Common use of Delayed Payments Clause in Contracts

Delayed Payments. Each party shall provide the other with written notice that a payment is overdue. Written notice will be provided as soon as reasonably practicable. For purposes of Paragraph 4 above, if there is a delayed settlement of a payment due, there will be an interest penalty, at the Delayed Payment Rate, described in Paragraph 8 below, for the period that the amount is overdue. For purposes of this Paragraph, a payment will be considered overdue fifteen (15) days after the date such payment is due.

Appears in 14 contracts

Samples: Reinsurance Agreement (Separate Account Va-2l), Reinsurance Agreement (Separate Account Va B), Reinsurance Agreement (Separate Account Va Q)

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Delayed Payments. Each As soon as reasonably practicable, each party hereto shall provide the other with written notice that a payment is overdue. Written notice will be provided as soon as reasonably practicable. For purposes of Paragraph 4 above, if there is a delayed settlement of a payment due, there will be an interest penalty, penalty at the Delayed Payment Rate, described Rate defined in Paragraph 8 below, below shall be due for the period that for which the amount is overdue. For purposes of this Paragraphparagraph, a payment will be considered overdue fifteen (15) days after the date such payment is due.

Appears in 7 contracts

Samples: Reinsurance Agreement, Reinsurance Agreement (WRL Series Annuity Account), Reinsurance Agreement (Separate Account Va B)

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