Common use of Initial Premium Clause in Contracts

Initial Premium. The initial premium payable in connection with the amendment and restatement of the Original A&R Agreement shall be an amount equal to the applicable Quota Share of the Modified Coinsurance Reserves with respect to the Reinsured Policies associated with the 2018 Annuity Agreement (the “Initial Premium”). The Ceding Company shall satisfy its obligation to pay the Initial Premium by depositing assets with a Statutory Carrying Value equal to the Initial Premium into the GA Modco Sub-Account as part of the payment of the Net Settlement Amount for the Accounting Period in which the Second A&R Date falls in accordance with Section 9.02. The payment of the Initial Premium is a condition precedent to the liability of the Reinsurer under this Agreement.