Insurance Premium Refunds. With respect to the Insured Office Loans (as defined in Section 7.2(l) herein), SELLERS shall provide a credit to BUYER equal to the sum of unearned premiums relating to the Insured Office Loans to compensate BUYER, in advance, for estimated refunds otherwise payable to FNB in conjunction with future payoffs of such Insured Office Loans prior to maturity (the "Premium Settlement Payment"). Such Premium Settlement Payment shall be calculated as of the Closing Date and shall appear as a credit to BUYER in the Final Settlement Statement referenced in Section 6.4 herein.
Insurance Premium Refunds. Any refund received from the group medical carrier which refund represents only funds paid by the professional employees as premiums, shall be used as reserve funds for future medical and/or dental premiums of professional employees.
Insurance Premium Refunds. The parties acknowledge that portions of certain insurance premiums paid by ELFS prior to the Closing and certain insurance rebates related to audits will be refunded to ELFS following the Closing (the “Insurance Refunds”). The parties agree that the Insurance Refunds are Excluded Assets for all purposes of this Agreement, shall be remitted to the Seller Representative on behalf of the Sellers within two business days following availability of the funds to ELFS and shall not be subject to any subordination by Sellers to Santander Bank.
Insurance Premium Refunds. To the extent that, during the period that is ninety (90) days from and after the Closing, the Buyers, the Group Companies or any of their respective Affiliates actually receive any amounts remitted in cash as refunds for any unused insurance premiums relating to the insurance premiums paid by the Group Companies prior to the Closing, Buyers shall pay, or shall cause to be paid, to the Sellers the amount of such refunds (if any) within five (5) Business Days following the date that is ninety (90) days after the Closing to the accounts and in the proportions designated in writing by the Sellers’ Representative.
Insurance Premium Refunds. With respect to the Insured Office Loans as defined in Section 7.2(j) herein, BANK ONE shall provide a credit to BUYER in a sum equal to 10.5% of the unearned premiums relating to the Insured Office Loans to compensate BUYER, in advance, for estimated refunds otherwise payable to BANK ONE in conjunction with future payoffs of such Insured Office Loans prior to maturity (the "Premium Settlement Payment" herein). Such Premium Settlement Payment shall be calculated as of the Closing Date and shall appear as a credit to BUYER in the Final Settlement Statement referenced in Section.6.4 herein.
