Common use of Net Daily Adjustment Clause in Contracts

Net Daily Adjustment. With respect to any Business Day, the "Net Daily Adjustment" shall be the amount calculated by comparing: (a) the sum of: (i) the gross premium collected on all Policies, net of premiums to be allocated to the Separate Accounts pursuant to contract owner instructions; (ii) the interest payments and principal repayments on all Policy Loans; (iii) the mortality and expense risk, administrative, cost of insurance, and other fees and charges deducted under the Policies and/or from the Separate Accounts (whether through the calculation of unit values or by direct deduction); (iv) the payments made to the Company or its broker-dealer under distribution agreements and/or participation agreements; (v) the amount of funds transferred from the Separate Accounts to the General Account in connection with (a) the payment of Policy benefits, including without limitation death benefits, full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Policy Loan benefits, and premium (or other) refunds, (b) annuitization, or (c) in connection with a transfer to a General Account option under a Policy; (vi) the amount of any net gain from any investment or disinvestment in the Registered Separate Accounts, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Policies (i.e., breakage); (vii) any other fees, charges, premiums, costs, recoveries from reinsurers under the Ceded Reinsurance Agreements or other amounts, or portion(s) thereof, collected during the preceding Business Day, which would be payable to the General Account of the Company in the absence of the reinsurance of the Policies effected by this Agreement. (b) with the sum of the following: (i) the Policy benefits paid, including death benefits, full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Policy Loan benefits and premium (or other) refunds; (ii) the amount of funds transferred from the General Account to the Separate Accounts in connection with maintaining the Policy Account (including without limitation transfers to a Separate Account from a General Account option under a Policy); (iii) the amount of any net loss from any investment or disinvestment in the Registered Separate Accounts, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Policies (i.e., breakage); and (iv) any other fees, charges, premiums (including without limitation premiums paid to reinsurers), costs, and other amounts, or portion(s) thereof, payable on such day by the General Account under the terms of the Policies or under the Ceded Reinsurance Agreements. If the sum of items in Section 6.0l(a) exceeds the sum of items in Section 6.0l(b) for the preceding Business Day, then (subject to the provisions of Section 6.03) such excess (to the extent not already paid to or on behalf of the Reinsurer) shall be paid by the Company to the Reinsurer by wire transfer of immediately available funds before the end of business on the current Business Day. Conversely, if the sum of the items in Section 6.0l(b) exceeds the sum of the items in Section 6.0l(a) for the preceding Business Day, then (subject to the provisions of Section 6.03) such excess (to the extent not already paid to or on behalf of the Company) shall be paid by the Reinsurer to the Company by wire transfer of immediately available funds before the end of business on the current Business Day.

Net Daily Adjustment. With respect to any Business Dayday, the "Net Daily Adjustment" shall be the amount calculated by comparing: (a1) the sum of: (i) the gross premium collected on all Policies, net of net premiums (as defined in the Policies) to be allocated to the Separate Accounts pursuant to contract owner instructions; (ii) the interest payments and principal repayments on all Policy Loansloans; (iii) the mortality and expense risk, administrative, cost of insurance, and other fees and charges deducted under the Policies and/or from the Separate Accounts (whether through the calculation of unit values or by direct deduction); (iv) the payments made to the Company or its broker-dealer under distribution agreements and/or participation agreements; (v) the amount of funds transferred from the Separate Accounts to the General Account general account of the Company in connection with (a) the payment of Policy benefits, including without limitation death benefitsbenefits (net of reimbursements under Third Party Reinsurance Agreements), full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Policy Loan loan benefits, and premium (or other) refunds, (b) annuitization, or (c) in connection with a transfer to a General Account fixed account option under within a Policy; (viv) the amount of any net gain from any investment or disinvestment in the Registered Separate Accounts, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Policies (i.e., breakage);; and (viivi) any other fees, charges, premiums, costs, recoveries from reinsurers under the Ceded Reinsurance Agreements or other amounts, or portion(s) thereof, collected during the preceding Business Day, which would be payable to the General Account general account of the Company in the absence of the reinsurance of the Policies effected by this Agreement. (b2) with the sum of the following: (i) the Policy benefits paid, including death benefitsbenefits (net of reimbursements under Third Party Reinsurance Agreements), full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Policy Loan loan benefits and premium (or other) refunds; (ii) the amount of funds transferred from the General Account general account of the Company to the Separate Accounts in connection with maintaining the Policy Account (including without limitation transfers to a Separate Account from a General Account fixed account option under within a Policy); (iii) the amount of any net loss from any investment or disinvestment in the Registered Separate Accounts, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Policies (i.e., breakage); and (iv) any other fees, charges, premiums (including without limitation premiums paid to reinsurers)premiums, costs, and other amounts, or portion(s) thereof, payable on such day by the General Account general account of the Company under the terms of the Policies or under Policies. Reimbursements listed above shall not be made with respect to items accrued (other than claims incurred but not reported as of the Ceded Reinsurance Agreements. If Effective Time and claims in course of settlement as of the sum of items in Section 6.0l(aEffective Time) exceeds by the sum of items in Section 6.0l(bCompany prior to the Effective Time. (1) for the preceding Business Day, then (subject to the provisions of Section 6.03) such excess (to the extent not already paid to or on behalf of the Reinsurer) shall be paid by the Company to the Reinsurer by wire transfer of immediately available funds before the end of business on the current Business Day. Conversely, if the sum of the items in Section 6.0l(b) exceeds the sum of the items in Section 6.0l(a) for the preceding Business Day, then (subject to the provisions of Section 6.03Article VII(C)) such excess (to the extent not already paid to or on behalf of the Company) shall be paid by the Reinsurer to the Company by wire transfer of immediately available funds before the end of business on the current Business Day.

