Bank Accounts for Serviced Business. (a) The Company will establish one or more bank accounts (each a “Collection Account”) into which the Administrator shall deposit the following amounts actually received by the Administrator with respect to the Serviced Business: (i) all amounts received as Premiums on the Net Retained Liabilities Policies, (ii) all amounts payable to the Company under Existing Reinsurance Agreements with respect to the Serviced Business, (iii) all other amounts payable to the Company in respect of the Serviced Business, and (iv) amounts payable by the Company pursuant to the last sentence of Section 3.9(b). The Administrator shall issue drafts and transfer funds from the Collection Account necessary to fund the Disbursement Accounts in accordance with Section 3.9(b).
Appears in 6 contracts
Samples: Administrative Services Agreement (Equitable America Variable Account L of Equitable Financial Life Insurance Co of America), Administrative Services Agreement (Equitable America Variable Account a of Equitable Financial Life Insurance Co of America), Administrative Services Agreement (Equitable America Variable Account L of Equitable Financial Life Insurance Co of America)
