Termination by Reinsurer. In the event of a material breach by the Cedant of its obligations under this Agreement to pay any amounts due hereunder, which payment obligations are not being reasonably contested by the Cedant, and such breach has not been cured within [*] after the Cedant receives written notice thereof from the Reinsurer, the Reinsurer may terminate this Agreement by providing to the Cedant at least [*] prior written notice thereof (a “Reinsurer Termination”). In the event of a Reinsurer Termination, the terminal accounting with respect thereto shall be as set forth in Article XII mutatis mutandis, with the effective date of termination deemed the Recapture Date.
Appears in 2 contracts
Samples: Mm Modified Coinsurance Agreement (Massachusetts Mutual Variable Life Separate Account I), BST Modified Coinsurance Agreement (MML Bay State Variable Life Separate Account I)
Termination by Reinsurer. In the event of a material breach by the Cedant of its obligations under this Agreement to pay any amounts due hereunder, which payment obligations are not being reasonably contested by the Cedant, and such breach has not been cured within [*] thirty (30) calendar days after the Cedant receives written notice thereof from the Reinsurer, the Reinsurer may terminate this Agreement by providing to the Cedant at least [*] five (5) Business Days’ prior written notice thereof (a “Reinsurer Termination”). In the event of a Reinsurer Termination, the terminal accounting with respect thereto shall be as set forth in Article XII mutatis mutandis, with the effective date of termination deemed the Recapture Date.
Appears in 2 contracts
Samples: BST Modified Coinsurance Agreement (MML Bay State Variable Life Separate Account I), Mm Modified Coinsurance Agreement (Massachusetts Mutual Variable Life Separate Account I)
