice of its intent to Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLIC HLAIC and Canada Life recapture and the Reinsurer has failed to pay the net amount due, including any accrued interest charged by the Ceding Company, by the end of such notice period. In no event shall recapture be construed to be the exclusive remedy of the Ceding Company.

BALANCES IN DEFAULT. If the Reinsurer is delinquent by more than thirty (30) days on an undisputed amount due to the Ceding Company relating to a claim: a. The Ceding Company shall have the right to charge interest on delinquent amounts in accordance with Section XXII.P;; Allocated Retention Pool (Non-Excess Risks) -- Effective October 1, 2008 Between Canada Life xxx XXXXX 18 b. The Ceding Company shall have the right to offset such amount, including any accrued interest charged by the Ceding Company, from any amount due the Reinsurer in accordance with Article XVII; and c. To the extent there is an insufficient balance from which to offset such amounts, the Ceding Company shall have the right to recapture the remaining reinsurance under this Agreement, as described in Article XVI, provided the Ceding Company has given the Reinsurer ninety (90) days advance written notice of its intent to Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLIC and Canada Life recapture and the Reinsurer has failed to pay the net amount due, including any accrued interest charged by the Ceding Company, by the end of such notice period. In no event shall recapture be construed to be the exclusive remedy of the Ceding Company.

BALANCES IN DEFAULT. If the Reinsurer is delinquent by more than thirty (30) days on an undisputed amount due to the Ceding Company relating to a claim: a. The Ceding Company shall have the right to charge interest on delinquent amounts in accordance with Section XXII.P;; Allocated Retention Pool (Non-Excess Risks) -- Effective October 1, 2008 Between Canada Life xxx XXXX b. The Ceding Company shall have the right to offset such amount, including any accrued interest charged by the Ceding Company, from any amount due the Reinsurer in accordance with Article XVII; and c. To the extent there is an insufficient balance from which to offset such amounts, the Ceding Company shall have the right to recapture the remaining reinsurance under this Agreement, as described in Article XVI, provided the Ceding Company has given the Reinsurer ninety (90) days advance written notice of its intent to Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLIC and Canada Life recapture and the Reinsurer has failed to pay the net amount due, including any accrued interest charged by the Ceding Company, by the end of such notice period. In no event shall recapture be construed to be the exclusive remedy of the Ceding Company.