Quarterly Settlement definition
Examples of Quarterly Settlement in a sentence
All monies, checks, drafts, money orders, postal notes, and other instruments received after the Effective Date by Ceding Company for premiums on the Reinsured Contracts shall be either allocated to the Separate Accounts in accordance with instructions from contractholders or transferred to Reinsurer in accordance with the Quarterly Settlement provisions under this Agreement.
The Company and the Reinsurer agree that the financial data set forth on the Monthly Settlement Reports used for purposes of the Monthly Settlements, shall be trued-up to actual amounts in the next Quarterly Settlement Report and the net amount, if any, subsequently due to the Company or the Reinsurer, as the case may be, as a result of such adjustments shall be paid to the Company or the Reinsurer, as applicable.
The Quarterly Accounting Period MODCO Adjustment for each Quarterly Accounting Period shall be reflected in the Quarterly Settlement Report for such Quarterly Accounting Period.
For the avoidance of doubt, the first Quarterly Settlement Report will include all transactions with respect to the Reinsured Contracts occurring from the Inception Date through June 30, 2004.
To the extent that the Ceding Company receives any Recoveries in respect of a Quarterly Settlement Period and remits such Recoveries to the Reinsurer under the terms of the Administrative Services Agreement prior to the completion of the relevant Net Settlement process, the amount of such Recoveries so remitted shall be excluded from the Net Settlement.
All Weekly Settlement Amounts paid during any Quarterly Accounting Period shall be reflected in the Quarterly Accounting Report with respect to such Quarterly Accounting Period and taken into account in determining the Quarterly Settlement Amount with respect to such Quarterly Accounting Period.
If the Quarterly Settlement Amount is a negative number for that Quarter, then the Concessionaire shall owe the City the Quarterly Settlement Amount for that Quarter.
Any Quarterly Settlement Amount due to the City by the Concessionaire shall accrue as a credit (the “Settlement Credit”) against future Quarters in which the City owes a Quarterly Settlement Amount to the Concessionaire.
If the Quarterly Settlement Amount for any Quarter is a positive number, then the City shall owe the Concessionaire the Quarterly Settlement Amount for that Quarter.
Each net amount subsequently due the Company or the Reinsurer with respect to each Quarterly Accounting Period ending after the Inception Date as reflected on a Quarterly Settlement Report (the “Quarterly Settlement”) shall be paid in cash by the owing party no later than thirty (30) days after delivery of the Quarterly Settlement Report.