Common use of Interest Penalty Clause in Contracts

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: - 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer Reinsurers or to the Reassured in the following circumstances: -Circumstances: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured Company in the following circumstances: -: 1. A. Loss payment payments owed by the Reinsurer to the Reassured shall Company will have a due date to the Reassured Company as specified in Article VII, Reports and Remittances, of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billingthis Agreement. 2. B. Payment of any premium installments shall will be due to the Reinsurer within 30 calendar days of the will have a due date as specified in Article VII, Reports and Remittances, of this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this ContractAgreement. 3. C. Payment on return of return premiums, commissions, profit sharingpremium, or any other amounts not provided in paragraphs 1 subparagraphs A. or 2 B. above, shall be due by the debtor party within 60 calendar days of will have the due date as specified in this ContractAgreement. If no due date is specified, the due date shall will be 60 ninety (90) days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. D. Failure by the Reinsurer or Reassured the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payment payable at a rate equal to the 90 90-day Treasury Bill rate Xxxx ask yield as published in the Money Rate Section or any successor xection section in the Midwest Edition of the The Wall Street Journal on the first business day following the date a remittance becomes due, plus 21% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall will be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date that the Intermediary, where applicable, receives paymentpayment is received. 5. E. The validity of any claim or payment may be contested under the provisions of this ContractAgreement. If the debtor party prevails in such actionan arbitration or any other proceeding, there shall will be no interest penalty payment due. Otherwise, any interest will be calculated and be due as outlined above. 6. If a F. The Reinsurer advances will advance payment of any claim it is contesting, and prevails such action. Should the Reinsurer prevail in the contest, the Reassured shall Company will return such payment plus pay interest on same, calculated from the date the Company received the advanced payment as per the provisions of this Article. 7. G. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 one hundred dollars ($100) or less shall will be waived. Waiver of such interest, however, shall will not affect the waiving party's right rights to similar interest for any other failure by the other party to make payment when due under this Article. 8. H. Nothing in this Article shall will diminish any legal remedies which that either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. "The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 30 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 60 calendar days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection section of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 forty-five (45) calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 ninety (90) days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 thirty (30) calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 sixty (60) calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 l or 2 above, shall be he due by the debtor party within 60 sixty (60) calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 sixty (60) days following the date of the debtor party's receipt of the billing, but no later than 90 ninety (90) days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 ninety (90) day Treasury Bill rate as published in is the Money Rate Section or any successor xection suxxxxsor section of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party pasty to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 30 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 60 calendar days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection section of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be he compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due clue under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will shall apply to the Subscribing Reinsurer or to the Reassured Company in the following circumstances: -: 1. Loss A. If a loss payment owed by the Subscribing Reinsurer to the Reassured shall have a due date to the Reassured of Company is not received within 45 calendar days following the date of presentation to the Reinsurer's receipt Subscribing Reinsurer of information necessary to approve payment of the billingclaim, but no later than 90 days from the Reassured's date of the billing.and/or 2. Payment of B. If any premium installments shall be due payment owed by the Company to the Subscribing Reinsurer is not received within 30 45 calendar days of following the date specified in on which payment is due, and/or C. If any premium adjustment, agreed by either Party to the other, is not received within 150 calendar days following the expiry or anniversary of this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days , and/or Loss Reinsurance Contract January 1, 2007 D. If any return of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 A, B, and C above, shall be due by are not received in accordance with the debtor party within 60 calendar days of the due date specified in this Contract. If Contract or if no due date is specified, the due date shall be 60 within 90 calendar days following the date of the debtor party's receipt of Party received the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Subscribing Reinsurer or Reassured Company to comply with their respective payment obligations within the time periods as herein provided will result in shall, as of that date, be subject to an interest payment computed by multiplying the amount due by a compound interest penalty payable at a variable rate equal to consisting of the 90 day Treasury Bill rate U.S. Prime Rate as published in the Money Rate Section or any successor xection Eastern Edition of the The Wall Street Journal on the first business day following of the date a remittance becomes calendar month in which the amount became past due, plus 2% per annum%. The variable rate shall be adjusted monthly thereafter to equal the U.S. Prime Rate as published in the Eastern Edition of The Wall Street Journal on the first day of each successive month during which the amount due remains unpaid, to plus 2%. The product shall then be compounded multiplied by 1/365 for each day after the due date that the amount due and adjusted quarterlythe interest amount remain unpaid. Any interest which that occurs pursuant to this Article shall be calculated by the party Party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party Party prevails in such actionan arbitration or any other proceeding with respect to the amounts in dispute, there shall be no interest penalty due. OtherwiseIf the creditor Party wholly or partially prevails on any of the amounts in dispute, any the interest will penalty shall be calculated and due awarded as outlined above. 