TERMINATION FOR NONPAYMENT OF AMOUNTS DUE. If the Company refuses to pay any amounts due the Reinsurer pursuant to this Agreement within sixty (60) calendar days after the date such payment is due, the Reinsurer may terminate this Agreement, subject to thirty (30) calendar days' prior written notice to the Company. If the Reinsurer refuses to pay any amount due the Company pursuant to this Agreement within sixty (60) calendar days after the date such payment is due, the Company may terminate this Agreement, subject to thirty (30) calendar days' prior written notice to the Reinsurer. Upon termination of the Agreement pursuant to this Section 11.3, the Company shall recapture all business reinsured hereunder.
Appears in 2 contracts
Sources: Automatic Reinsurance Agreement (Variable Annuity Account B), Automatic Reinsurance Agreement (Variable Annuity Account B)