Common use of Amounts Due the Parties Clause in Contracts

Amounts Due the Parties. (a) Except as otherwise specifically provided herein, all amounts due to be paid to the Company under this Agreement shall be determined on a net basis, giving full effect to Section 3.6. The net amount due the Reinsurer from the Company on the Closing Date under Section 5.1 and Section 5.2 shall consist of (i) the investment assets (the “Assets”) set forth on Schedule D, which assets have a statutory book value as of the close of business on the day immediately preceding the Inception Date equal to (A) the Initial Reinsurance Premium, less (B) the Ceding Commission, less (C) an amount equal to accrued but unpaid interest on the Assets as of the close of business on the day immediately preceding the Inception Date, plus (ii) an amount equal to the investment cash flows received on the Assets between the Inception Date and the Closing Date. The Company shall pay such net amount concurrent with its delivery of the Initial Report. Each net amount subsequently due with respect to each Accounting Period ending after the Inception Date (the “Quarterly Settlement”) shall be paid in cash by the Reinsurer to the Company no later than thirty (30) days after delivery of the Quarterly Report, as applicable. Each net amount subsequently due with respect to each calendar year ending after the Inception Date as reflected on an Annual Report shall be paid in cash by the Reinsurer to the Company no later than thirty (30) days after delivery of the Annual Report. (b) The Company shall deliver to the Reinsurer possession of the Assets and such bills of sale, endorsements, assignments and other good and sufficient instruments of conveyance and transfer in form and substance reasonably acceptable to the parties as shall be effective to vest in the Reinsurer all of the right, title and interest of the Company in and to the Assets. Delivery of the Assets shall be a condition precedent of reinsurance coverage hereunder.

Amounts Due the Parties. (a) Except as otherwise specifically provided herein, all amounts due to be paid to the Company or the Reinsurer under this Agreement shall be determined on a net basis, giving full effect to Section 3.63.9. The net amount due the Reinsurer from the Company on the Closing Date under Section 5.1 4.1(a) and Section 5.2 4.2 shall consist of (i) the investment assets (the “Assets”) set forth on Schedule DE, which assets have a statutory book value as of the close of business on the day immediately preceding the Inception Date equal to (A) the Initial Reinsurance Premium, less (B) the Ceding Commission, less (C) an amount equal to accrued but unpaid interest on the Assets as of the close of business on the day immediately preceding the Inception Date, plus (ii) an amount equal to the investment cash flows received on the Assets between the Inception Date and the Closing Date. The Company shall pay such net amount concurrent with its delivery of the Initial Report. Each net amount subsequently due the Company or the Reinsurer with respect to each Monthly Accounting Period ending after the Inception Date as reflected on a Monthly Settlement Report (the “Monthly Settlement”) shall be paid in cash by the owing party no later than thirty (30) days after delivery of the Monthly Settlement Report. Each net amount subsequently due the Company or the Reinsurer with respect to each Quarterly Accounting Period ending after the Inception Date as reflected on a Quarterly Settlement Report (the “Quarterly Settlement”) shall be paid in cash by the Reinsurer to the Company owing party no later than thirty (30) days after delivery of the Quarterly Settlement Report, as applicable. Each net amount subsequently due the Company or the Reinsurer with respect to each calendar year ending after the Inception Date as reflected on an Annual Report shall be paid in cash by the Reinsurer to the Company owing party no later than thirty (30) days after delivery of the Annual Report. (b) The Company shall deliver to the Reinsurer possession of the Assets and such bills of sale, endorsements, assignments and other good and sufficient instruments of conveyance and transfer in form and substance reasonably acceptable to the parties as shall be effective to vest in the Reinsurer all of the right, title and interest of the Company in and to the Assets. Delivery of the Assets shall be a condition precedent of reinsurance coverage hereunder.

