RECAPTURE PRIVILEGES Sample Clauses
The "Recapture Privileges" clause grants a party, typically a landlord or licensor, the right to reclaim or retake possession of a property or asset under certain conditions, such as if the tenant wishes to sublease or assign their interest. In practice, this means that before a tenant can transfer their lease to another party, the landlord may choose to terminate the lease for the affected portion and regain control of the space. This clause is primarily used to give the property owner flexibility and control over who occupies or uses their property, helping them manage risk and maintain desired tenant mixes or operational standards.
RECAPTURE PRIVILEGES. A. The Cedent may recapture existing cessions in force in accordance with the following rules:
1. The Cedent shall notify the Reinsurer of its intention to recapture at least ninety (90) days prior to any recapture.
2. The Cedent may not recapture a cession unless this Agreement shall have been in force for fifteen (15) years, as measured from the Effective Date until the date of recapture.
3. The recapture shall apply to all cessions in force under this Agreement.
4. The recapture shall be mutually agreed upon by the Cedent and the Reinsurer.
5. Recapture shall take place ratably over a thirty-six (36) month period (i.e., each month, the initial percentage reduces 2.78% times the initial percentage). The election to recapture shall be irrevocable.
RECAPTURE PRIVILEGES. The CEDING COMPANY may recapture existing reinsurance in force in accordance with the following rules:
A. The CEDING COMPANY will notify the REINSURER of its intent to recapture at least ninety (90) days prior to any recaptures.
B. No recapture will be made unless reinsurance has been in force for fifteen (15) years.
C. Recapture will only be available provided the total carryforward, upon release of treaty reserves, is in a positive position. The total carryforward is defined as the sum of the carryforwards of this Agreement and the complementary GMIB Agreement, if any, that reinsures the same related contracts.
D. The carryforward for each Agreement is defined as the current period's reinsurance premium, minus all reinsurance claims paid under this Agreement for the current period, minus [*] annual expense allowance applied against the average aggregate Account Value for the current period, minus the change in treaty reserves from the prior period to the current period, plus the prior period's loss carryforward. The monthly carryforward amount is accumulated at the ninety- (90) day Federal Government Treasury Bill rate as published in the ▇▇▇l Street Journal on the first business day of the current period plus [*].
E. Upon election, recapture shall occur ratably over a thirty-six (36) month period (i.e., every month the initial quota share percentage reduces 2.78% times the initial quota share percentage). It is irrevocable once elected.
RECAPTURE PRIVILEGES. 12 Article X.
RECAPTURE PRIVILEGES. A. The Cedent may recapture existing cessions in force in accordance with the following rules:
1. The Cedent shall notify the Reinsurer of its intention to recapture at least ninety (90) days prior to any recapture.
2. The Cedent may not recapture a cession unless this Agreement shall have been in force for fifteen (15) years, as measured from the Effective Date until the date of recapture.
3. The recapture shall apply to all cessions in force under this Agreement.
4. Recapture shall take place ratably over a thirty-six (36) month period (i.e., each month, the initial percentage reduces 2.78% times the initial percentage). The election to recapture shall be irrevocable.
RECAPTURE PRIVILEGES. A. The CEDING COMPANY may recapture existing reinsurance in force in accordance with the following rules:
B. The CEDING COMPANY will notify the REINSURER of its intent to recapture at least ninety (90) days prior to any recaptures.
C. No recapture will be made unless reinsurance has been in force for fifteen (15) years, as measured from the EFFECTIVE DATE , or on some other date if mutually agreed to by both parties.
D. The recapture shall apply to all the reinsurance in force under the Agreement.
E. Recapture will only be available provided the total carryforward, upon release of treaty reserves, is in a positive position. The total carryforward is defined as the sum of the carryforwards of this Agreement and the complementary death benefits agreement, No. 2001-47, that reinsures the same variable annuity contracts specified in Schedule A.
F. The carryforward for each Agreement is defined as the current period's reinsurance premium, minus all reinsurance claims paid under this Agreement for the current period, minus a [*] annual expense allowance applied against the average aggregate Account Value for the current period, minus the change in treaty reserves from the prior period to the current period, plus the prior period's carryforward. The monthly carryforward amount is accumulated at the [*] rate as published in the Wall Street Journal on the first business day of the current period plus [*].
