Common use of Net Settlement Clause in Contracts

Net Settlement. (a) During the term of this Agreement, a settlement amount due from one Party to another Party under the terms of this Agreement as of the last day of each Accounting Period (the “Net Settlement”) shall be calculated by the Reinsurer in accordance with clause (b) below, and a statement setting forth details of such calculation (the “Settlement Statement”) in the form as set forth in Exhibit A hereto shall be delivered by the Reinsurer to the Ceding Company within thirty (30) days after the end of each Accounting Period. If the Settlement Statement reflects a Net Settlement due to the Reinsurer, then the Ceding Company shall pay such amount to the Reinsurer within five (5) Business Days following its receipt of the Settlement Statement for such Accounting Period. If the Settlement Statement reflects a Net Settlement due to the Ceding Company, then the Reinsurer shall pay such amount to the Ceding Company at the time it delivers the Settlement Statement for such Accounting Period to the Ceding Company. 1006844591v17

Net Settlement. (a) During the term of this Agreement, a settlement amount due from one Party to another Party under the terms of this Agreement as of the last day of each Accounting Period (the “Net Settlement”) shall be calculated by the Reinsurer in accordance with clause (b) below, and a statement setting forth details of such calculation (the “Settlement Statement”) in the form as set forth in Exhibit A hereto shall be delivered by the Reinsurer to the Ceding Company within thirty (30) days after the end of each Accounting Period. If the Settlement Statement reflects a Net Settlement due to the Reinsurer, then the Ceding Company shall pay such amount to the Reinsurer within five (5) Business Days following its receipt of the Settlement Statement 46445052.5 1007063901v8 for such Accounting Period. If the Settlement Statement reflects a Net Settlement due to the Ceding Company, then the Reinsurer shall pay such amount to the Ceding Company at the time it delivers the Settlement Statement for such Accounting Period to the Ceding Company. 1006844591v17.