Recapture Payments. In connection with a recapture pursuant to Section 8.3, the Reinsurer shall prepare a settlement statement within fifteen (15) calendar days of the Recapture Date or the Termination Date, as applicable (the "Terminal Settlement Statement") setting forth the terminal settlement calculated in accordance with Exhibit D for the Terminal Accounting Period (the "Terminal Settlement"). If the amount of the Terminal Settlement for the Terminal Accounting Period is positive, the Ceding Company shall pay such amount to the Reinsurer within five (5) calendar days of its receipt of the Terminal Settlement Statement. If the amount of the Terminal Settlement for the Terminal Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount to the Ceding Company at the time it delivers the Terminal Settlement Statement to the Ceding Company. In addition, following the Recapture Date or the Termination Date, the Trust Account shall be terminated and any remaining amounts or amount held in trust pursuant to Section 4.3 shall be released to the Reinsurer after the full satisfaction of the Terminal Settlement pursuant to the Terminal Settlement Statement. 18 <Page>
Recapture Payments. In connection with a recapture or termination pursuant to Section 8.3, the Reinsurer shall prepare a settlement statement within fifteen (15) calendar days after the Recapture Date or Termination Date, as applicable (the “Terminal Settlement Statement”) setting forth the terminal settlement calculated in accordance with Exhibit C for the Terminal Accounting Period (the “Terminal Settlement”). If the amount of the Terminal Settlement for the Terminal Accounting Period is positive, the Ceding Company shall pay such amount to the Reinsurer within five (5) calendar days of its receipt of the Terminal Settlement Statement. If the amount of the Terminal Settlement for the Terminal Accounting Period is negative, the Reinsurer shall pay to the Ceding Company cash and transfer assets (including assets held in the Trust Account and Hedging Assets selected by the Ceding Company) with an aggregate Fair Market Value equal to the absolute value of such amount to the Ceding Company at the time it delivers the Terminal Settlement Statement to the Ceding Company. In connection with such recapture or termination, if the Reinsurer has failed to pay the Ceding Company any portion of a Terminal Settlement due to the Ceding Company, the Ceding Company may withdraw assets in the Trust Account to satisfy all or any portion of undisputed and unpaid obligations of the Reinsurer hereunder to the extent of such assets, with the Reinsurer remaining liable to the Ceding Company for any excess over the value of the assets so withdrawn. In addition, following the Recapture Date or the Termination Date, as applicable, the Ceding Company shall retain the Separate Account assets and the Trust Account shall be terminated and any amounts in trust pursuant to Section 4.3 shall be released to the Reinsurer after the full satisfaction of the Terminal Settlement pursuant to the Terminal Settlement Statement.
Recapture Payments. (a) In connection with a recapture in full pursuant to Section 9.3(a), the Reinsurer shall prepare a Settlement Statement (the “Terminal Settlement Statement”) within sixty (60) calendar days of the Recapture Date setting forth the Net Settlement calculated in accordance with Exhibit B for the for the Terminal Accounting Period. If the amount of the Net Settlement for the Terminal Accounting Period is positive, the Company shall pay such amount to the Reinsurer within five (5) calendar days of its receipt of the Terminal Settlement Statement. If the amount of the Net Settlement for the Terminal Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount to the Company at the time it delivers the Terminal Settlement Statement to the Company. In addition, on the Recapture Date or any other date on which all of the reinsurance ceded under this Agreement is recaptured, any letter of credit posted pursuant to Section 4.3 shall be immediately surrendered and cancelled and any amount held in trust pursuant to Section 4.3 shall be immediately returned to the Reinsurer, as the case may be.
Recapture Payments. In connection with a recapture or termination pursuant to Section 8.3, the Reinsurer shall prepare a settlement statement within [REDACTED] of the Recapture Date or Termination Date, as applicable (the “Terminal Settlement Statement”), setting forth the terminal settlement calculated in accordance with Exhibit C hereto for the Terminal Accounting Period (the “Terminal Settlement”). If the amount of the Terminal Settlement for the Terminal Accounting Period is positive, the Ceding Company shall pay such amount to the Reinsurer within [REDACTED] of its receipt of the Terminal Settlement Statement. If the amount of the Terminal Settlement for the Terminal Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount to the Ceding Company at the time it delivers the Terminal Settlement Statement to the Ceding Company. In connection with such recapture or termination, if the Reinsurer fails to pay the full amount of the absolute value of the Terminal Settlement at the time it delivers the Terminal Settlement Statement to the Ceding Company, the Ceding Company may withdraw assets in the Trust Account to satisfy the remaining obligations of the Reinsurer therefor to the extent of such assets, with the Reinsurer remaining liable to the Ceding Company for any excess over the value of the assets so withdrawn. In addition, following the Recapture Date or Termination Date, as applicable, the Trust Account shall be terminated and any remaining amounts in trust pursuant to Section 4.2 shall be released to the Reinsurer after the full satisfaction of the Terminal Settlement pursuant to the Terminal Settlement Statement.
