TERMINATIONS AND REDUCTIONS. Terminations or reductions will take place in accordance with the following rules in order of priority:
1. The Ceding Company must keep its initial or recaptured retention on the policy.
2. Termination or reduction of a wholly reinsured policy will not affect other reinsurance inforce.
3. A termination or reduction on a wholly retained case will cause an equal reduction in existing automatic reinsurance with the oldest policy being reduced first.
4. A termination or reduction will be made first to reinsurance of partially reinsured policies with the oldest policy being reduced first.
5. If the policies are reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
6. When a policy is reinstated, reinsurance will be reinstated as if the lapse or reduction had not occurred.
TERMINATIONS AND REDUCTIONS. A. Unless it is recaptured in accordance with Article VII, reinsurance under this Agreement will remain in force as long as the reinsured policy remains in force without reduction except as set forth below in this Article.
B. Termination or reductions will take place in accordance with the following rules:
1. In the event of the reduction, lapse, or termination of a policy or policies reinsured under this Agreement or any other agreement, the CEDING COMPANY will, in order to maintain its full retention, reduce or terminate reinsurance hereunder on that life. The reinsured amount will be reduced, effective on the same date, by the full amount of the reduction of the affected policies. The reinsurance reduction will apply first to the policy or policies being reduced and then, on a chronological basis, to other reinsured policies on the life, beginning with the oldest policy. If the amount of reduction applicable under this Agreement exceeds the risk amount reinsured under this Agreement, the reinsurance on the policy or policies will be terminated. The REINSURER will refund any unearned reinsurance premiums. If the reinsurance for a reinsured policy has been placed with more than one reinsurer, the reduction will be applied to all reinsurers pro rata to the amounts originally reinsured with each reinsurer. A reduction to one of the COMPANY’s policies not reinsured hereunder will require that the COMPANY maintain its retention as specified in Schedule A of this Agreement.
2. Termination or reduction of a wholly reinsured policy (e.g. facultative cases) will not affect other insurance in force.
C. Whenever the total amount of insurance on a policy reduces to $25,000 or less, the reinsurance will be wholly recaptured.
TERMINATIONS AND REDUCTIONS. A. Termination or reductions will take place in accordance with the following rules, in order of priority:
1. Termination or reduction on a wholly reinsured policy will not affect other reinsurance in force.
2. A termination or reduction on a wholly retained case will not cause an equal reduction in existing automatic reinsurance.
3. When a reinsured policy is reduced, the reinsurance share will be equal to the percentage share immediately prior to the reduction.
4. If a policy is reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
B. Whenever the total amount of reinsurance on a policy reduces to $[ ] or less the reinsurance will be wholly recaptured, if such policy has been inforce for at least three years.
TERMINATIONS AND REDUCTIONS. 1. If insurance reinsured under this Agreement is terminated, the reinsurance for the individual risk involved will be terminated on the effective date of termination.
2. The Ceding Company will reduce the reinsurance by applying the retention limits which were in effect at the time the policy was issued. The "reinsurance adjustment due to lapse or reduction of previous insurance" will be effective on the same date as the lapse or reduction of prior insurance.
3. The reinsurance to be terminated or reduced will be determined in chronological order beginning with the earliest reinsured policy date. Two or more policies issued on the same date will be considered one policy.
4. If a facultative policy reinsured under this Agreement is reduced, the reinsurance for the individual risk involved will be reduced proportionately on the effective date of reduction.
5. If the reinsurance amount is reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
TERMINATIONS AND REDUCTIONS. 1. If insurance reinsured under this Agreement is terminated, the reinsurance for the individual risk involved will be terminated on the effective date of termination.
2. For a given insured, a termination or reduction on a wholly retained case will cause an equal reduction in existing automatic reinsurance with the oldest policy being reduced first.
3. The Ceding Company will reduce the reinsurance by applying the retention limits which were in effect at the time the policy was issued. The “reinsurance adjustment due to lapse or reduction of previous insurance” will be effective on the same date as the lapse or reduction of prior insurance.
4. The reinsurance to be terminated or reduced will be determined in chronological order beginning with the earliest reinsured policy date. Two or more policies issued on the same date will be considered one policy.
5. If a facultative policy reinsured under this Agreement is reduced, the reinsurance for the individual risk involved will be reduced proportionately on the effective date of reduction.
6. If the reinsurance amount is reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
TERMINATIONS AND REDUCTIONS. If any portion of a CEDING COMPANY Policy is terminated or reduced, any reinsurance hereunder on that life will also be decreased by a corresponding amount. The reduction in reinsurance, as applied to each Policy, shall be proportional, determined on the basis of the REINSURER's Quota Share percentage set forth in Schedule A. Page American National Insurance Co Agreement No. 08-010-TL Effective: April 14,2008
TERMINATIONS AND REDUCTIONS. Terminations or reductions will take place in accordance with the following rules in order of priority:
TERMINATIONS AND REDUCTIONS. Terminations or reductions will take place in accordance with the following rules, in order of priority:
A. The CEDING COMPANY must keep its initial or recaptured retention on the policy.
B. Termination or reduction of a wholly reinsured policy will not affect other reinsurance in force.
C. A termination or reduction on a wholly retained case will cause an equal reduction in existing automatic reinsurance with the oldest policy being reduced first.
D. A termination or reduction will be made first to reinsurance of partially reinsured policies with the oldest policy being reduced first.
E. If the policies are reinsured with multiple reinsurers, the reinsurance will be reduced by the ratio of the amount of reinsurance in each company to the total outstanding reinsurance on the risk involved.
F. REINSURER will refund to the CEDING COMPANY all unearned reinsurance premiums arising from reductions and terminations as described in this Article. In no case will the CEDING COMPANY be required to assume a risk for an amount in excess of the lesser of (1) its regular retention limit for the age at issue and mortality rating or (2) its first dollar quota share of the policy under which reinsurance is being reduced or terminated.
TERMINATIONS AND REDUCTIONS. Unless previously terminated, the Loan Commitments shall terminate on the Loan Commitment Termination Date and the Letter of Credit Commitment shall terminate on the Letter of Credit Commitment Termination Date. If at any time the Borrowing Base is terminated or reduced to zero, then the Commitments shall terminate on the effective date of such termination or reduction. The Borrowers may, from time to time on any Business Day occurring after the Effective Date, voluntarily reduce the amount of any Commitment Amount on the Business Day so specified by the Borrowers; provided that,(a) all such reductions shall be applied pro rata among the Lenders and shall be permanent, (b) the Borrowers shall have delivered at least one Business Day’s prior notice to the Administrative Agent, and (c) any partial reduction of any Commitment Amount shall be in a minimum amount of $25,000,000 and in an integral multiple of $25,000,000 in excess thereof. Any optional or mandatory reduction of the Loan Commitment Amount pursuant to the terms of this Agreement that reduces the Loan Commitment Amount below the Letter of Credit Commitment Amount or the Swing Line Amount shall result in an automatic and corresponding reduction of the Letter of Credit Commitment Amount or the Swing Line Amount, as applicable, to an aggregate amount not in excess of the Loan Commitment Amount, as so reduced.
TERMINATIONS AND REDUCTIONS. If insurance reinsured under this Agreement is reduced or terminated, the reinsurance for the individual Risk involved will be reduced or terminated on the effective date of reduction or termination.
