Recapture Effective Date definition
Examples of Recapture Effective Date in a sentence
This Agreement shall be effective as of October 1, 2021 (the “Effective Date”) and shall remain in force hereunder until the earlier of (a) the date on which the Ceding Company’s liability for all Business Reinsured terminates; and (b) the Recapture Effective Date, provided that the Terminal Cash Settlement has been made.
In the event this Agreement is terminated in accordance with Section 13.01 or Section 23.02, the Ceding Company shall calculate a “Terminal Cash Settlement,” determined as of either the Recapture Effective Date or the termination effective date provided for in Section 23.02, as applicable, equal to {(1) - (2) + (3) – (4) + [(5) x (6) / (7)] + (8)}, where: ▇▇▇▇▇▇▇ Resolution Life Insurance Company and TR Re, Ltd.
The Ceding Company will also recapture all, and not less than all, of the reinsurance of the Covered Insurance Policies ceded under this Agreement if termination of this Agreement is awarded by an arbitration panel pursuant to Section 10.3(d); provided that the Recapture Effective Date for any such recapture shall be determined by the arbitration panel unless otherwise agreed between the Parties in writing.
In connection therewith, the Ceding Company shall deliver to the Reinsurer, within forty-five (45) calendar days following the Recapture Effective Date, a statement (the “Terminal Settlement Statement”) setting forth the Ceding Company’s computation of the Terminal Settlement, including a good faith calculation of the Embedded Value Payment.
The “Terminal Settlement” shall consist of (i) the Quarterly Net Settlement Amount for the Terminal Accounting Period, and (ii) the Embedded Value Payment with respect to the then in-force Covered Insurance Policies as of the Recapture Effective Date.
If the arbitration panel awards termination of this Agreement, the Parties shall request the arbitration panel to set the Recapture Effective Date unless the Parties have otherwise agreed to such date in writing.
When this Amendment has been fully executed by the Ceding Company and the Reinsurer, it will be effective as of the Recapture Effective Date.
Within thirteen (13) Business Days following the Recapture Effective Date, the Ceding Company shall deliver to the Reinsurer a final Quarterly Accounting Report, each as of the Recapture Effective Date (collectively, the “Terminal Accounting Report”), and the final Quarterly Settlement Amount and final Modco Adjustment set forth in such Terminal Accounting Report shall be paid in accordance with Section 7.03.
No reinsurance whatsoever or howsoever provided under the Agreement with respect to the Recaptured Policies shall remain in full force and effect from, on or at any time after the Recapture Effective Date; provided, however, that the Parties acknowledge and agree that, notwithstanding anything to the contrary set forth herein, all settlements with respect to any period prior to the Recapture Effective Date shall be completed in accordance with the terms and conditions of the Agreement.
Such termination and vacation of the Subleased Premises shall occur no later than the Recapture Effective Date.