Initial Reinsurance Premium. As consideration for the reinsurance by the Reinsurer of the Reinsured Risks under this Agreement, on the Closing Date the Reinsurer shall be entitled to an amount equal to one hundred percent (100%) of the Total SAP Ceded Reserves as of the close of business on the day immediately preceding the Inception Date (the “Initial Reinsurance Premium”).
Initial Reinsurance Premium. The Initial Reinsurance Premium shall equal the Treaty Reserve applicable to each Individual Policy on the date it is first covered by this Agreement. For all business the Ceding Company assumes from Lincoln Life & Annuity of New York, the Initial Reinsurance Premium shall equal the Treaty Reserves less an adjustment reflecting the anticipated future profitability on the business assumed by the Ceding Company effective January 1, 2010. For all business issued by the Ceding Company after the Agreement’s Effective Date, the Initial Premium shall be zero.
Initial Reinsurance Premium. (a) As initial consideration for the Reinsurer entering into this Agreement (the “Initial Premium”), the Reinsurer shall be entitled to cash and/or Eligible Assets having an aggregate Fair Market Value as of the Effective Time equal to the sum of:
(i) the Ceding Company’s VM-21 Statutory Reserves as of the Reference Date, which the Parties agree was [***]; plus
(ii) the Ceding Company’s non VM-21 Statutory Reserves as of the Effective Time in respect of the in-force payout annuities included in the Reinsured Contracts; plus
(iii) the Fixed Accounts Account Value as of the Effective Time, minus
(iv) the aggregate CARVM Allowance for all Reinsured Contracts as of the Effective Time; plus
(v) the absolute value of the Adjusted Ceding Commission , plus
(vi) the Existing IMR Amount as of the Effective Time, divided by the Applicable Tax Gross-up Percentage, plus
(vii) the Transaction IMR Amount as of the Effective Time, divided by the Applicable Tax Gross-up Percentage.
(b) On the Closing Date, the Ceding Company shall transfer to the Reinsurer or the Trust Account on behalf of the Reinsurer, the Transferred Assets in an amount equal to the Estimated Initial Premium [***] and as set forth in the Estimated Closing Statement delivered thereunder. To the extent required pursuant to Section 5.2(b), the Reinsurer shall deposit additional Eligible Assets into the Trust Account on the Closing Date [***]. Each of the Initial Premium, Transferred Assets and Initial Required Balance will be determined, adjusted, settled and paid [***]
(c) The Ceding Company and the Reinsurer agree that the Existing IMR Amount and the Transaction IMR Amount shall be calculated by the Ceding Company and ceded to and held by the Reinsurer and except as required by the SAP applicable to the Ceding Company, it shall have no obligation to maintain any net IMR relating to any Existing IMR Amount, Transaction IMR Amount or any other IMR Amount.
Initial Reinsurance Premium. The Parties agree and acknowledge that the initial reserve transfer occurred under the Subject Reinsurance Agreements (or predecessor reinsurance agreements), and there will be no additional initial reinsurance premium or ceding commission due between the Parties as a result of entering into this Agreement except as provided in Section 4.2.
Initial Reinsurance Premium. (a) As initial consideration for the Reinsurer entering into this Agreement (the “Initial Premium”),
Initial Reinsurance Premium. As of the Effective Date, the Ceding Company --------------------------- shall pay to the Reinsurer an Initial Reinsurance Premium in an amount equal to the Reinsurer's quota share of the Account Value for all policies issued prior to and inforce as of the Effective Date.
Initial Reinsurance Premium. The Ceding Company shall owe to the Reinsurer --------------------------- an "Initial Reinsurance Premium" for the reinsurance hereunder equal to the Statutory Reserves as of the Effective Date. The Initial Reinsurance Premium shall be calculated and paid in accordance with Article VI.
Initial Reinsurance Premium. The Initial Reinsurance Premium shall equal the Treaty Reserve applicable to each Individual Policy inforce on the Effective Date.
Initial Reinsurance Premium. For all business the Ceding Company assumes from Lincoln Life & Annuity of New York on contracts issued after the Effective Date, the Initial Reinsurance Premium shall be zero. For all business the Ceding Company assumes from Lincoln Life & Annuity of New York on contracts issued prior to the Effective Date, the Initial Reinsurance Premium shall be zero unless the contract previously included a death benefit from the list below, in which case the Initial Reinsurance Premium shall equal the Statutory Reserve applicable to each Individual Policy on the date it is first covered by this Agreement.
Initial Reinsurance Premium. As consideration for the reinsurance by the Reinsurer of the General Account Liabilities of the Company and the General Account Reinsured Liabilities under this Agreement, on the Closing Date, the Reinsurer shall be entitled to an amount equal to one hundred percent (100%) of the General Account Reserves of the Company as of the Inception Date, less an amount equal to the Contract Loans as of the Inception Date (the "Initial Reinsurance Premium"), as determined and adjusted in accordance with Section 2.03 of the Master Agreement.
