MEC's Clause Samples

MEC's. The Seller has delivered to the Purchaser a correct and complete list as of May 31, 1998 of each Reinsured Life Policy that may, in the absence of the Grandfathering Ruling, be deemed to be a MEC as a result of the consummation of the Transactions either (a) if the policyholder of such Policy makes annual premium payments in an amount equal to or greater than the average annual premium payment made with respect to such Policy during the four year period ending May 31, 1998, or (b) if the policyholder of such Policy makes annual premium payments in an amount equal to or greater than the premium payments made with respect to such Policy in 1997.