Amounts Due the Parties. (a) Except as otherwise specifically provided herein, all amounts due to be paid to the Company under this Agreement shall be determined on a net basis, giving full effect to Section 3.63.7. The net amount due the Reinsurer from the Company on the Closing Date under Section 5.1 and Section 5.2 5.3 shall consist of (i) the investment assets (the “Assets”) set forth on Schedule D, which assets have a statutory book value as of the close of business on the day immediately preceding the Inception Date equal to (A) the Initial Reinsurance Premium, less (B) the Ceding Commission, less (C) an amount equal to accrued but unpaid interest on the Assets as of the close of business on the day immediately preceding the Inception Date, plus (ii) an amount equal to the investment cash flows received on the Assets between the Inception Date and the Closing Date. The Company shall pay such net amount concurrent with its delivery of the Initial Report. Each net amount subsequently due with respect to each Accounting Period ending after the Inception Date (the “Monthly Settlement”) shall be paid in cash by the Reinsurer to the Company no later than thirty (30) days after delivery of the Monthly Settlement Report. Each net amount subsequently due with respect to each calendar quarter ending after the Inception Date (the “Quarterly Settlement”) shall be paid in cash by the Reinsurer to the Company no later than thirty (30) days after delivery of the Quarterly Settlement Report, as applicable. Each net amount subsequently due with respect to each calendar year ending after the Inception Date as reflected on an Annual Report shall be paid in cash by the Reinsurer to the Company no later than thirty (30) days after delivery of the Annual Report. (b) The Company shall deliver to the Reinsurer possession of the Assets and such bills of sale, endorsements, assignments and other good and sufficient instruments of conveyance and transfer in form and substance reasonably acceptable to the parties as shall be effective to vest in the Reinsurer all of the right, title and interest of the Company in and to the Assets. Delivery of the Assets shall be a condition precedent of reinsurance coverage hereunder.

Amounts Due the Parties. (a) Except as otherwise specifically provided herein, all amounts due to be paid to the Company or the Reinsurer under this Agreement shall be determined on a net basis, giving full effect to Section 3.6. The net amount due the Reinsurer from the Company on the Closing Date under Section 5.1 4.1 and Section 5.2 4.3 shall consist of (i) the investment assets (the “Assets”) set forth on Schedule DC, which assets have a statutory book value as of the close of business on the day immediately preceding the Inception Date equal to (A) the Initial Reinsurance Premium, less (B) the Ceding Commission, less (C) an amount equal to accrued but unpaid interest on the Assets as of the close of business on the day immediately preceding the Inception Date, plus (ii) an amount equal to the investment cash flows received on the Assets between the Inception Date and the Closing Date. The Company shall pay such net amount due on the Closing Date concurrent with its delivery of the Initial Report. Each net amount subsequently due with respect to each Accounting Period ending after the Inception Date (the “Quarterly Settlement”) shall be paid in cash by the Reinsurer to the Company no later than thirty (30) days after delivery of the Quarterly Report, as applicable. Each net amount subsequently due with respect to each calendar year ending after the Inception Date as reflected on an Annual Report shall be paid in cash by the Reinsurer to the Company no later than thirty (30) days after delivery of the Annual Report. (b) The Company shall deliver to the Reinsurer possession of the Assets and such bills of sale, endorsements, assignments and other good and sufficient instruments of conveyance and transfer in form and substance reasonably acceptable to the parties as shall be effective to vest in the Reinsurer all of the right, title and interest of the Company in and to the Assets. Delivery of the Assets shall be a condition precedent of reinsurance coverage hereunder. (c) As soon as practicable but not more than forty (40) days following the end of the first calendar quarter ending after the Closing Date, the Company shall supply the Reinsurer with a report setting forth a calculation of the amount of premium and other consideration received on or after the Inception Date but prior to the Closing Date by the Company with respect to the Reinsured Policies, minus the amount of Reinsured Risks (other than Insolvency Fund assessments and premium taxes) paid by the Company on or after the Inception Date but prior to the Closing Date. If the result of such calculation is positive, the Company shall pay to the Reinsurer, concurrent with the delivery of such report, an amount in cash equal to such positive amount. If the result of such calculation is negative, the Reinsurer shall pay to the Company, no later than thirty (30) days after receipt of the Company’s report, an amount in cash equal to such negative amount.