Currency and interest. All payments and accounts shall be made in US Dollars, and all fractional amounts shall be rounded to the nearest whole dollar. Any payment not made when due and payable hereunder, shall from the date such payment was due bear interest at a rate equal to the 3 month US Treasury rate in effect on such date plus 100 bps. In the event any payment due hereunder is not made within three months of the date it is due and payable, the rate will be reset every 3 months to the US Treasury rate in effect on each 3 month anniversary of the date such payment was due, until such payment is made.
Appears in 4 contracts
Samples: Reinsurance Agreement (Separate Account Ny-B of First Golden Amer Life Ins Co of Ny), Reinsurance Agreement (Reliastar Life Insurance Co of New York), Reinsurance Agreement (First Golden American Life Insurance Co of New York)
