Common use of TERMINATION DUE TO NON-PAYMENT OF REINSURANCE PREMIUM Clause in Contracts

TERMINATION DUE TO NON-PAYMENT OF REINSURANCE PREMIUM. When undisputed Reinsurance Premiums, determined in accordance with Section 8.04, due the Reinsurer are not paid within sixty (60) days following the date specified in Section 8.04, the Reinsurer shall have the right to issue a notice of termination of this Agreement ("Nonpayment Termination Notice") for the nonpayment of undisputed premiums in Principal First Reinsurance Agreement Between Hartford Life Insurance Company and Swiss Re Life & Health America Inc. Effective July 24, 2008 accordance with Section 25.01, which shall include the amount of the Reinsurance Premium past due ("Past Due Premium"). If, within thirty (30) days of the Ceding Company's receipt of the Nonpayment Termination Notice, the Ceding Company remits the undisputed Past Due Premium together with interest on such amount calculated in accordance with Section 8.05, the Reinsurer's notice of termination shall be withdrawn, otherwise reinsurance under this Agreement will terminate effective as of the end of the Accounting Period provided for in Section 8.04. For the avoidance of doubt, the Reinsurer shall have no liability for Reinsured Benefits that would otherwise have been paid after the termination effective date, as provided for above. If, for any reason, the Parties disagree as to the amount of Past Due Premium, the matter shall be submitted to arbitration in accordance with Article 14. While the matter is being arbitrated, this Agreement will remain in full force and effect provided the Ceding Company pays what it reasonably believes to be the Past Due Premium. Any award or order by the arbitration panel will be paid in accordance with the terms and conditions of such award or order. The Ceding Company shall not force termination of this Agreement through the non-payment of Reinsurance Premiums.

TERMINATION DUE TO NON-PAYMENT OF REINSURANCE PREMIUM. When undisputed Reinsurance Premiums, determined in accordance with Section 8.04, due the Reinsurer are not paid within sixty (60) days following the date specified in Section 8.04, the Reinsurer shall have the right to issue a notice of termination of this Agreement ("Nonpayment Termination Notice") for the nonpayment of undisputed premiums in Principal First Reinsurance Agreement Between Hartford Life and Annuity Insurance Company and Swiss Re Life & Health America Inc. Effective July 24, 2008 <Page> accordance with Section 25.01, which shall include the amount of the Reinsurance Premium past due ("Past Due Premium"). If, within thirty (30) days of the Ceding Company's receipt of the Nonpayment Termination Notice, the Ceding Company remits the undisputed Past Due Premium together with interest on such amount calculated in accordance with Section 8.05, the Reinsurer's notice of termination shall be withdrawn, otherwise reinsurance under this Agreement will terminate effective as of the end of the Accounting Period provided for in Section 8.04. For the avoidance of doubt, the Reinsurer shall have no liability for Reinsured Benefits that would otherwise have been paid after the termination effective date, as provided for above. If, for any reason, the Parties disagree as to the amount of Past Due Premium, the matter shall be submitted to arbitration in accordance with Article 14. While the matter is being arbitrated, this Agreement will remain in full force and effect provided the Ceding Company pays what it reasonably believes to be the Past Due Premium. Any award or order by the arbitration panel will be paid in accordance with the terms and conditions of such award or order. The Ceding Company shall not force termination of this Agreement through the non-payment of Reinsurance Premiums.in

TERMINATION DUE TO NON-PAYMENT OF REINSURANCE PREMIUM. When undisputed Reinsurance Premiums, determined in accordance with Section 8.04, due the Reinsurer are not paid within sixty (60) days following the date specified in Section 8.04, the Reinsurer shall have the right to issue a notice of termination of this Agreement ("Nonpayment Termination Notice") for the nonpayment of undisputed premiums in Principal First Reinsurance Agreement Between Hartford Life Insurance Company and Swiss Re Life & Health America Inc. Effective July 24, 2008 <Page> accordance with Section 25.01, which shall include the amount of the Reinsurance Premium past due ("Past Due Premium"). If, within thirty (30) days of the Ceding Company's receipt of the Nonpayment Termination Notice, the Ceding Company remits the undisputed Past Due Premium together with interest on such amount calculated in accordance with Section 8.05, the Reinsurer's notice of termination shall be withdrawn, otherwise reinsurance under this Agreement will terminate effective as of the end of the Accounting Period provided for in Section 8.04. For the avoidance of doubt, the Reinsurer shall have no liability for Reinsured Benefits that would otherwise have been paid after the termination effective date, as provided for above. If, for any reason, the Parties disagree as to the amount of Past Due Premium, the matter shall be submitted to arbitration in accordance with Article 14. While the matter is being arbitrated, this Agreement will remain in full force and effect provided the Ceding Company pays what it reasonably believes to be the Past Due Premium. Any award or order by the arbitration panel will be paid in accordance with the terms and conditions of such award or order. The Ceding Company shall not force termination of this Agreement through the non-payment of Reinsurance Premiums.

TERMINATION DUE TO NON-PAYMENT OF REINSURANCE PREMIUM. When undisputed Reinsurance Premiums, determined in accordance with Section 8.04, due the Reinsurer are not paid within sixty (60) days following the date specified in Section 8.04, the Reinsurer shall have the right to issue a notice of termination of this Agreement ("Nonpayment Termination Notice") for the nonpayment of undisputed premiums in Principal First Reinsurance Agreement Between Hartford Life and Annuity Insurance Company and Swiss Re Life & Health America Inc. Effective July 24, 2008 accordance with Section 25.01, which shall include the amount of the Reinsurance Premium past due ("Past Due Premium"). If, within thirty (30) days of the Ceding Company's receipt of the Nonpayment Termination Notice, the Ceding Company remits the undisputed Past Due Premium together with interest on such amount calculated in accordance with Section 8.05, the Reinsurer's notice of termination shall be withdrawn, otherwise reinsurance under this Agreement will terminate effective as of the end of the Accounting Period provided for in Section 8.04. For the avoidance of doubt, the Reinsurer shall have no liability for Reinsured Benefits that would otherwise have been paid after the termination effective date, as provided for above. If, for any reason, the Parties disagree as to the amount of Past Due Premium, the matter shall be submitted to arbitration in accordance with Article 14. While the matter is being arbitrated, this Agreement will remain in full force and effect provided the Ceding Company pays what it reasonably believes to be the Past Due Premium. Any award or order by the arbitration panel will be paid in accordance with the terms and conditions of such award or order. The Ceding Company shall not force termination of this Agreement through the non-payment of Reinsurance Premiums.