6. Such interest penalty shall be calculated from the date the monies were due and owing to the date of resolution of the arbitration or proceeding, and shall be payable as of the date of resolution of the arbitration or proceeding. If a Subscribing Reinsurer advances the entire or partial payment of any claim it is contesting, and wholly or partially prevails such actionin the contest, the Reassured Company shall promptly return the applicable amount of such payment plus pay payment. The arbitrator(s) hearing such dispute shall determine if interest on same, calculated as per shall be added to the provisions of this Article. 7amount returned by the Company. Any interest which occurs owing pursuant to this Article may be waived by the party Party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver Any waiver of such interestany interest pursuant to this paragraph, however, shall not affect the waiving party's Party’s right to similar claim and/or pursue interest for any other failure by the other party Party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the tine Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 USD 100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured Company in the following circumstances: -: 1. A. Loss payment owed by the Reinsurer to the Reassured Company shall have a due date to the Reassured Company of 45 90 calendar days following the date of the Reinsurer's receipt billing and/or proof of the billing, but no later than 90 days from the Reassured's date of the billingloss. 2. B. Payment of any premium installments shall be due to the Reinsurer within 30 90 calendar days of the date specified in this ContractAgreement. Any premium adjustments will be due by the debtor party within 60 150 calendar days of the date specified in expiration of this ContractAgreement. 3. C. Payment on return of return premiums, commissions, profit sharing, sharing or any other amounts not provided in paragraphs 1 paragraph A, or 2 B, above, shall be due by the debtor party within 60 calendar days of have the due date as specified in this ContractAgreement. If no due date is specified, the due date shall be 60 90 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. D. Failure by the Reinsurer or Reassured the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill Xxxx rate as published in the Money Rate Section or any successor xection section of the The Wall Street Journal on the first business day following the ----------------------- date a remittance becomes due, plus 21% per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date that the Intermediary, where applicable, receives payment. 5. E. The validity of any claim or payment may be contested under the provisions of this ContractAgreement. If the debtor party prevails in such actionan arbitration or any other proceeding, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. F. If a Reinsurer advances payment of any claim it is contesting, and prevails such actionin the contest, the Reassured Company shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. G. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, interest shall not affect the waiving party's right rights to similar interest for any other failure by the other party to make payment when due under this Article. 8. H. Nothing in this Article shall diminish any legal remedies which that either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -circumstances:- 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection suxxxxsor section of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -circumstances:- 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured Company in the following circumstances: -: 1. A. Loss payment owed by the Reinsurer to the Reassured Company shall have a due date to the Reassured Company of 45 90 calendar days following the date of the Reinsurer's receipt billing and/or proof of the billing, but no later than 90 days from the Reassured's date of the billingloss. 2. B. Payment of any premium installments shall be due to the Reinsurer within 30 90 calendar days of the date specified in this ContractAgreement. Any premium adjustments will be due by the debtor party within 60 150 calendar days of the date specified in expiration of this ContractAgreement. 3. C. Payment on return of return premiums, commissions, profit sharing, sharing or any other amounts not provided in paragraphs 1 paragraph A. or 2 B. above, shall be due by the debtor party within 60 calendar days of have the due date as specified in this ContractAgreement. If no due date is specified, the due date shall be 60 90 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. D. Failure by the Reinsurer or Reassured the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill Xxxx rate as published in the Money Rate Section or any successor xection section of the The Wall Street Journal on the first business day following the date a remittance becomes due, plus 21% per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date that the Intermediary, where applicable, receives payment. 5. E. The validity of any claim or payment may be contested under the provisions of this ContractAgreement. If To the extent the debtor party prevails .in whole or part in such actionan arbitration or any other proceeding, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above.. Accountants Professional Liability AmerInst - Bermuda at January 1, 2004 Page 8 of 17 - CCC reference: T036 6. F. If a Reinsurer advances payment of any claim it is contesting, and prevails such actionin the contest, the Reassured Company shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. G. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, interest shall not affect the waiving party's right ’s rights to similar interest for any other failure by the other party to make payment when due under this Article. 