Recapture Payments. (a) In connection with a recapture or termination pursuant to Section 8.3, the Reinsurer shall prepare a settlement statement within fifteen (15) calendar days after the Recapture Date (the “Terminal Settlement Statement”) setting forth the terminal settlement calculated in accordance with Schedule 8.4 (the “Terminal Settlement”). The Ceding Company shall provide to the Reinsurer such assistance, information and documents as may be reasonably requested by the Reinsurer in preparing such calculation. If the amount of the Terminal Settlement is positive, the Ceding Company shall pay such amount to the Reinsurer within five
Recapture Payments. On the Recapture Date, the Company shall be entitled to withdraw an amount equal to a portion of the Required Balance attributable to the Covered Insurance Contracts reinsured hereunder from the SLDI Reserve Trust as consideration for assumption by the Company of the Reinsured Liabilities under the recaptured Covered Insurance Contracts. In the event that the fair market value of the assets in the SLDI Reserve Trust exceeds the Required Balance (the "Excess Amount"), and the fair market value of the assets in the SLDI Security Trust Account is less than the amount required by Exhibit A to the SLDI Security Trust Agreement on the Recapture Date (the "Shortfall Amount"), the Company shall also be permitted to withdraw such Excess Amount equal to the pro-rata portion of the Shortfall Amount attributable to the Covered Insurance Contracts reinsured hereunder. In addition, the Company shall be entitled to withdraw a pro-rata portion of the remaining balance in the SLDI Security Trust Account attributable to the Covered Insurance Contracts hereunder less any amounts owed to the Reinsurer under this Agreement as of the Recapture Date.
Recapture Payments. (a) In connection with a recapture pursuant to Section 8.3(a), subject to the shorter time frames required by Section 8.4(e), no later than three (3) days prior to the Recapture Date, the Ceding Company shall prepare and provide to the Reinsurer a settlement statement (the “Estimated Recapture Terminal Settlement Statement”) setting forth an estimated calculation of the Recapture Terminal Settlement (the “Estimated Recapture Terminal Settlement”), provided such estimate shall be based on the last Month-End Required Balance Report delivered by the Reinsurer to the Ceding Company pursuant to Section 5.8(a). If the amount of the Estimated Recapture Terminal Settlement is positive, then on the Recapture Date (i) the Ceding Company may instruct the Trustee pursuant to the Trust Agreement to transfer to the Ceding Company assets having a Fair Market Value equal to the Estimated Recapture Terminal Settlement (or if the assets in the Trust Account are insufficient for such payment, instruct the Trustee to transfer all assets remaining in the Trust Account to the Ceding Company) and (ii) if the assets in the Trust Account are insufficient for payment of such amount, the Reinsurer shall pay any shortfall to the Ceding Company in cash. If the amount of the Estimated Recapture Terminal Settlement is negative, then on the Recapture Date, the Ceding Company shall pay the absolute value of such amount to the Reinsurer in cash.
Recapture Payments. (a) In connection with a recapture pursuant to Section 12.3(a), on or prior to the Recapture Date, the Ceding Company shall prepare and provide to the Reinsurer a settlement statement setting forth an estimated calculation of the Recapture Terminal Settlement (the “Estimated Recapture Terminal Settlement”). If the amount of the Estimated Recapture Terminal Settlement is positive, then on the Recapture Date (i) the Ceding Company shall withdraw from the Funds Withheld Account cash and Eligible Assets having a Statutory Book Value equal to the Estimated Recapture Terminal Settlement. To the extent the cash and Eligible Assets in the Funds Withheld Account are insufficient to satisfy such amount, the Reinsurer shall pay the amount of such deficiency in cash by wire transfer of immediately available funds to the account designed in writing by the Ceding Company. If the amount of the Estimated Recapture Terminal Settlement is negative, then on the Recapture Date, the Ceding Company shall pay the absolute value of such amount to the Reinsurer in cash by wire transfer of immediately available funds to the account designed in writing by the Reinsurer. Following the payment by the applicable Party of the Estimated Recapture Terminal Settlement, any assets remaining in the Funds Withheld Account shall be transferred to the Reinsurer and the Funds Withheld Account shall be closed.
Recapture Payments. 1007933761v22
Recapture Payments. In connection with a recapture or termination pursuant to SECTION 8.3, the Reinsurer shall prepare a settlement statement within fifteen (15) calendar days of the Recapture Date or the Reinsurer Termination Date, as applicable (the "TERMINAL SETTLEMENT STATEMENT") setting forth the terminal settlement calculated in accordance with EXHIBIT D for the Terminal Accounting Period (the "TERMINAL SETTLEMENT"). If the amount of the Terminal Settlement for the Terminal Accounting Period is positive, the Ceding Company shall pay such amount to the Reinsurer within five (5) calendar days of its receipt of the Terminal Settlement Statement. If the amount of the Terminal Settlement for the Terminal Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount to the Ceding Company at the time it delivers the Terminal Settlement Statement to the Ceding Company. In addition, following the Recapture Date or the Reinsurer Termination Date, as applicable, the Trust Account shall be terminated and any remaining amounts in trust pursuant to SECTION 4.3 shall be released to the Reinsurer after the full satisfaction of the Terminal Settlement pursuant to the Terminal Settlement Statement. The Ceding Company shall promptly take all actions, including providing written consent to the Trustee, to permit such termination of the Trust Account and release of such assets to the Reinsurer.
