Funds Withheld. Subject to the terms hereof, the Reinsured shall retain as fiduciary of the Reinsurer the reinsurance premium due hereunder on a funds withheld basis. The amount of such reinsurance premium so retained shall be called “Funds Withheld”. In consideration of the Reinsurer agreeing to allow the Reinsured to retain the reinsurance premium on funds withheld basis, the Reinsured agrees that the Funds Withheld Balance (as defined in Section 5.02) may be offset by the Reinsurer against liabilities of the Reinsurer for payments under this Agreement. The Funds Withheld Balance shall be maintained by the Reinsured in a segregated asset portfolio.
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Samples: Coinsurance Funds Withheld Reinsurance Agreement (Symetra Financial CORP), Coinsurance Funds Withheld Reinsurance Agreement (Symetra Financial CORP), Coinsurance Funds Withheld Reinsurance Agreement (Symetra Financial CORP)
Funds Withheld. Subject to the terms hereof, the Reinsured Company shall retain retain, as fiduciary of the Reinsurer Reinsurer, the reinsurance premium due hereunder on a funds withheld basis. The amount of such reinsurance premium so retained shall be called “Funds Withheld”. In consideration of the Reinsurer agreeing to allow the Reinsured Company to retain the reinsurance premium on funds withheld basis, the Reinsured Company agrees that the Funds Withheld Balance (as defined in Section 5.02) may be offset by the Reinsurer against liabilities of the Reinsurer for payments claims and expense under this Agreement. The Funds Withheld Balance shall be maintained by the Reinsured Company in a segregated asset portfolio.
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