Common use of Withdrawal of Assets from the Trust Account Clause in Contracts

Withdrawal of Assets from the Trust Account. (a) In the Absence of a Reserve Credit Triggering Event. So long as no Reserve Credit Triggering Event has occurred and is continuing, the Ceding Company and Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer, including any Reinsured Risks or other amounts due under this Agreement, (A) which amounts have not been paid by the Reinsurer within five (5) Business Days following its receipt of a specific written notice thereof or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the Estimated Recapture Terminal Settlement as contemplated by Section 8.4(a) or the Estimated Termination Terminal Settlement as contemplated by Section 8.6(a). The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

Withdrawal of Assets from the Trust Account. (a) In the Absence of a Reserve Credit Triggering Event. So long as no Reserve Credit Triggering Event has occurred and is continuing, the Ceding Company and the Reinsurer agree that the assets maintained in the Trust Account may be withdrawn and, following the exhaustion of all assets in the Trust Account, any Letter of Credit may be drawn upon by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer, including any Reinsured Risks General Account Liabilities or other amounts due under this Agreement, (A) which amounts have not been (x) paid by the Reinsurer within five (5) Business Days [***] following its receipt from the Ceding Company of a specific written notice thereof or (y) withdrawn by the Ceding Company from the Designated Administrative Account or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the Estimated Recapture Terminal Settlement as contemplated by Section 8.4(a) or the Estimated Termination Terminal Settlement as contemplated by Section 8.6(a)[***] . The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

Withdrawal of Assets from the Trust Account. (a) In the Absence of a Reserve Credit Triggering Event. So long as no Reserve Credit Triggering Event has occurred and is continuing, the The Ceding Company and Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Ceding 1007933761v22 Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer, including the Quota Share of any Reinsured Risks Liabilities or other amounts due under this Agreement, (A) which amounts have not been paid by the Reinsurer within five (5) [***] Business Days following its receipt of a specific written notice thereof or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the Estimated Recapture Terminal Settlement (if such amount is positive) as contemplated by Section 8.4(a) or if such amount has not been paid by the Estimated Termination Terminal Settlement as contemplated by Section 8.6(a)Reinsurer on the Recapture Date. The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company. In addition, the Ceding Company and the Reinsurer agree that the assets maintained in the Designated Administrative Account may be withdrawn by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any Insolvency on the part of the Ceding Company or the Reinsurer, at any time in accordance with the terms of the Trust Agreement.

Withdrawal of Assets from the Trust Account. (a) In the Absence of a Reserve Credit Triggering Event. So long as no Reserve Credit Triggering Event has occurred and is continuing, the The Ceding Company and Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Ceding Company (Company, or any successor by operation of law of the Ceding CompanyCompany including, including without limitation, any liquidator, rehabilitator, receiver or conservator of the Ceding Company) , without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) insolvency on the part of the Ceding Company or the Reinsurer, in accordance with at any time without notice or consent from the terms Reinsurer but only for one or more of the Trust Agreement, in order to following purposes: (ia) To pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer Reinsurer’s share under this Agreement and regarding any Reinsured Liabilities paid by the Ceding Company, but not yet recovered from the Reinsurer, including ; (b) To make payment to the Reinsurer of any Reinsured Risks or other amounts due held in the Trust Account that exceed 100% of the Required Balance; (c) To transfer to the Working Account any amounts held in the Trust Account that exceed the Trust Required Balance; (d) When the Ceding Company has received notification of termination of the Trust Account and when the Reinsurer’s entire obligations under this AgreementAgreement remain unliquidated and undischarged ten (10) calendar days prior to the termination date, to (1) withdraw amounts equal to such obligations; and (2) deposit those amounts in a separate account in the name of the Ceding Company, in any qualified U.S. financial institution as defined in Section 173.1(3)(B) of the Illinois Administrative Code apart from its general assets; and in trust for the uses and purposes specified in subsections (a), (Ab) which amounts have not been paid by and (c) as may remain executory after the Reinsurer withdrawal and for any period after the termination date. The Ceding Company shall return to the Trust Account (x) within five (5) Business Days following its receipt of a specific written notice thereof or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the Estimated Recapture Terminal Settlement as contemplated by Section 8.4(a) or the Estimated Termination Terminal Settlement as contemplated by Section 8.6(a). The amount of any such withdrawal withdrawal, assets withdrawn in excess of all amounts then due under Section 4.8(a), (b), (c) and (d), assets that are subsequently determined not to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit due, within five (5) Business Days of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.such

