Common use of WITHDRAWALS BY THE CEDING COMPANY Clause in Contracts

WITHDRAWALS BY THE CEDING COMPANY. The Ceding Company may withdraw the assets held in the Trust Account in accordance with the terms of the Trust Agreement upon or after providing five (5) days' prior written notice to the Reinsurer; provided however, that, following any such withdrawal, the Ceding Company may only apply such assets for one or more of the following purposes: (a) to pay, or reimburse the Ceding Company for payment of, Premiums received by Reinsurer hereunder which are to be returned to policyholders because of cancellations of Covered Insurance Policies reinsured hereunder; (b) to pay, or reimburse the Ceding Company for payment of, surrenders, benefits, losses or other amounts payable pursuant to the provisions of the Covered Insurance Policies reinsured hereunder or any other amounts the Ceding Company claims are legally and properly due hereunder, including any recapture payment; and (c) to pay any amounts due and unpaid from the Reinsurer under any Transaction Agreement.