Settlement Payments; Delayed Payments. (a) If the Net Settlement Amount as shown on the Net Settlement Statement for the applicable Monthly Accounting Period indicates a payment to the Reinsurer, then the Cedant shall, concurrently with its delivery of the Net Settlement Statement, make such payment to the Reinsurer by wire transfer of immediately available funds to an account designated in writing by the Reinsurer for such purposes. If the Net Settlement Amount as shown on the Net Settlement Statement for the applicable Monthly Accounting Period indicates a payment to the Cedant, then the Reinsurer shall make such payment to the Cedant by wire transfer of immediately available funds to an account designated in writing by the Cedant for such purposes.
Appears in 4 contracts
Samples: BST Modified Coinsurance Agreement (MML Bay State Variable Life Separate Account I), Modified Coinsurance Agreement (Massachusetts Mutual Variable Life Separate Account I), Modified Coinsurance Agreement (Massachusetts Mutual Variable Life Separate Account I)