8. H. Nothing in this Article shall diminish any legal remedies which that either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 forty-five (45) calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 ninety (90) days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 thirty (30) calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 sixty (60) calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 sixty (60) calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 sixty (60) days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 ninety (90) day Treasury Bill rate as published in the Money Rate Section or any successor successxx xection of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will shall apply to the Subscribing Reinsurer or to the Reassured Company in the following circumstances: -Agreement No. RAM Re BSGPX — 2006 20. 1. Loss A. If a loss payment owed by the Subscribing Reinsurer to the Reassured shall have a due date to the Reassured of Company is not received within 45 calendar days following the date of presentation to the Reinsurer's receipt Subscribing Reinsurer of information necessary to approve payment of the billingclaim, but no later than 90 days from the Reassured's date of the billing.and/or 2. Payment of B. If any premium installments shall be due payment owed by the Company to the Subscribing Reinsurer is not received within 30 45 calendar days of following the date specified in this Contract. Any on which payment is due, and/or C. If any premium adjustments will be due adjustment, agreed by either party to the debtor party other, is not received within 60 150 calendar days following the expiry or anniversary of the date specified in this Contract.Agreement, and/or 3. Payment D. If any return of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 A, B, and C above, shall be due by are not received in accordance with the debtor party within 60 calendar days of the due date specified in this Contract. If Agreement or if no due date is specified, the due date shall be 60 within 90 calendar days following the date of the debtor party's receipt of party received the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Subscribing Reinsurer or Reassured Company to comply with their respective payment obligations within the time periods as herein provided will result in shall, as of that date, be subject to an interest payment computed by multiplying the amount due by a compound interest penalty payable at a variable rate equal to consisting of the 90 day Treasury Bill rate U.S. Prime Rate as published in the Money Rate Section or any successor xection Eastern Edition of the The Wall Street Journal on the first business day following of the date a remittance becomes calendar month in which the amount became past due, plus 2% per annum%. The variable rate shall be adjusted monthly thereafter to equal the U.S. Prime Rate as published in the Eastern Edition of The Wall Street Journal on the first day of each successive month during which the amount due remains unpaid, to plus 2%. The product shall then be compounded multiplied by 1/365 for each day after the due date that the amount due and adjusted quarterlythe interest amount remain unpaid. Any interest which that occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this ContractAgreement. If the debtor party prevails in such actionan arbitration or any other proceeding with respect to the amounts in dispute, there shall be no interest penalty due. OtherwiseIf the creditor party wholly or partially prevails on any of the amounts in dispute, any the interest will penalty shall be calculated and due awarded as outlined above. 6. Such interest penalty shall be calculated from the date the monies were due and owing to the date of resolution of the arbitration or proceeding, and shall be payable as of the date of resolution of the arbitration or proceeding. If a Subscribing Reinsurer advances the entire or partial payment of any claim it is contesting, and wholly or partially prevails such actionin the contest, the Reassured Company shall promptly return the applicable amount of such payment plus pay payment. The arbitrator(s) hearing such dispute shall determine if interest on same, calculated as per shall be added to the provisions of this Article. 7amount returned by the Company. Any interest which occurs owing pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver Any waiver of such interestany interest pursuant to this paragraph, however, shall not affect the waiving party's ’s right to similar claim and/or pursue interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection xxxxessor section of the Wall Street Journal THE WALL STREET JOURNAL on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 forty-five (45) calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 ninety (90) days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 thirty (30) calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 sixty (60) calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 sixty (60) calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 sixty (60) days following the date of the debtor party's receipt of the billing, but no later than 90 ninety (90) days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 ninety (90) day Treasury Bill rate as published in the Money Rate Section or any successor xection sucxxxxor section of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be he calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured Company in the following circumstances: -: 1. A. Loss payment owed by the Reinsurer to the Reassured Company shall have a due date to the Reassured Company of 45 90 calendar days following the date of the Reinsurer's receipt billing and/or proof of the billing, but no later than 90 days from the Reassured's date of the billingloss. 2. B. Payment of any premium installments shall be due to the Reinsurer within 30 90 calendar days of the date specified in this ContractAgreement. Any premium adjustments will be due by the debtor party within 60 150 calendar days of the date specified in expiration of this ContractAgreement. 3. C. Payment on return of return premiums, commissions, profit sharing, sharing or any other amounts not provided in paragraphs 1 paragraph A. or 2 B. above, shall be due by the debtor party within 60 calendar days of have the due date as specified in this ContractAgreement. If no due date is specified, the due date shall be 60 90 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. D. Failure by the Reinsurer or Reassured the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill Xxxx rate as published in the Money Rate Section or any successor xection section of the The Wall Street Journal on the first business day following the ----------------------- date a remittance becomes due, plus 21 % per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date that the Intermediaryintermediary, where applicable, receives payment. 