Common use of Reductions and Terminations Clause in Contracts

Reductions and Terminations. 1. For any life reinsured under a Reinsured Policy, in the event of a reduction, lapse, or termination of (x) a Reinsured Policy under this Agreement or (y) any other policy, the Ceding Company will reduce or terminate reinsurance on that life. The reinsured amount on the life with all reinsurers must be reduced, effective on the same date, by the amount required such that the Ceding Company maintains the same amount as retained prior to a reduction, termination or lapse.

Reductions and Terminations. 1. For any life reinsured under a Reinsured Policy, in (a) In the event of a reduction, lapse, or termination the reduction of (x) a Reinsured an Insurance Policy reinsured under this Agreement or (y) any other policyAgreement, the Ceding Company will reduce or terminate reinsurance on that life. The reinsured amount on the life with all reinsurers must will be reduced, effective on the same date, by the amount required such that the Ceding Company maintains its Retention as of the same amount Insurance Policy’s issue date or, if the applicable Retention has been increased subsequent to the issue date, as retained prior to a reduction, termination or lapseof the recapture date.

Reductions and Terminations. 1. a) For any life reinsured under a Reinsured Policy, in the event of a reduction, lapse, or termination of (x) a Reinsured Policy under this Agreement or (y) any other policy, the Ceding Company will reduce or terminate reinsurance on that life. The reinsured amount on the life with all reinsurers must be reduced, effective on the same date, by the amount required such that the Ceding Company maintains the same amount as retained prior to a reduction, termination or lapse.