Termination of Trust Account. Unless the Trust Agreement had been earlier terminated in accordance with Section 5.12, following the recapture or termination of this Agreement [***], the Trust Account shall be terminated and any remaining amounts or amount held in trust pursuant to Article V shall be released to the Reinsurer. The Ceding Company shall promptly take all actions, including providing written consent to the Trustee, to permit such termination of the Trust Account and release of such assets to the Reinsurer. The Ceding Company shall also return all Letters of Credit to the Reinsurer for cancellation.
Appears in 2 contracts
Samples: Coinsurance and Modified Coinsurance Agreement (Guardian Separate Account R), Coinsurance and Modified Coinsurance Agreement (Guardian Separate Account R)
Termination of Trust Account. Unless the Trust Agreement had been earlier terminated in accordance with Section 5.12, following Following the recapture or termination of this Agreement [***]all Reinsured Risks hereunder pursuant to Section 8.3 and the payment in full of the Recapture Terminal Settlement thereof, the Trust Account shall be terminated and any remaining amounts or amount held in trust pursuant to Article V shall be released to the Reinsurer. The Ceding Company shall promptly take all actions, including providing written consent to the TrusteeTrustee in a joint notice with the Reinsurer pursuant to Section 12 of the Trust Agreement, to permit such termination of the Trust Account and release of such assets to the Reinsurer. The Ceding Company shall also return all Letters of Credit to the Reinsurer for cancellation.
Appears in 2 contracts
Samples: Coinsurance and Modified Coinsurance Agreement (Equitable Financial Life Insurance Co), Coinsurance and Modified Coinsurance Agreement (Equitable Holdings, Inc.)
