Common use of Termination of Trust Account Clause in Contracts

Termination of Trust Account. Notwithstanding anything to the contrary herein, if, in the absence of a Triggering Event, the report required to be delivered by the Reinsurer as described in Section 5.7(a) demonstrates that the Required Balance is less than or equal to [REDACTED], then (a) the Reinsurer and the Ceding Company shall promptly deliver a joint notice to the Trustee to terminate the Trust Account and (b) the Reinsurer shall have no further obligation to maintain any asset in the Trust Account pursuant to this Agreement.

Termination of Trust Account. Notwithstanding anything to the contrary herein, if, in prior to the absence occurrence of a Triggering EventChange in Control, the Required Balance as set forth in the report required to be delivered by the Reinsurer as described in Section 5.7(a) demonstrates that 7.6 with respect to any Monthly Accounting Period is zero (the Required Balance is less than or equal to [REDACTED]“Minimum Balance”), then (ai) the Reinsurer and the Ceding Company shall promptly deliver a joint written notice to the Trustee to terminate the Trust Account Account, and (bii) the Reinsurer shall have no further obligation to maintain any asset assets in the Trust Account pursuant to this Agreement or the Trust Agreement.

Termination of Trust Account. Notwithstanding anything to the contrary herein, if, in the absence of a Triggering Event, the report required to be delivered by the Reinsurer as described in Section 5.7(a) Required Balance Statement demonstrates that the Required Balance is less than or equal to [REDACTEDRedacted], then (a) the Reinsurer and the Ceding Company shall promptly deliver a joint notice of such balance to the Trustee to terminate the Trust Account and (b) the Reinsurer shall have no further obligation to maintain any asset in the Trust Account pursuant to this Agreement.