Initial Premium. As consideration for the reinsurance provided hereunder by the Reinsurer, the Ceding Company shall pay to the Reinsurer, on the Closing Date, the Initial Reinsurance Premium with respect to the Ceding Company as set forth in the Estimated Reinsurance Settlement Statement in accordance with the Accounting Principles. Such payment shall be offset against the Ceding Commission payable by the Reinsurer to the Ceding Company, and the obligation to pay the Initial Reinsurance Premium shall be satisfied by the Ceding Company transferring, on the Closing Date, to the Trust Account on behalf of the Reinsurer, Authorized Investments with a Fair Market Value equal to the Net Initial Reinsurance Settlement Amount pursuant to and in accordance with Section 2.3(b)(i) of the Master Transaction Agreement. Such payment shall be subject to adjustment following the date hereof in accordance with Sections 2.6(b) and 2.7 of the Master Transaction Agreement.
Appears in 4 contracts
Samples: Reinsurance Agreement (Prudential Discovery Premier Group Variable Contract Account), Reinsurance Agreement (Prudential Discovery Select Group Variable Contract Account), Reinsurance Agreement (Prudential Discovery Select Group Variable Contract Account)
