Common use of Settlement of Intercompany Accounts Clause in Contracts

Settlement of Intercompany Accounts. (a) Shortly prior to the Closing Date, Platinum US shall remit to St. Xxxx and any Post-Closing Subsidiaries of St. Xxxx, as applicable, all amounts estimated to be owing as of the Closing Date by Platinum US to St. Xxxx or such Post-Closing Subsidiaries, and St. Xxxx and all Post-Closing Subsidiaries of St. Xxxx, as applicable, shall remit to Platinum US all amounts estimated to be owing as of the Closing Date by St. Xxxx or such Post-Closing Subsidiaries of St. Xxxx to Platinum US. (b) As soon as reasonably practicable, but in no event later than 45 days following the Closing Date, St. Xxxx covenants that it shall prepare and deliver to the Company a balance sheet as of the Closing Date (the "Closing Balance Sheet"). The Closing Balance Sheet shall be prepared in accordance with accounting practices prescribed or permitted for insurance companies by the Maryland insurance regulatory authorities, which have been applied consistent with the financial statements of past periods, including the May 31, 2002 balance sheet delivered pursuant to Section 3.04(f) and shall in all material respects fairly present the financial condition of Platinum US as of its date.

Settlement of Intercompany Accounts. (a) Shortly prior to the Closing Date, Platinum US shall remit to St. Xxxx and any Post-Closing closing Subsidiaries of St. Xxxx, as applicable, all amounts estimated to be owing as of the Closing Date by Platinum US to St. Xxxx or such Post-Closing closing Subsidiaries, and St. Xxxx and all Post-Closing closing Subsidiaries of St. Xxxx, as applicable, shall remit to Platinum US all amounts estimated to be owing as of the Closing Date by St. Xxxx or such Post-Closing closing Subsidiaries of St. Xxxx to Platinum US. (b) As soon as reasonably practicable, but in no event later than 45 days following the Closing Date, St. Xxxx covenants that it shall prepare and deliver to the Company a balance sheet as of the Closing Date (the "Closing Balance SheetCLOSING BALANCE SHEET"). The Closing Balance Sheet shall be prepared in accordance with accounting practices prescribed or permitted for insurance companies by the Maryland insurance regulatory authorities, which have been applied consistent with the financial statements of past periods, including the May 31, 2002 balance sheet delivered pursuant to Section 3.04(f) and shall in all material respects fairly present the financial condition of Platinum US as of its date.

Settlement of Intercompany Accounts. (a) Shortly prior to the Closing Date, Platinum US USF&G Family shall remit to St. Xxxx and any Post-Closing closing Subsidiaries of St. Xxxx, as applicable, all amounts estimated to be owing as of the Closing Date by Platinum US USF&G Family to St. Xxxx or such Post-Closing closing Subsidiaries, and St. Xxxx and all Post-Closing closing Subsidiaries of St. Xxxx, as applicable, shall remit to Platinum US USF&G Family all amounts estimated to be owing as of the Closing Date by St. Xxxx or such Post-Closing closing Subsidiaries of St. Xxxx to Platinum USUSF&G Family. (b) As soon as reasonably practicable, but in no event later than 45 days following the Closing Date, St. Xxxx covenants that it shall prepare and deliver to the Company a balance sheet as of the Closing Date (the "Closing Balance Sheet"). The Closing Balance Sheet shall be prepared in accordance with accounting practices prescribed or permitted for insurance companies by the Maryland insurance regulatory authorities, which have been applied consistent with the financial statements of past periods, including the May 31, 2002 balance sheet delivered pursuant to Section 3.04(f) and shall in all material respects fairly present the financial condition of Platinum US USF&G Family as of its date.

Settlement of Intercompany Accounts. (a) Shortly prior to the Closing Date, Platinum US shall remit to St. Xxxx and any Post-Closing Subsidiaries of St. Xxxx, as applicable, all amounts estimated to be owing as of the Closing Date by Platinum US to St. Xxxx or such Post-Closing Subsidiaries, and St. Xxxx and all Post-Closing Subsidiaries of St. Xxxx, as applicable, shall remit to Platinum US all amounts estimated to be owing as of the Closing Date by St. Xxxx or such Post-Closing Subsidiaries of St. Xxxx to Platinum US. (ba) As soon as reasonably practicable, but in no event later than 45 days following the Closing Date, St. Xxxx covenants that it shall prepare and deliver to the Company a balance sheet as of the Closing Date (the "Closing Balance SheetCLOSING BALANCE SHEET"). The Closing Balance Sheet shall be prepared in accordance with accounting practices prescribed or permitted for insurance companies by the Maryland insurance regulatory authorities, which have been applied consistent with the financial statements of past periods, including the May 31, 2002 balance sheet delivered pursuant to Section 3.04(f) and shall in all material respects fairly present the financial condition of Platinum US as of its date.

Settlement of Intercompany Accounts. (a) Shortly prior to the Closing Date, Platinum US USF&G Family shall remit to St. Xxxx and any Post-Closing closing Subsidiaries of St. Xxxx, as applicable, all amounts estimated to be owing as of the Closing Date by Platinum US USF&G Family to St. Xxxx or such Post-Closing closing Subsidiaries, and St. Xxxx and all Post-Closing closing Subsidiaries of St. Xxxx, as applicable, shall remit to Platinum US USF&G Family all amounts estimated to be owing as of the Closing Date by St. Xxxx or such Post-Closing closing Subsidiaries of St. Xxxx to Platinum USUSF&G Family. (b) As soon as reasonably practicable, but in no event later than 45 days following the Closing Date, St. Xxxx covenants that it shall prepare and deliver to the Company a balance sheet as of the Closing Date (the "Closing Balance Sheet"). The Closing Balance Sheet shall be prepared in accordance with accounting practices prescribed or permitted for insurance companies by the Maryland insurance regulatory authorities, which have been applied consistent -18- with the financial statements of past periods, including the May 31, 2002 balance sheet delivered pursuant to Section 3.04(f) and shall in all material respects fairly present the financial condition of Platinum US USF&G Family as of its date.

Settlement of Intercompany Accounts. (a) Shortly prior to the Closing Date, Platinum US shall remit to St. Xxxx and any Post-Closing Subsidiaries of St. Xxxx, as applicable, all amounts estimated to be owing as of the Closing Date by Platinum US to St. Xxxx or such Post-Closing Subsidiaries, and St. Xxxx and all Post-Closing Subsidiaries of St. Xxxx, as applicable, shall remit to Platinum US all amounts estimated to be owing as of the Closing Date by St. Xxxx or such Post-Closing Subsidiaries of St. Xxxx to Platinum US. (b) As soon as reasonably practicable, but in no event later than 45 days following the Closing Date, St. Xxxx covenants that it shall prepare and deliver to the Company a balance sheet as of the Closing Date (the "Closing Balance SheetCLOSING BALANCE SHEET"). The Closing Balance Sheet shall be prepared in accordance with accounting practices prescribed or permitted for insurance companies by the Maryland insurance regulatory authorities, which have been applied consistent with the financial statements of past periods, including the May 31, 2002 balance sheet delivered pursuant to Section 3.04(f) and shall in all material respects fairly present the financial condition of Platinum US as of its date.