Common use of Quarterly Settlements Clause in Contracts

Quarterly Settlements. a) Within sixty (60) days after the end of each Accounting Period, the Ceding Company will pay the Reinsurer the sum of: i) Reinsurance Premiums, determined in accordance with Article II, plus ii) the Fee Payments, determined in accordance with Article IV, plus iii) any Modified Coinsurance Reserve Adjustment payable to the Reinsurer, determined in accordance with Article VI, Paragraph 1), plus iv) any adjustments to the Reinsurer for Transfers Involving the Fixed Account determined in accordance with Article VII Paragraph 1). b) Simultaneously, the Reinsurer will pay the Ceding Company the sum of: i) the amount of Benefit Payments, as described in Article V, plus ii) the Allowance for Commissions and Expenses, determined in accordance with Article III, plus iii) any Modified Coinsurance Reserve Adjustment payable to the Ceding Company, determined in accordance with Article VI, Paragraph 1), plus iv) any adjustments to the Ceding Company for Transfers Involving the Fixed Account, determined in accordance with Article VII Paragraph 2). c) Simultaneously, the Ceding Company will transfer the increase in the CARVM Allowance of the Reinsured Policies to the Reinsurer. The Reinsurer will transfer an equal amount of mutually acceptable assets to the Ceding Company.