Withdrawal of Assets from the Trust Account. (a) In the Absence of a Reserve Credit Triggering Event or Select FMV Triggering Event. So long as no Reserve Credit Triggering Event or any FMV Triggering Event caused by the Reinsurer’s failure to timely fund the Trust Account in accordance with the terms and conditions set forth in this Agreement has occurred and is continuing, the Ceding Company and Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer, including any Reinsured Risks Risks, payments in respect of settlement or recapture or other amounts due under this Agreement, (A) Agreement which amounts have not been paid by the Reinsurer within five (5) Business Days following its receipt of a specific written notice thereof or (B) otherwise with the consent of the Reinsurer or (ii) to pay to fund the Ceding Company the Estimated Recapture Terminal Settlement as contemplated by Designated Administrative Account in accordance with Section 8.4(a) or the Estimated Termination Terminal Settlement as contemplated by Section 8.6(a)4.05. The amount of any such withdrawal in excess of amounts then due to the Ceding Company or the Designated Administrative Account hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

Withdrawal of Assets from the Trust Account. (a) In the Absence of a Reserve Credit Triggering Event. So long as no Reserve Credit Triggering Event has occurred and is continuing, the The Ceding Company and Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer, including any Reinsured Risks or other undisputed amounts due under this Agreement, (A) which undisputed amounts have not been paid by the Reinsurer within five (5) Business Days following its receipt of a specific written notice thereof or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the an undisputed Estimated Recapture Terminal Settlement as contemplated by Section 8.4(a) or the Estimated Termination Terminal Settlement as contemplated by Section 8.6(a). The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

Withdrawal of Assets from the Trust Account. (a) In the Absence of a Reserve Credit Triggering Event. So long as no Reserve Credit FMV Triggering Event has occurred and is continuing, the Ceding Company and Reinsurer agree that the assets maintained in the Trust Account and any Letters of Credit may be withdrawn by the Ceding Company, or any successor by operation of law of the Ceding Company including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Ceding Company, without diminution because of insolvency on the part of the Ceding Company or Reinsurer (i) to pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer to the Ceding Company under this Agreement and not yet recovered from the Reinsurer or (ii) to pay the Ceding Company the Terminal Settlement as contemplated in Section 9.5(a). (b) The Ceding Company and Reinsurer agree that during the continuation of an FMV Triggering Event the assets maintained in the Trust Account and any Letters of Credit may be withdrawn by the Ceding Company, or any successor by operation of law of the Ceding Company including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Ceding Company, without diminution because of insolvency on the part of the Ceding Company or the Reinsurer, at any time without notice or consent from the Reinsurer but only for one or more of the following purposes: (i) to pay or reimburse the Ceding Company for the Reinsurer’s share of premiums returned to the owners of the Reinsured Contracts reinsured hereunder because of cancellations of the Reinsured Contracts; (ii) to pay or reimburse the Ceding Company for the Reinsurer’s share of surrenders, benefits or losses payable by the Ceding Company pursuant to the provisions of the Reinsured Contracts reinsured hereunder; or (iii) to pay or reimburse the Ceding Company for other amounts due to the Ceding Company hereunder or necessary to secure the credit or reduction from liability for reinsurance taken by the Ceding Company for the liabilities ceded hereunder. (c) The Ceding Company shall return to the Trust Account, within five (5) Business Days, assets withdrawn in excess of the actual amounts required under Section 4.6(a) or (b). Any such excess assets withdrawn shall at all times be held by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an “Insolvency”) on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer, including any Reinsured Risks or other amounts due under this Agreement, (A) which amounts have not been paid by the Reinsurer within five (5) Business Days following its receipt of a specific written notice thereof or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the Estimated Recapture Terminal Settlement as contemplated by Section 8.4(a) or the Estimated Termination Terminal Settlement as contemplated by Section 8.6(a). The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned be maintained in a segregated account, separate and apart from any assets of the Ceding Company, for the sole purpose of funding the payments and reimbursements contemplated under Section 4.6(a) or (b). The Ceding Company shall pay to the Trust Account, along with Reinsurer interest on such excess withdrawn amounts under Section 4.6(a) or (b) at the Interest Rate average of the daily “prime rate” (expressed as a rate per annum) published in The Wall Street Journal for each of the period that calendar days such amounts assets are held by the Ceding Company.