Common use of Settlement of Net Initial Consideration Clause in Contracts

Settlement of Net Initial Consideration. The Initial Consideration minus the Initial Modified Coinsurance Adjustment minus the Initial Funds Withheld Adjustment shall be the “Net Initial Consideration.” Settlement of the Net Initial Consideration shall be made as follows: a. Within [REDACTED] Business Days of the Closing Date of this Agreement, the Ceding Company shall deliver a report to the Reinsurer setting forth the Initial Consideration, Initial Modified Coinsurance Adjustment, Initial Funds Withheld Adjustment and the Net Initial Consideration. b. If the Net Initial Consideration is a positive amount, the Ceding Company shall remit such amount to the Reinsurer within [REDACTED] Business Days of submission of the report. If the Net Initial Consideration is a negative amount, the Reinsurer shall remit the absolute value of such amount to the Ceding Company within [REDACTED] Business Days of receipt of the report by the Reinsurer. On the Closing Date, the Ceding Company shall allocate to the General Account Portfolios and the [REDACTED] assets mutually determined by the Parties with an aggregate Book Value equal to the sum of the Initial Modified Coinsurance Adjustment plus the Initial Funds Withheld Adjustment.

Settlement of Net Initial Consideration. The Initial Consideration minus the Initial Modified Coinsurance Adjustment minus the Initial Funds Withheld Adjustment shall be the “Net Initial Consideration.” Settlement of the Net Initial Consideration shall be made as follows: a. Within [REDACTED] Business Days of the Closing Date of this Agreement, the Ceding Company shall deliver a report to the Reinsurer setting forth the Initial Consideration, Initial Modified Coinsurance Adjustment, Initial Funds Withheld Adjustment and the Net Initial Consideration. b. If the Net Initial Consideration is a positive amount, the Ceding Company shall remit such amount to the Reinsurer within [REDACTED] Business Days of submission of the report. If the Net Initial Consideration is a negative amount, the Reinsurer shall remit the absolute value of such amount to the Ceding Company within [REDACTED] Business Days of receipt of the report by the Reinsurer. On the Closing Date, the Ceding Company shall allocate to the General Account Portfolios and the [REDACTED] assets mutually determined by the Parties with an aggregate Book Value equal to the sum of the Initial Modified Coinsurance Adjustment plus the Initial Funds Withheld Adjustment.. Xxxxxxx Resolution Life and Annuity Insurance Company and TR Re, Ltd. Annuity Reinsurance Agreement Effective October 1, 2021 Page 11