Common use of Modco Account Clause in Contracts

Modco Account. (a) From and after the Effective Time, the Ceding Company shall establish and maintain on its books and records a notional account within its Separate Accounts (the “Modco Account”), which shall (a) be clearly designated as a segregated account on the books and records (and in the information systems) of the Ceding Company, (b) be separate and apart from 1006844591v17 the general and other accounts of the Ceding Company, (c) be comprised (as subaccounts thereunder) of each Separate Account in respect of the Reinsured Policies and (d) into which shall be allocated, in the aggregate, all Separate Account Assets and Separate Account Liabilities with respect to the Separate Accounts. (b) Without limiting Section 2.2, the Ceding Company shall own and control all Separate Account Assets in the Modco Account. All investment income, capital gains and losses earned or accrued on the Separate Account Assets shall be allocated to the Modco Account.

Modco Account. (a) From and after the Effective Time, the Ceding Company shall establish and maintain on its books and records a notional account within its Separate Accounts (the “Modco Account”), which shall (a) be clearly designated as a segregated account on the books and records (and in the information systems) of the Ceding Company, (b) be separate and apart from 1006844591v17 the general and other accounts of the Ceding Company, (c) be comprised (as subaccounts thereunder) of each Separate Account in respect of the Reinsured Policies and (d) into which shall be allocated, in the aggregate, all Separate Account Assets and Separate Account Liabilities with respect to the Separate Accounts. (b) Without limiting Section 2.2, the Ceding Company shall own and control all Separate Account Assets in the Modco Account. All investment income, capital gains and losses earned or accrued on the Separate Account Assets shall be allocated to the Modco Account.