Notice of Termination for Non-Payment. On any day on which the Company is delinquent in paying amounts due and owing to the Reinsurer under this Agreement, other than amounts that are the subject of a good faith dispute or an error or omission of the type specified in Section 3.5, the Reinsurer may give the Company written notice that the reinsurance coverage hereunder shall terminate, solely with respect to the Reinsured Contracts to which such delinquent amount relates, as of the date of such notice of termination if such overdue amount plus applicable interest thereon is not paid to the Reinsurer within thirty (30) calendar days from the date of such notice. If such written notice has been given by the Reinsurer and such overdue amount plus applicable interest thereon is not paid to the Reinsurer within such thirty (30) calendar day period, such failure to pay shall be treated by the parties as a Recapture Event with respect to the Reinsured Contracts as to which such amounts have not been paid, and the Reinsurer shall tender to the Company an amount equal to the Recapture Payment determined in accordance with Section 8.3 below solely with respect to the Reinsured Contracts to which such delinquent amount relates. Thereupon, as of or on the Recapture Effective Time, all reinsurance coverage under this Agreement solely with respect to the Reinsured Contracts to which such delinquent amount relates shall terminate and the Reinsurer shall have no further liability solely with respect to the Reinsured Contracts to which such delinquent amount relates from the date on which such unpaid amount was originally due, other than the payment of the such Recapture Payment.
Notice of Termination for Non-Payment. If the Company is delinquent in paying amounts due and owing to the Reinsurer under this Agreement, other than amounts that are the subject of a good faith dispute or an error or omission of the type specified in Section 3.5, the Reinsurer may give the Company written notice that the reinsurance coverage hereunder shall terminate, as of the date of such notice of termination if such overdue amount plus applicable interest thereon is not paid to the Reinsurer within thirty (30) calendar days from the date of such notice. If such written notice has been given by the Reinsurer and such overdue amount plus applicable interest thereon is not paid to the Reinsurer within such thirty (30) calendar day period, such failure to pay shall be treated by the Parties as a termination event, and the Recapture Payment determined in accordance with Article VIII and Schedule C shall be payable. Thereupon, as of or on the applicable Termination Date, all reinsurance coverage under this Agreement shall terminate and the Reinsurer shall have no further liability with respect to the Reinsured Contracts, other than the payment of the applicable Recapture Payment, any Reinsurer Extra Contractual Liabilities and any pre-termination breach by the Reinsurer of this Agreement, if any.
Notice of Termination for Non-Payment. If Cedent fails to pay an amount due to Captive or the Funds Withheld Account by the date such amount is due (the “Nonpayment Date”), Captive will give Cedent notice that the reinsurance coverage hereunder shall terminate as of the Nonpayment Date if such overdue amount is not paid to Captive with interest at the Delinquency Rate within thirty (30) days from the date of such notice. If such notice has been given by Captive and such owed amount with interest at the Delinquency Rate is not paid to Captive within such thirty (30)-day period, all reinsurance coverage under this Agreement shall terminate as of, and Captive shall have no further liability from, the Nonpayment Date.