RECAPTURE PRIVILEGES. A. If, at any time, the CEDING COMPANY makes a change in its existing maximum dollar retention limits, as shown in Schedule A, which have a material effect on the terms of the treaty, it shall give prompt written notice thereof to the REINSURER.
B. If the CEDING COMPANY changes its maximum dollar retention limits, it may apply the new limits of retention (whether or not material) to existing reinsurance and reduce and recapture reinsurance in force in accordance with the following rules:
1. The CEDING COMPANY will notify the REINSURER of its intent to recapture under this Article by providing irrevocable written notice at least ninety (90) days prior to any recaptures.
2. No recapture will be made unless the policy has been in force fifteen (15) years for permanent life plans, and the end of the level term period for term life plans.
3. Recapture will become effective on the policy anniversary date following the 90 day notification period set forth above.
4. No recapture will be made unless the CEDING COMPANY retained its maximum retention limit, as listed in Section D of Schedule A, prior to the recapture. The amount that may be recaptured is the difference between the amount that the CEDING COMPANY could retain under its revised maximum dollar retention and the amount retained under the original maximum dollar retention limit.
5. If any reinsurance is recaptured all reinsurance eligible for recapture under the provisions of this Article must be recaptured. The CEDING COMPANY may not revoke its election to recapture for policies becoming eligible at future anniversaries.
6. If there is reinsurance in other companies on risks eligible for recapture, the necessary reduction is to be applied to each company in proportion to the total outstanding reinsurance, subject to the provisions of the applicable reinsurance agreements. • The Ceding Company will not re-cede the business to non-affiliated companies for a period of at least 3 years once it has been recaptured. • The amount of reinsurance eligible for recapture is based on the current amount inforce as of the date of recapture. For a policy issued as a result of a conversion, the recapture terms of the reinsurance agreement covering the original policy will apply, and the duration period for the purpose of recapture will be measured from the effective date of the reinsurance on the original policy. • After the effective date of recapture, the Reinsurer will not be liable for any reinsured policies or porti...
RECAPTURE PRIVILEGES. 10 X. Terminations and Reductions .................................. 11 XI. Reinstatement, Continuations, Extended Term and Reduced Paid-Up Insurance ......................... 12
RECAPTURE PRIVILEGES. A. The Retrocedent may recapture existing retrocessions in force in accordance with the following rules:
1. The Retrocedent shall notify the Retrocessionaire of its intention to recapture at least ninety (90) days prior to any recapture.
2. The Retrocedent may not recapture a retrocession unless this Agreement shall have been in force for fifteen (15) years, as measured from the Effective Date until the date of recapture.
3. The recapture shall apply to all retrocessions in force under this Agreement.
4. Recapture shall be available only provided the total carry-forward, upon release of Reserves hereunder, shall then be a positive amount. The total carry-forward shall be the sum of the carry-forwards outstanding as of that date under this Agreement that apply to the Reinsured Contracts specified in Schedule A.
5. The carry-forward for each Agreement shall be (a) the current period Retrocession Premium minus (b) all retrocession benefit claims paid thereto for the current period minus (c) a two-and-one-half (2.5) basis point annual expense allowance applied against the average aggregate Account Value for the current period minus (d) the change in Reserves from the prior period to the current period plus (e) the prior period’s loss carry-forward. The monthly carry-forward amount shall be accumulated at the ninety-(90) day federal Treasury ▇▇▇▇ rate as published in The Wall Street Journal on the first business day of the current period plus two percent (2%).
6. Recapture shall take place ratably over a thirty-six (36) month period (i.e., each month, the initial percentage reduces 2.78% times the initial percentage). The election to recapture shall be irrevocable.
B. The Retrocedent and the Retrocessionaire shall exchange carry-forward calculations within ninety (90) days after each year-end and shall promptly seek to resolve any differences as to outstanding carry-forward amounts.
RECAPTURE PRIVILEGES. A. The Cedent may recapture existing cessions in force in accordance with the following rules:
1. The Cedent shall notify the Reinsurer of its intention to recapture in full at least ninety (90) days prior to any recapture.
2. The Cedent may not recapture a cession unless this Agreement shall have been in force for fifteen (15) years, as measured from the Effective Date until the date of recapture.
3. The recapture shall be mutually agreed upon by the Cedent and the Reinsurer.
RECAPTURE PRIVILEGES. The CEDING COMPANY may recapture existing reinsurance in force in accordance with the following rules: