Developmental Funds a. Any eligible crop insurance contracts designated by the Company to the Developmental Fund will be placed into one of three Developmental Funds as follows: Fund C CAT; Fund R Revenue insurance plans; or Fund B All other crop insurance plans.
b. The Company must retain at least 35 percent of the net book premium and associated liability for ultimate net losses on eligible crop insurance contracts designated to each of the Developmental Funds in each State. Retention in the Developmental Funds in each State must be made in 5 percent increments. The three Developmental Funds' retention percentages may differ within a State. The net book premium and associated liability for ultimate net losses not retained by the Company within the Developmental Fund for each State will be ceded to FCIC.
Developmental Funds a. The Company may designate eligible crop insurance contracts to any of three Developmental Funds as follows: Fund C CAT; Fund R Revenue insurance plans; or Fund B All other crop insurance plans.
b. If the Company declares in its Plan of Operations that it will forgo the use of the Commercial Fund in all States, then all eligible crop insurance policies not designated to the Assigned Risk Fund will be placed in the appropriate Developmental Fund.
c. Designations to Developmental Funds must be made:
i. For carryover crop insurance contracts insured with the Company the previous year that have contract change dates occurring on or after July 1, not later than the transaction cutoff date for the week containing the 30th calendar day after the contract change date for the applicable crop and insurance plan for each reinsurance year;
ii. For carryover crop insurance contracts insured with the Company the previous year that have contract change dates occurring before July 1, not later than the transaction cutoff date for the week containing August 1 of the reinsurance year; and
iii. For all other eligible crop insurance contracts, not later than the transaction cutoff date for the week containing the 30th day after the sales closing date for the eligible crop insurance contract.
d. The Company must retain at least 35 percent of the net book premium and associated liability for ultimate net losses on eligible crop insurance contracts placed into each of the Developmental Funds within each State. The Company may retain a greater percentage of the net book premium and associated liability for ultimate net losses within any State whenever it designates percentages greater than 35 percent in its Plan of Operations for any reinsurance year. Such percentage designations must be in 5 percent increments. The three Developmental Funds' retention percentages may differ within a State. The liability for ultimate net losses not retained by the Company within each State will be ceded to FCIC in exchange for an equal percentage of the associated net book premium included in the Developmental Funds in that State.
Developmental Funds. In consideration for Phar-Mor's purchase commitment specified above, McKesson agrees to pay to Phar-Mor within forty-five (45) days of execution of this Agreement by both parties ("Execution Date") the sum of $(*) as developmental funds and thereafter upon each anniversary of the Execution Date, McKesson shall pay Phar-Mor an additional $(*)during the term of this Agreement. If this Agreement is terminated prior to expiration of the sixty (60) month term for any reason whatsoever, Phar-Mor shall immediately reimburse to McKesson the then applicable portion of the above-specified developmental funds as determined by the following pro-rata reimbursement formula. Total Amount of Developmental Number of months remaining Funds Previously Paid By times in the sixty month contract McKesson to Phar-Mor period upon the date of termination -------------------------- 60
Developmental Funds a. The Company must designate eligible crop insurance contracts to any of three Developmental Funds as follows:
a. For eligible crop insurance contracts designated to the Developmental Fund, the Company must designate eligible crop insurance contracts to any of three Developmental Funds as follows: Fund C CAT; Fund R Revenue insurance plans; or Fund B All other crop insurance plans.
b. The Company must retain at least 35 percent of the net book premium and associated liability for ultimate net losses on eligible crop insurance contracts designated to each of the Developmental Funds in each State. Retention in the Developmental Funds in each State must be made in 5 percent increments. The three Developmental Funds' retention percentages may differ within a State. The net book premium and associated liability for ultimate net losses not retained by the Company within the Developmental Fund for each State will be ceded to FCIC.