Net Daily Adjustment. With respect FLIC shall pay to any MLLIC, or MLLIC shall pay to FLIC, as the case may be, on each Business Day, the "any Net Daily Adjustment" shall Adjustment for the preceding Business Day. The Net Daily Adjustment shall, for Policies reinsured by MLLIC, be the amount calculated by comparing: (a) 1. the sum of: (ia) the gross premium premiums collected on all Policies, net of premiums to be allocated to the Separate Accounts pursuant to contract owner instructions; (iib) the interest payments and principal repayments on all Policy Loansloans; (iiic) the mortality and expense risk, administrative, cost of insurance, expense risk and other fees Policy charges collected and charges deducted under the Policies and/or withdrawn from the Separate Accounts (whether through the calculation of unit values or by direct deduction)Account; (iv) the payments made to the Company or its broker-dealer under distribution agreements and/or participation agreements; (vd) the amount of funds transferred from the Separate Accounts Account to the General Account general account of FLIC in connection with (a) the payment of surrender, death, withdrawal, annuity or Policy loan benefits, including without limitation death benefits, full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Policy Loan benefits, and premium (or other) refunds, (b) annuitization, or (c) in connection with a transfer to a General Account fixed account option under within a variable annuity Policy; (vie) the amount of any net gain from any investment or disinvestment in the Registered Separate Accounts, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Policies (i.e., breakage); (vii) any other fees, charges, premiums, costs, recoveries from reinsurers under the Ceded Reinsurance Agreements or other amounts, or portion(s) thereof, collected during the preceding Business Day, which would be payable to the General Account of the Company in the absence of the reinsurance of the Policies effected by this Agreement. (b) with the sum of the following: (i) the Policy benefits paid, including death benefits, full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Policy Loan benefits and premium (or other) refunds; (ii) the amount of funds transferred from the General Account to the Separate Accounts in connection with maintaining the Policy Account (including without limitation transfers to a Separate Account from a General Account option under a Policy); (iii) the amount of any net loss from any investment or disinvestment in the Registered Separate AccountsAccount, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Policies (i.e., breakage); and (ivf) any other fees, charges, premiums or costs, or portion thereof, collected during the preceding Business Day, which would be payable to the general account of FLIC in the absence of this indemnity reinsurance of the Policies. 2. with the sum of the following: (including without limitation a) the commissions paid (net of refunds), as specified in the FLIC General Agency Agreement with Xxxxxxx Xxxxx Life Agency, Inc., for all Policies; (b) the administrative expense allowances, defined as any net charges under the Service Agreement between Xxxxxxx Xxxxx Insurance Group, Inc., FLIC and MLLIC dated November 29, 1990, (“Service Agreement”), attached hereto as Exhibit “C”, payable by FLIC for the administration of the Policies, or any charges payable by FLIC to MLLIC under any subsequent services agreement which supercedes the Services Agreement; (c) the amount of any state, municipal or other premium or gross receipts taxes paid with respect to Policy premiums collected; (d) the amount of brokerage and any similar charges paid by FLIC in connection with the purchase, sale, redemption or maintenance of Separate Account assets; (e) the Third Party Reinsurance premiums paid by FLIC; (f) the Policy benefits paid, including death benefits (net of Third Party Reinsurance reimbursements) , full or partial cash surrender benefits, full or partial withdrawal benefits, maturity benefits, annuity payments, Policy loan benefits and premium (or other) refunds; (g) the amount of funds transferred from the general account of FLIC to reinsurersthe Separate Account in connection with maintaining the Policy Account; (h) the amount of any net loss from any investment or disinvestment in the Separate Account, whenever occurring, having resulted in a value other than the corresponding value charged or credited under the Policies (i.e., breakage); and (i) any other fees, charges, premiums or costs, and other amounts, or portion(s) portion thereof, payable on such day by the General Account general account of FLIC under the terms of the Policies or under Policies. Reimbursements listed above shall not be made with respect to items accrued by FLIC prior to the Ceded Reinsurance AgreementsEffective Date. If the sum of items in Section 6.0l(a) 1. exceeds the sum of items in Section 6.0l(b) 2. for the preceding Business Day, then (subject to the provisions of Section 6.03C.) such excess (to the extent not already paid to or on behalf of the Reinsurer) shall be paid by the Company FLIC to the Reinsurer MLLIC by wire transfer of immediately available funds before the end of business on the current Business Day. Conversely, if the sum of the items in Section 6.0l(b) 2. exceeds the sum of the items in Section 6.0l(a) 1. for the preceding Business Day, then (subject to the provisions of Section 6.03C.) such excess (to the extent not already paid to or on behalf of the Company) shall be paid by the Reinsurer MLLIC to the Company FLIC by wire transfer of immediately available funds before the end of business on the current Business Day.