RECAPTURES Clause Samples
RECAPTURES. Whenever State Mutual increases its maximum limit of retention for new business, it will have the option of recapturing a corresponding amount of insurance on each life reinsured under this agreement, provided that reinsurance will not be so recaptured before the end of the respective twentieth policy year of any give cession. Reinsurance will be eligible for recapture on each life on which State Mutual has maintained its maximum limit of retention, as shown in Schedule A, for the age, plan and mortality classification of the risk at time of issue. Special limits for specific underwriting hazards or impairments will not be considered to be maximum limits of retention. State Mutual will, within ninety days after the effective date for its increase in retention of new issues, notify Connecticut General of its intention to exercise its option to recapture and the effective date such recapture is to commence. Reinsurance in force will then be reduced, as herein provided, on the respective anniversary date next following, or the twentieth anniversary date, where applicable. If recapture as provided above is elected by State Mutual, then all reinsurance eligible for such recapture will be similarly recaptured. Recapture will commence with the effective date established by State Mutual and will continue uninterrupted by State Mutual until all eligible policies have been recaptured. Notwithstanding the above, whenever reinsurance is issued hereunder on the conversion of a policy originally reinsured under this or any other agreement between the two companies, the recapture provisions applicable to the original reinsurance will continue to apply to the reinsurance of the new policy. The reduction in each risk will be of such an amount as will increase State Mutual's share in the risk to its new maximum limit of retention for the age, plan and mortality classification at time of issue. If reinsurance is in force with other companies on a given risk, the reduction in the reinsurance in Connecticut General will be that proportion of the total reduction indicated which the reinsurance in Connecticut General is of the total amount reinsured.
RECAPTURES. This Guaranty shall remain in full force and effect until all obligations of Borrower under the Loan Documents and/or the Swap Documents have been satisfied in full and are no longer subject to disgorgement under any applicable state or federal creditor rights or bankruptcy laws. If claim is ever made upon Bank for repayment or recovery of any amount received by Bank from Borrower and Bank repays all or any part of said amount by reason of: (a) the order of a bankruptcy court or other court or any administrative body having jurisdiction; or (b) any settlement or compromise of any such claim effected by Bank with any such claimant (including Borrower), such order, settlement or compromise shall be binding upon Guarantor notwithstanding the prior termination or cancellation of any of the Loan Documents and/or Swap Documents, and Guarantor shall be and remain liable to Bank hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by Bank.
RECAPTURES. All recapture of income tax deductions resulting from the sale or disposition of Company property shall be allocated to the Member or Members to whom the deduction that gave rise to such recapture was allocated hereunder to the extent that such Member is allocated any gain from the sale or other disposition of such property.