Common use of Recapture Payment Clause in Contracts

Recapture Payment. (a) In the event the Reinsured Policies are recaptured in full (including if this Agreement is rejected by any liquidator, receiver, rehabilitator, trustee or similar Person acting on behalf of the Ceding Company (a “Receiver”)), a net accounting and settlement as to any balance due under this Agreement shall be undertaken by the Ceding Company in accordance with Article VII, which calculations shall be as of the Recapture Effective Date. Within ten (10) Business Days following the later of the Recapture Effective Date or becoming aware that a recapture event has occurred, the Ceding Company shall deliver to the Reinsurer a final Monthly Accounting Report starting as of the prior Monthly Accounting Report and ending on the Recapture Effective Date (the “Terminal Accounting Report”), and all amounts required to be paid in connection with the final settlement (including all Account Adjustments and Reinsurer Top-Up Payments) set forth in such Terminal Accounting Report shall be paid in accordance with Section 7.03 as if the Recapture Effective Date were the end of the month. In addition to all amounts required to be paid in connection with the final settlement, the Reinsurer shall pay an amount equal to the Accounts Required Reserves to the Ceding Company, such payment to be effectuated by the Ceding Company retaining assets in the Accounts with an aggregate fair value equal to the Accounts Required Reserves. Following the making of all payments required to be made by the Reinsurer hereunder (including any Account Adjustments and/or Reinsurer Top-Up Payments and the payment of the Accounts Required Reserves to the Ceding Company) any remaining assets in the Accounts or the Trust Account shall be delivered to one or more accounts as directed by the Reinsurer.

Recapture Payment. (a) In the event the Reinsured Policies are recaptured in full (including if this Agreement is rejected by any liquidator, receiver, rehabilitator, trustee or similar Person acting 46753330.38 on behalf of the Ceding Company (a “Receiver”)), a net accounting and settlement as to any balance due under this Agreement shall be undertaken by the Ceding Company in accordance with Article VII, which calculations shall be as of the Recapture Effective Date. Within ten twenty (1020) Business Days following the later of the Recapture Effective Date or becoming aware that a recapture event has occurredDate, the Ceding Company shall deliver to the Reinsurer a final Monthly Accounting Report starting setting forth the final Monthly Net Settlement Amount and final Funds Withheld Adjustment as of the prior Monthly Accounting Report and ending on the Recapture Effective Date (collectively, the “Terminal Accounting Report”), . The final Monthly Net Settlement Amount and all amounts required to be paid in connection with the final settlement (including all Account Adjustments and Reinsurer Top-Up Payments) Funds Withheld Adjustment set forth in such Terminal Accounting Report shall be paid in accordance with Section 7.03 7.03. Following the settlement between the parties as set forth in the Terminal Accounting Report, the assets in the Funds Withheld Account (including the Contract Loan Balance) shall be retained by the Ceding Company (including for the avoidance of doubt, the IMR), and the Funds Withheld Account shall be terminated. In addition, in the event of recapture by the Ceding Company pursuant to clause (A) or (B) of Section 11.03(c)(i), at the election of the Ceding Company in its sole discretion, the Reinsurer shall, within twenty (20) Business Days following the Recapture Effective Date, pay to the Ceding Company the Recapture Fee, if any, as of the Recapture Effective Date were by wire transfer of immediately available funds, in which case the end Reinsurer’s payment of such Recapture Fee shall constitute a complete and final release of all obligations and liabilities, whether known or unknown, of the month. In addition to all amounts required to be paid in connection with the final settlement, the Reinsurer shall pay an amount equal to the Accounts Required Reserves to the Ceding Company, Company under this Agreement. In the event the Reinsurer fails to pay any such payment amounts owed by the Reinsurer to be effectuated by the Ceding Company retaining under this Section 11.04 by the date contemplated herein, the Ceding Company shall be entitled to withdraw assets in from the Accounts Trust Account with an aggregate fair value Fair Market Value equal to the Accounts Required Reserves. Following the making of all payments required to be made by the Reinsurer hereunder (including any Account Adjustments and/or Reinsurer Top-Up Payments and the payment of the Accounts Required Reserves to the Ceding Company) any remaining assets in the Accounts or the Trust Account shall be delivered to one or more accounts as directed by the Reinsurersuch unpaid obligation.

Recapture Payment. (a) In the event the Reinsured Policies are recaptured in full (including if this Agreement is rejected by any liquidator, receiver, rehabilitator, trustee or similar Person acting on behalf of the Ceding Company (a “Receiver”)), a net accounting and settlement as to any balance due under this Agreement shall be undertaken by the Ceding Company in accordance with Article VII, which calculations shall be as of the Recapture Effective Date. Within ten (10) Business Days following the later of the Recapture Effective Date or becoming aware that a recapture event has occurred, the Ceding Company shall deliver to the Reinsurer a final Monthly Accounting Report starting as of the prior Monthly Accounting Report and ending on the Recapture Effective Date (the “Terminal Accounting Report”), and all amounts required to be paid in connection with the final settlement (including all Account Adjustments and Reinsurer Top-Up PaymentsAdjustments) set forth in such Terminal Accounting Report shall be paid in accordance with Section 7.03 as if the Recapture Effective Date were the end of the month. In addition to all amounts required to be paid in connection with the final settlement, the Reinsurer shall pay an amount equal to the Accounts Required Reserves to the Ceding Company, such payment to be effectuated by the Ceding Company retaining assets in the Accounts with an aggregate fair value equal to the Accounts Required Reserves. Following the making of all payments required to be made by the Reinsurer hereunder (including any Account Adjustments and/or Reinsurer Top-Up Payments and the payment of the Accounts Required Reserves to the Ceding Company) any remaining assets in the Accounts or the Trust Account shall be delivered to one or more accounts as directed by the Reinsurer.