Delayed Payments. For purposes of Paragraph 4 above, if there is a ---------------- delayed settlement of a payment due, there will be an interest penalty, at the appropriate London Interbank Offering Rate (LIBOR) plus 0.5%. For purposes of this Paragraph, a payment will be considered overdue sixty (60) days after the date such payment is due. The interest penalty will be applied for the number of days such payment is made in excess of such date which is sixty (60) days past the payment due date.
Appears in 13 contracts
Samples: Reinsurance Agreement (Separate Account B of Golden American Life Insurance Co), Reinsurance Agreement (Separate Account B of Golden American Life Insurance Co), Reinsurance Agreement (Golden American Life Insurance Co /Ny/)
Delayed Payments. For purposes of Paragraph 4 above, if there is a ---------------- delayed settlement of a payment due, due there will be an interest penalty, penalty at the appropriate London Interbank Offering Rate (LIBOR) plus 0.5%. For purposes of this Paragraph, a payment will be considered overdue sixty thirty (6030) days after the date such payment is due. The interest penalty will be applied for the number of days such payment is made in excess of such date which is sixty (60) days past the payment due date.
Appears in 1 contract
Samples: Reinsurance Agreement (Hartford Life Insurance Co Separate Account Two)
Delayed Payments. 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 appropriate London Interbank Offering Rate (LIBOR) plus 0.5%. For purposes of this Paragraph, a payment will be considered overdue sixty thirty (6030) days after the date such payment is due. The interest penalty will be applied for the number of days such payment is made in excess of such date which is sixty (60) days past the payment due date.
Appears in 1 contract
Samples: Reinsurance Agreement (Hartford Life Insurance Co Separate Account Ten)
Delayed Payments. For purposes of Paragraph 4 above, if there is a ---------------- delayed settlement of a payment due, there will be an interest penalty, at the appropriate London Interbank Offering Rate (LIBOR) plus 0.5%. For purposes of this Paragraph, a payment will be considered overdue sixty (60) days after the date such payment is due. The interest penalty will be applied for the number of days such payment is made in excess of such date which is sixty (60) days past the payment due date.
Appears in 1 contract
Samples: Reinsurance Agreement (Golden American Life Insurance Co /Ny/)
