Common use of SECTION B COVERAGE-- PREMIUMS Clause in Contracts

SECTION B COVERAGE-- PREMIUMS. (a) On the Effective Date, in respect of the Section B Coverage, Retrocedant shall pay to the account of Retrocessionaire an amount (the "INITIAL SECTION B PREMIUM") equal to the carrying value on the books of Retrocedant as of June 30, 2002 of one hundred percent (100%) of all unearned premium reserves relating to the Reinsurance Contract for the coverage period under this Agreement, determined in accordance with statutory accounting principles on a basis consistent in all material respects with the methods, principles, practices and policies employed in the preparation and presentation of Retrocedant's annual statutory financial statement as of December 31, 2001 as filed with the Minnesota Department of Insurance and as submitted to The St. Xxxx, less the applicable Ceding Commission, as defined below, and one hundred percent (100%) of all gross premiums written on or after the Effective Time, net of returns, allowances and cancellations, and net of any applicable Ceding Commission.

SECTION B COVERAGE-- PREMIUMS. (a) On the Effective Date, in respect of the Section B Coverage, Retrocedant shall pay to the account of Retrocessionaire an amount (the "INITIAL SECTION B PREMIUM") equal to the carrying value on the books of Retrocedant as of June 30, 2002 of one hundred percent (100%) of all unearned premium reserves relating to the Reinsurance Contract Contracts for the coverage period under this Agreement, determined in accordance with statutory accounting principles on a basis consistent in all material respects with the methods, principles, practices and policies employed in the preparation and presentation of Retrocedant's annual statutory financial statement as of December 31, 2001 as filed with the Minnesota Department of Insurance Commerce and as submitted to The St. Xxxx, less the applicable Ceding Commission, as defined below, and with respect to all Reinsurance Contracts, one hundred percent (100%) of all gross premiums written on or after the Effective Time, net of premium returns, allowances and cancellations, and cancellations net of any applicable Ceding Commission.

SECTION B COVERAGE-- PREMIUMS. (a) On the Effective Closing Date, in respect of the Section B Coverage, Retrocedant shall pay to the account of Retrocessionaire an amount (the "INITIAL SECTION B PREMIUM") equal to the carrying value on the books of Retrocedant as of June 30, 2002 of one hundred percent (100%) of all unearned premium reserves relating to the Reinsurance Contract Contracts for the coverage period under this Agreement, determined in accordance with statutory accounting principles on a basis consistent in all material respects with the methods, principles, practices and policies employed in the preparation and presentation of Retrocedant's annual statutory financial statement as of December 31, 2001 as filed with the Minnesota Department of Insurance Commerce and as submitted to The St. Xxxx, less the applicable Ceding Commission, as defined below, and with respect to all Reinsurance Contracts, one hundred percent (100%) of all gross premiums written on or after the Effective Time, net of premium returns, allowances and cancellations, and cancellations net of any applicable Ceding Commission.

SECTION B COVERAGE-- PREMIUMS. (a) On the Effective Date, in respect of the Section B Coverage, Retrocedant shall pay to the account of Retrocessionaire an amount (the "INITIAL SECTION B PREMIUMPremium") equal to the carrying value on the books of Retrocedant as of June 30, 2002 of one hundred percent (100%) of all unearned premium reserves reserves, relating to the Reinsurance Contract for the coverage period under this Agreement, determined in accordance with statutory accounting principles on a basis consistent in all material respects with the methods, principles, practices and policies employed in the preparation and presentation of Retrocedant's annual statutory financial statement as of December 31, 2001 as filed with the Minnesota Department of Insurance and as submitted to The St. Xxxx, less the applicable Ceding Commission, as defined below, and one hundred percent (100%) of all gross premiums written on or after the Effective Time, net of premium returns, allowances and cancellations, cancellations and net of any applicable Ceding Commission.