EXPERIENCE ACCOUNT. A. The Reinsurer shall maintain a notional experience account from the effective date of this Contract until the full and final release of each party's known or unknown obligations and liabilities under this Contract.
EXPERIENCE ACCOUNT. In the event incurred Losses from Section 1 (Ag PI) exceed 200% of Net Written Premium for the period 5/1/98 to 1/1/99, an experience calculation will be prepared and the Company will pay the Reinsurer interest at the rate of 12 Months LIBOR Rate as published in the Midwest Edition of "The Wall Street Journal" on the first day of the calendar month in which the amount becomes due, plus 1.2% multiplied by the cumulative balance which exceeds 200% of the cumulative Net Written Premium Section 1 (Ag PI for the period 5/1/98 to 1/1/99) during the period. The product will then be multiplied by 1/365 for each day after the due date that the amount due remains unpaid. Any interest that occurs pursuant to this Article will be calculated by the party to which it is owed.
EXPERIENCE ACCOUNT. (a) A notional experience account (the “Experience Account”) shall be created by the Reinsurer as of the Experience Refund Commencement Date and shall be maintained until all obligations of the Reinsurer in respect of the Additional Assumed Policies under the Reinsurance Agreement have been satisfied or discharged in full. As of the Experience Refund Commencement Date, the balance of the Experience Account (the “Experience Account Balance”) shall be zero.
EXPERIENCE ACCOUNT. (a) The Reinsurer shall establish as of the Effective Date and maintain on its books a notional experience account with respect to each Cedent (each an “Experience Account”) until all obligations of the Reinsurer under this Agreement have been satisfied or discharged in full.
EXPERIENCE ACCOUNT. 1. A notional "EXPERIENCE ACCOUNT" shall be created by the Reinsurer as at the Effective Date of this Agreement and shall be maintained by the Reinsurer until all obligations of the Reinsurer hereunder have been satisfied or discharged in full.
EXPERIENCE ACCOUNT. The Experience Account shall be calculated as follows:
EXPERIENCE ACCOUNT. A. Within 30 days following the end of each calendar quarter, until all Aggregate Ultimate Net Losses recoverable hereunder have been fully paid, commuted or otherwise discharged, the Reinsurer shall report to the Company an experience account calculation as set forth herein.
EXPERIENCE ACCOUNT. A notional experience account (the "Experience Account") shall be calculated by the Reinsurer from the Effective Date and maintained until all obligations of the Reinsurer under this Agreement have been satisfied or discharged in full. The balance of the Experience Account (the "Experience Account Balance") as of any date shall be determined as (i) the sum of the amounts of the Deposit Premium and the Reinsurance Premium less (ii) the Reinsurer's Margin less (iii) the Subject Obligations paid by the Reinsurer plus (iv) the amount of the Interest Credit, each determined as of such date.
EXPERIENCE ACCOUNT. 4 CANCELLATION......................................................................................................5
EXPERIENCE ACCOUNT. To determine the amount of the Experience Refund or Premium Adjustment, the Ceding Company will determine a balance in an Experience Account as of the March 31st following the end of each calendar year, as follows: The Preliminary Experience Account Balance for calendar year t equals a + b + c - d + e, where: The Experience Account Balance for calendar year t equals:
