Subsequent Negative IMR Reductions Clause Samples

Subsequent Negative IMR Reductions. If, at any following the Third Amendment Closing Date, there is a reduction in the absolute value of any then-unamortized collective negative IMR with respect to the Third Amendment Additional Policies that was actually required to be established or maintained in connection with the completion of the transactions contemplated by this Amendment No. 3, including, without limitation, as a result of any accelerated amortization of such IMR (whether or not resulting from normal business operations but excluding the effects of any normal amortization of such IMR) or as a result of any subsequent transactions with respect to the Third Amendment Additional Policies, the Reinsurer shall pay to the Ceding Company an amount equal to [***]% of any such reduction. Subject to Section 13.1 of the Reinsurance Agreement, any payments required to be made hereunder shall be paid in a manner consistent with the settlement procedures set forth in the Reinsurance Agreement.