Division of ELNY Restructured Contracts. Each ELNY Restructured Contract shall be divided into one or more of the following: (a) A Covered Contract, if any, (b) An Excluded Contract, if any, (c) An Article 75 Contract, if any, and (d) An Uncovered Contract, if any, with each Uncovered Contract, or specific portions thereof, identified as either (i) An Orphan Contract, or (ii) A Contract (or portion thereof) that would have been a Covered Contract or an Excluded Contract, but for which coverage will not be provided by the applicable Guaranty Association (whether or not a PGA) because it has determined that such Contract (or any portion thereof) would not be covered for any reason other than ELNY’s insurance licensing history or status (and thus, such Contract or portion thereof is not an Orphan Contract), or (iii) An Uncovered Contract with respect to Benefit Payments under the ELNY Contract that exceed those benefits to be provided under all of the following, as applicable: (A) A Covered Contract, (B) An Excluded Contract, (C) An Article 75 Contract, and (D) An Orphan Contract. 1. The restructured benefit payments attributable to each Orphan Contract will equal the product of the reduced benefit payments determined in accordance with Section 3.1 multiplied by the ratio of the Protected Orphan Benefits to the Benefit Payments for such Contract. The restructured benefit payments attributable to each Excluded Contract will equal the product of the reduced benefit payments determined in accordance with Section 3.1 multiplied by the coverage ratio for such Contract determined for the non-participating Guaranty Association expected to provide coverage. The restructured benefit payments attributable to each Article 75 Contract will be determined in accordance with Section 7.2. The restructured benefit payments attributable to each Uncovered Contract that is not an Orphan Contract will equal the difference between the reduced benefit payments under the ELNY Restructured Contract determined in accordance with Section 3.1 and the restructured benefit payments attributable to one or more of the corresponding Covered Contract, Excluded Contract, Article 75 Contract or Orphan Contract, as applicable.
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