Common use of Termination by the Reinsurer Clause in Contracts

Termination by the Reinsurer. (a) From and after the third anniversary date of the Effective Date, the Reinsurer may terminate this Agreement in the event of Ceding Company’s failure to pay to Reinsurer any undisputed amounts owed under this Agreement. Reinsurer must provide written notice to Ceding Company containing sufficient information to inform Ceding Company of the details relating to its failure to pay. Ceding Company shall have sixty (60) calendar days from the receipt of the notice to make payment of any such undisputed amounts owed or make arrangements for payment satisfactory to Reinsurer. Following the sixty (60) day cure period, if Ceding Company has not paid any such undisputed amounts owed or made arrangements for payment satisfactory to Reinsurer, Reinsurer may provide written notice to Ceding Company terminating this Agreement, effective upon the date that Reinsurer makes the Commutation Payment to Ceding Company. Notwithstanding the above, if Ceding Company disputes the amount owed, the sixty (60) day cure period referenced above will begin only after a final determination is made by a court of law, pursuant to Section 14, that the disputed amounts are owed to the Reinsurer. (b) Upon termination of this Agreement under Section 20.3(a), no further risks shall be ceded or assumed under this Agreement and Reinsurer shall not be liable for any losses occurring on and after the termination effective date. In the event of notice of termination under Section 20.3(a), Ceding Company will be entitled to the Commutation Payment in the same manner as provided in Section 11.5 and Reinsurer will be entitled to the Recapture Fee in the same manner as provided in Section 11.3.

Termination by the Reinsurer. The Reinsurer may terminate this Exhibit at any time by sending to the Company, by registered mail to its principal office, notice stating the time and date when, not less than 90 days after the date of mailing of such notice, termination shall be effective. In such instance, the liability of the Reinsurer with respect to policies in effect at the time and date of termination shall continue until cancellation or expiration or the next anniversary of each such policy, whichever comes first. The reinsurance premium for policies in force at the time and date of termination shall be calculated by applying the provisions of the section entitled REINSURANCE PREMIUM to the monthly earned premiums that derive from the unearned premium applicable to policies in force at the time and date of termination. The following conditions for termination shall apply in the circumstances hereafter set forth: (a) From and after If any amount payable by the third anniversary date of Company to the Effective DateReinsurer becomes more than 30 days overdue, the Reinsurer may terminate this Agreement Exhibit in its entirety by sending to the event of Ceding Company’s failure to pay to Reinsurer any undisputed amounts owed under this Agreement. Reinsurer must provide written notice to Ceding Company containing sufficient information to inform Ceding Company of the details relating , by regis- GENERAL REINSURANCE CORPORATION tered mail to its failure to pay. Ceding Company shall have sixty (60) calendar principal office, notice stating the time and date when, not less than 5 days from the receipt of the notice to make payment of any such undisputed amounts owed or make arrangements for payment satisfactory to Reinsurer. Following the sixty (60) day cure period, if Ceding Company has not paid any such undisputed amounts owed or made arrangements for payment satisfactory to Reinsurer, Reinsurer may provide written notice to Ceding Company terminating this Agreement, effective upon after the date that Reinsurer makes the Commutation Payment to Ceding Company. Notwithstanding the aboveof mailing of such notice, if Ceding Company disputes the amount owed, the sixty (60) day cure period referenced above will begin only after a final determination is made by a court of law, pursuant to Section 14, that the disputed amounts are owed to the Reinsurertermination shall be effective. (b) Upon If the Company is merged with or purchased by another Company, or if controlling interest is sold or changed so as to produce a loss in control over conduct of the business by the current owners, the Company shall immediately notify the Reinsurer by registered mail to its principal office giving details (to the extent of its knowledge thereof) of the particulars of such merger, change, sale or purchase. Within 35 days after the date of mailing of such notice by the Company, the Reinsurer may terminate this Exhibit in its entirety by sending to the Company, by registered mail to its principal office, notice stating the time and date when not less than 5 days after the date of mailing of such notice, termination of this Agreement under Section 20.3(a), no further risks shall be ceded effective If the Company fails to notify the Reinsurer of such merger, purchase, change or assumed under sale, the Reinsurer, within 35 days after the Reinsurer has acquired knowledge of the merger, purchase, change or sale, may terminate this Agreement Exhibit in its entirety by sending to the Company, by registered mail to its principal office, notice stating the time and date when, not less than 5 days after the mailing of such notice, termination shall be effective. In any instance that the Reinsurer terminates this Exhibit in accordance with sub-paragraphs (a) or (b) above, the Reinsurer shall not be liable for any claims or losses occurring on and resulting from accidents taking place after the termination effective date. In the event time and date of notice of termination under Section 20.3(a), Ceding Company will be entitled to the Commutation Payment in the same manner as provided in Section 11.5 and Reinsurer will be entitled to the Recapture Fee in the same manner as provided in Section 11.3termination.

Termination by the Reinsurer. (a) From and after the third anniversary date of the Effective Date, the Reinsurer may terminate this Agreement in the event of Ceding Company’s 's failure to pay to Reinsurer any undisputed amounts owed under this Agreement. Reinsurer must provide written notice to Ceding Company containing sufficient information to inform Ceding Company of the details relating to its failure to pay. Ceding Company shall have sixty (60) calendar days from the receipt of the notice to make payment of any such undisputed amounts owed or make arrangements for payment satisfactory to Reinsurer. Following the sixty (60) day cure period, if Ceding Company has not paid any such undisputed amounts owed or made arrangements for payment satisfactory to Reinsurer, Reinsurer may provide written notice to Ceding Company terminating this Agreement, effective upon the date that Reinsurer makes the Commutation Payment to Ceding Company. Notwithstanding the above, if Ceding Company disputes the amount owed, the sixty (60) day cure period referenced above will begin only after a final determination is made by a court of law, pursuant to Section 14, that the disputed amounts are owed to the Reinsurer. (b) Upon termination of this Agreement under Section 20.3(a), no further risks shall be ceded or assumed under this Agreement and Reinsurer shall not be liable for any losses occurring on and after the termination effective date. In the event of notice of termination under Section 20.3(a), Ceding Company will be entitled to the Commutation Payment in the same manner as provided in Section 11.5 and Reinsurer will be entitled to the Recapture Fee in the same manner as provided in Section 11.3.