5. E. The validity of any claim or payment may be contested under the provisions of this ContractAgreement. If To the extent the debtor party prevails in such actionwhole or part in an arbitration or any other proceeding, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. F. If a Reinsurer advances payment of any claim it is contesting, and prevails such actionin the contest, the Reassured Company shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. G. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, interest shall not affect the waiving party's right rights to similar interest for any other failure by the other party to make payment when due under this Article. 8. H. Nothing in this Article shall diminish any legal remedies which that either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection section of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -circumstances:- 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 30 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 60 calendar days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection section of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill rate as published in the Money Rate Section or any successor xection of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured in the following circumstances: -: 1. Loss payment owed by the Reinsurer to the Reassured shall have a due date to the Reassured of 45 forty-five (45) calendar days following the date of the Reinsurer's receipt of the billing, but no later than 90 ninety (90) days from the Reassured's date of the billing. 2. Payment of any premium installments shall be due to the Reinsurer within 30 thirty (30) calendar days of the date specified in this Contract. Any premium adjustments will be due by the debtor party within 60 sixty (60) calendar days of the date specified in this Contract. 3. Payment of return premiums, commissions, profit sharing, or any other amounts not provided in paragraphs 1 or 2 above, shall be due by the debtor party within 60 sixty (60) calendar days of the due date specified in this Contract. If no due date is specified, the due date shall be 60 sixty (60) days following the date of the debtor party's receipt of the billing, but no later than 90 ninety (90) days from the creditor party's date of the billing. 4. Failure by the Reinsurer or Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 ninety (90) day Treasury Bill rate as published in the Money Rate Section or any successor successxx xection of the Wall Street Journal on the first business day following the date a remittance becomes due, plus 2% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date the Intermediary, where applicable, receives payment. 5. The validity of any claim or payment may be contested under the provisions of this Contract. If the debtor party prevails in such action, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. If a Reinsurer advances payment of any claim it is contesting, and prevails such action, the Reassured shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, shall not affect the waiving party's right to similar interest for any other failure by the other party to make payment when due under this Article. 8. Nothing in this Article shall diminish any legal remedies which either party may have against the other.

Interest Penalty. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by the Reassured or Reinsurer. The interest amounts provided for in this Article will apply to the Reinsurer or to the Reassured Company in the following circumstances: -: 1. A. Loss payment owed by the Reinsurer to the Reassured Company shall have a due date to the Reassured Company of 45 90 calendar days following the date of the Reinsurer's receipt billing and/or proof of the billing, but no later than 90 days from the Reassured's date of the billingloss. 2. B. Payment of any premium installments shall be due to the Reinsurer within 30 90 calendar days of the date specified in this ContractAgreement. Any premium adjustments will be due by the debtor party within 60 150 calendar days of the date specified in expiration of this ContractAgreement. 3. C. Payment on return of return premiums, commissions, profit sharing, sharing or any other amounts not provided in paragraphs 1 paragraph A. or 2 B. above, shall be due by the debtor party within 60 calendar days of have the due date as specified in this ContractAgreement. If no due date is specified, the due date shall be 60 90 days following the date of the debtor party's receipt of the billing, but no later than 90 days from the creditor party's date of the billing. 4. D. Failure by the Reinsurer or Reassured the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest penalty payable at a rate equal to the 90 day Treasury Bill Xxxx rate as published in the Money Rate Section or any successor xection section of the The Wall Street Journal on the first business day following the date a ----------------------- remittance becomes due, plus 21% per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article shall be calculated by the party to which it is owed. The accumulation of the number of days that any payment is past due will stop on the date that the Intermediary, where applicable, receives payment. 5. E. The validity of any claim or payment may be contested under the provisions of this ContractAgreement. If To the extent the debtor party prevails in such actionwhole or part in an arbitration or any other proceeding, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above. 6. F. If a Reinsurer advances payment of any claim it is contesting, and prevails such actionin the contest, the Reassured Company shall return such payment plus pay interest on same, calculated as per the provisions of this Article. 7. G. Any interest which occurs pursuant to this Article may be waived by the party to which it is owed. Further, any interest which is calculated pursuant to this Article that is USD100 $100 or less shall be waived. Waiver of such interest, however, interest shall not affect the waiving party's right rights to similar interest for any other failure by the other party to make payment when due under this Article. 8. H. Nothing in this Article shall diminish any legal remedies which that either party may have against the other.