Common use of Ceding Company Monthly Settlement Report Clause in Contracts

Ceding Company Monthly Settlement Report. No later than twenty (20) Business Days after the end of each Monthly Accounting Period, the Ceding Company shall prepare and deliver to the Reinsurer a report (each, a “Monthly Settlement Report”) substantially in the form of, and containing the information set forth in, Exhibit E, including a statement which sets forth the net amount due to the Ceding Company from the Reinsurer, or to the Reinsurer from the Ceding Company, as applicable, under Sections 3.02, 3.03, 5.05 and Article X for the applicable Monthly Accounting Period, as well as the Estimated Claims Amount for the immediately following Monthly Accounting Period due to the Ceding Company under Section 5.03(b). In preparing the Monthly Settlement Report, the Ceding Company shall use commercially reasonable efforts to supply the current data used to prepare such report. If the current data used to prepare such report cannot be supplied with the applicable report, the Ceding Company shall produce best estimates, with any data supplied as a “best estimate” appropriately labeled or identified in the applicable report, and shall use commercially reasonable efforts to provide an amended Monthly Settlement Report based on current data no more than ten (10) Business Days after such report was originally due. The parties will promptly adjust the amount paid based on best estimates to the amount due based on such current data, with interest from the date of payment of the estimated amount to the date of payment of the adjustment amount, at the Interest Rate in effect on the last day of the applicable Monthly Accounting Period.

Ceding Company Monthly Settlement Report. No later than twenty (20) Business Days after the end of each Monthly Accounting Period, the Ceding Company shall prepare and deliver to the Reinsurer a report (each, a “Monthly Settlement Report”) substantially in the form of, and containing the information set forth in, Exhibit E, including a statement which sets forth the net amount due to the Ceding Company from the Reinsurer, or to the Reinsurer from the Ceding Company, as applicable, under Sections 3.02, 3.03, 3.05, 5.05 and Article X for the applicable Monthly Accounting Period, as well as the Estimated Claims Amount for the immediately following Monthly Accounting Period due to the Ceding Company under Section 5.03(b). In preparing the Monthly Settlement Report, the Ceding Company shall use commercially reasonable efforts to supply the current data used to prepare such report. If the current data used to prepare such report cannot be supplied with the applicable report, the Ceding Company shall produce best estimates, with any data supplied as a “best estimate” appropriately labeled or identified in the applicable report, and shall use commercially reasonable efforts to provide an amended Monthly Settlement Report based on current data no more than ten (10) Business Days after such report was originally due. The parties will promptly adjust the amount paid based on best estimates to the amount due based on such current data, with interest from the date of payment of the estimated amount to the date of payment of the adjustment amount, at the Interest Rate in effect on the last day of the applicable Monthly Accounting Period.