Common use of GMDB and EPB Clause in Contracts

GMDB and EPB. The Retrocessionaire shall indemnify the Retrocedent under this Agreement only for benefit claims that the Retrocedent paid to the Cedent as contractually required under a Reinsured Contract with respect to deaths that occur on or after the Effective Date, subject to the liability limitations described in Article I. GMIB: The Retrocessionaire shall indemnify the Retrocedent under this Agreement only for benefit claims that the Retrocedent paid to the Cedent as contractually required under a Reinsured Contract on or after the expiration of the waiting period and upon annuitization under the terms of the Income Program where such events occur, on the policies reinsured hereunder, on or after the Effective Date, subject to the liability limitations described in Article I.

GMDB and EPB. The Retrocessionaire shall indemnify the Retrocedent under this Agreement only for benefit claims that the Retrocedent paid to the Cedent as contractually required under a Reinsured Contract with respect to deaths that occur on or after the Effective Date, subject to the liability limitations described in Article I. GMIB: The Retrocessionaire shall indemnify the Retrocedent under this Agreement only for benefit claims that the Retrocedent paid shall pay to the Cedent as contractually required under a Reinsured Contract on or after the expiration of the waiting period and upon annuitization under the terms of the Income Program where such events occur, on the policies reinsured hereunder, on or after the Effective Date, subject to the liability limitations described in Article I.I. Regardless of the mode of payment by the Retrocedent to the Cedent, settlement by the Retrocessionaire to the Retrocedent under this Agreement shall be made in a lump sum.