Common use of Quarterly Settlements Clause in Contracts

Quarterly Settlements. (a) At the end of each Accounting Period, the Ceding Company shall pay the Reinsurer the sum of: (i) the Reinsurance Premium determined in accordance with Article II; and (ii) any Modco Reserve Adjustment payable to the Reinsurer determined in accordance with Article IV (b) Simultaneously, the Reinsurer shall pay the Ceding Company the sum of: (i) the Net Benefit Payments, determined in accordance with Article V; (ii) the Allowance determined in accordance with Article III; and (iii) any Modco Reserve Adjustment payable to the Ceding Company determined in accordance with Article IV.

Quarterly Settlements. (a) At the end of each Accounting Period, the Ceding Company shall pay the Reinsurer the sum of: (i) the Reinsurance Premium determined in accordance with Article II; and (ii) any Modco Reserve Funds Withheld Adjustment payable to the Reinsurer determined in accordance with Article IV (b) Simultaneously, the Reinsurer shall pay the Ceding Company the sum of: (i) the Net Indemnification for Benefit Payments, determined in accordance with Article V; (ii) the Allowance determined in accordance with Article III; and (iii) any Modco Reserve Funds Withheld Adjustment payable to the Ceding Company determined in accordance with Article IV.

Quarterly Settlements. (a) At the end of each Accounting Period, the Ceding Company shall pay the Reinsurer the sum of: (i) the Reinsurance Premium determined in accordance with Article II; and (ii) any Modco Reserve Funds Withheld Adjustment payable to the Reinsurer determined in accordance with Article IV (b) Simultaneously, the Reinsurer shall pay the Ceding Company the sum of: (i) the Net Indemnification for Benefit Payments, determined in accordance with Article V; (ii) the Allowance determined in accordance with Article III; and; (iii) any Modco Reserve Funds Withheld Adjustment payable to the Ceding Company determined in accordance with Article IV; and (iv) any positive experience refund.