Periodic Premium. The Retrocedent will pay to the Retrocessionaire, in accordance with Article 7 hereof, 100% of the premiums (less brokerage and ceding commissions) received by the Retrocedent in respect of the Reinsurance Agreements on or after the Upfront Premium Payment Date.
Periodic Premium. From the Effective Date and as additional consideration for the reinsurance provided by the Retrocessionaire under this Agreement, the Retrocedent shall on the fifteenth (15th) day of the month immediately following the end of each calendar quarter pay to a bank account nominated by the Retrocessionaire a periodic premium amount (the “Periodic Premium”) equal to A x B where A is a notional amount equal to the average daily balance of the Funds Withheld Account on each quarter end in respect of the preceding quarter and B is [*****] on an annualized basis accruing and compounding daily.
