Retrocession Premium. The Corporation is obligated to the Company for the Company's quota share of the reinsurance premium under the Treaty. The Company is obligated to the Corporation for the Company's quota share of the expense commission under the Treaty.
Retrocession Premium. 3.1 The premium payable under this Agreement in respect of the SPA Business (the "SPA Premium") is the aggregate of:
3.1.1 $2,128.8m; and
3.1.2 $0.2m, representing face value (expressed in USD) for the technical payable balances on the agreed 31st December 2013 balance sheet, reduced by a payment by the Retrocessionaire to the Retrocedant at face value (expressed in USD) for the technical receivable balances on the agreed 31st December 2013 balance sheet.
3.2 The premium payable under this Agreement in respect of the Non-SPA Business (the "Non-SPA Premium") is the aggregate of:
3.2.1 $43.5m; and
3.2.2 $9.8m, representing face value (expressed in USD) for the technical payable balances on the agreed 31st December 2013 balance sheet, reduced by a payment by the Retrocessionaire to the Retrocedant at face value (expressed in USD) for the technical receivable balances on the agreed 31st December 2013 balance sheet.
3.3 The aggregate amount due in respect of the SPA Premium pursuant to Clause 3.1 and the Non-SPA Premium pursuant to Clause 3.2 (such aggregate, the "Total Premium") shall be paid on a funds withheld basis. The Retrocedant shall establish a payable and the Retrocessionaire shall establish a receivable in respect of the Total Premium.
3.4 The Total Premium shall be settled by the Retrocedant (i) offsetting against such premium payable amounts due to the Retrocedant pursuant to Clause 2 of this Agreement and (ii) paying to the Retrocessionaire any Return Amounts arising in respect of the Relevant Accounts as determined pursuant to Clause 8.
3.5 On the date hereof, in respect of both the payment to be made on a funds withheld basis pursuant to Clause 3.2 and the Retrocedant's proportionate share of the deemed contribution to the Funds Withheld Account as set out at Item E of Schedule 12 to the Sale and Purchase Agreement, the Retrocedant shall transfer the Initial Funds-Withheld Portfolio to the Funds-Withheld Accounts.
Retrocession Premium. The premium payable by the Retrocedent hereunder is $32,200,000 (the “Premium”). The Premium will be retained by the Retrocedent as a deposit.
Retrocession Premium. The Retrocedent shall pay to the Retrocessionaire, as of the Effective Date, an up-front premium in the amount of $19,593,097 (the “Up-Front Premium”). The Retrocedent shall also pay to the Retrocessionaire 100% of the periodic premium, net of expense allowance, payable under the Underlying Agreements on or after the Effective Date to the extent actually received by the Retrocedent, within 10 business days of receipt thereof (the “Periodic Premium” and, together with the Up-Front Premium, the “Retrocession Premium”). The Retrocession Premium shall be paid on a funds withheld basis.
Retrocession Premium. On the date hereof, CGLIC shall (i) pay an amount in cash equal to thirty-three percent (33%) of the Retrocession Premium directly to Retrocessionaire and (ii) hold the remaining sixty-seven percent (67%) of the Retrocession Premium on a funds withheld basis (the “Funds Withheld Amount”). The Funds Withheld Amount shall be reduced from time to time by (i) amounts otherwise due from Retrocessionaire in payment of Covered Liabilities in accordance with Section 5.1(b) and (ii) payments to Retrocessionaire or deposits into the Trust Account on behalf of Retrocessionaire made by CGLIC in accordance with Section 3.1(b).
Retrocession Premium. The premium for this Retrocession Agreement is One Billion, Six Hundred Forty-Seven Million Dollars ($1,647,000,000) (the “Retrocession Premium”). Payment of the Retrocession Premium is deemed to have been due at Inception.
Retrocession Premium. 3.1 The premium payable under this Agreement in respect of the Business is the aggregate of:
Retrocession Premium. 3.1 The premium payable under this Agreement in respect of the SPA Business (the "SPA Premium") is the aggregate of :
3.1.1 $2,869m; and
Retrocession Premium. The Retrocedent shall pay to the Retrocessionaire for each Retroceded Claim Inception Year during the Retrocession Term a retrocession premium (the “Retrocession Premium”) equal to the Reinsurance Premium paid to the Retrocedent under the Underlying Treaty in respect of each such Retroceded Claim Inception Year. The Retrocession Premium shall be payable on the date that the Retrocedent receives the Reinsurance Premium from the Original Reinsured, but shall be paid on a funds withheld basis.
Retrocession Premium. The Retrocessionaire shall be entitled to receive (i) 100% of the Reinsurance Premium (as such term is defined in the Underlying Agreement) less five hundred thousand dollars ($500,000), (ii) 100% of the Reserve Transfer Amount (as such term is defined in the Underlying Agreement) and (iii) 100% of the Net Premiums from Operations (as such term is defined in the Underlying Agreement) and all other amounts received by the Ceding Company from the Original Company under Section 4.3 of the Underlying Agreement.
