Net Settlement. (i) During the term of this Agreement, a settlement amount between the Ceding Company and the Reinsurer as of the last day of each Monthly Accounting Period (the “Monthly Net Settlement”) shall be calculated by the Ceding Company, and a statement setting forth details of such calculation (the “Monthly Settlement Statement”) in the form as set forth in shall be delivered by the Ceding Company to the Reinsurer no later than following the end of such Monthly Accounting Period. Subject to Section 3.3(c), if the amount of the Monthly Net Settlement for such Monthly Accounting Period is positive, the Ceding Company shall pay such amount in cash to the Reinsurer within of its delivery of the Monthly Settlement Statement for such period to the Reinsurer; provided, that, notwithstanding the foregoing, If the amount of the Monthly Net Settlement for such Monthly Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount in cash to the Ceding Company within of its receipt of the Monthly Settlement Statement for such period.
Appears in 3 contracts
Sources: Funds Withheld Coinsurance and Modified Coinsurance Agreement (Metropolitan Life Separate Account E), Funds Withheld Coinsurance and Modified Coinsurance Agreement (Metropolitan Life Separate Account E), Funds Withheld Coinsurance and Modified Coinsurance Agreement (Metropolitan Life Separate Account E)