Common use of Terminal Accounting and Settlement Clause in Contracts

Terminal Accounting and Settlement. 1. Terminal Accounting. A Terminal Accounting and Settlement shall take place ------------------- if: (1) all of the Policies are recaptured in accordance with Article XII Paragraph E (Insolvency of Reinsurer); (2) all, a portion or a percentage of the Policies are recaptured in accordance with Article VII, Paragraph 4 (Ceding Company election); (3) some of the Policies are recaptured in accordance with Article VII, Paragraph 5 (Program of Internal Replacement); or (4) this Agreement is terminated for all Policies under Article VII Paragraph 6 (Nonpayment) or upon the mutual agreement of the parties.