Common use of Interest Penalty Clause in Contracts

Interest Penalty. The interest amounts provided for in this Article will apply to the Reinsurer or to the Company in the following circumstances: A. Loss payments owed by the Reinsurer to the Company will have a due date to the Company as specified in Article VII, Reports and Remittances, of this Agreement. B. Payment of any premium will be due to the Reinsurer will have a due date as specified in Article VII, Reports and Remittances, of this Agreement. C. Payment on return of premium, or any amounts not provided in subparagraphs A. or B. above, will have the due date as specified in this Agreement. If no due date is specified, the due date will be ninety (90) days following the date of billing. D. Failure by the Reinsurer or the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest payment payable at a rate equal to the 90-day Treasury Xxxx ask yield as published in the Money Rate Section or any successor section in the Midwest Edition of The Wall Street Journal on the first business day following the date a remittance becomes due, plus 1% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article 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 payment is received. E. The validity of any claim or payment may be contested under the provisions of this Agreement. If the debtor party prevails in an arbitration or any other proceeding, there will be no interest payment due. Otherwise, any interest will be calculated and be due as outlined above. F. The Reinsurer will advance payment of any claim it is contesting. Should the Reinsurer prevail in the contest, the 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. 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 one hundred dollars ($100) or less will be waived. Waiver of such interest, however, will not affect the waiving party's rights to similar interest for any other failure by the other party to make payment when due under this Article. H. Nothing in this Article will diminish any legal remedies that either party may have against the other.

Interest Penalty. The interest amounts provided for in this Article will apply to the Reinsurer Reinsurers or to the Company Reassured in the following circumstancesCircumstances: A. 1. Loss payments payment owed by the Reinsurer to the Company will Reassured shall have a due date to the Company as specified in Article VIIReassured of 45 calendar days following the date of the Reinsurer's receipt of the billing, Reports and Remittances, but no later than 90 days from the Reassured's date of this Agreementthe billing. B. 2. Payment of any premium will installments shall be due to the Reinsurer will have a due within 30 calendar days of the date as specified in Article VII, Reports and Remittances, this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this AgreementContract. C. 3. Payment on of return of premiumpremiums, commissions, profit sharing, or any other amounts not provided in subparagraphs A. paragraphs 1 or B. 2 above, will have shall be due by the debtor party within 60 calendar days of the due date as specified in this AgreementContract. If no due date is specified, the due date will shall be ninety (90) 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. D. 4. Failure by the Reinsurer or the Company Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest payment penalty payable at a rate equal to the 90-90 day Treasury Xxxx ask yield Bill rate as published in the Money Rate Section or any successor section in xection of the Midwest Edition of The Wall Street Journal on the first business day following the date a remittance becomes due, plus 12% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article will 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 payment is receivedIntermediary, where applicable, receives payment. E. 5. The validity of any claim or payment may be contested under the provisions of this AgreementContract. If the debtor party prevails in an arbitration or any other proceedingsuch action, there will shall be no interest payment penalty due. Otherwise, any interest will be calculated and be due as outlined above. F. The 6. If a Reinsurer will advance advances payment of any claim it is contesting. Should the Reinsurer prevail in the contest, and prevails such action, the Company will Reassured shall 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. G. 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 one hundred dollars ($100) 100 or less will shall be waived. Waiver of such interest, however, will shall not affect the waiving party's rights right to similar interest for any other failure by the other party to make payment when due under this Article. H. 8. Nothing in this Article will shall diminish any legal remedies that 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 Company Reassured in the following circumstances:circumstances:- A. 1. Loss payments payment owed by the Reinsurer to the Company will Reassured shall have a due date to the Company as specified in Article VIIReassured of 30 calendar days following the date of the Reinsurer's receipt of the billing, Reports and Remittances, but no later than 60 calendar days from the Reassured's date of this Agreementthe billing. B. 2. Payment of any premium will installments shall be due to the Reinsurer will have a due within 30 calendar days of the date as specified in Article VII, Reports and Remittances, this Contract. Any premium adjustments will be due by the debtor party within 60 calendar days of the date specified in this AgreementContract. C. 3. Payment on of return of premiumpremiums, commissions, profit sharing, or any other amounts not provided in subparagraphs A. paragraphs 1 or B. 2 above, will have shall be due by the debtor party within 60 calendar days of the due date as specified in this AgreementContract. If no due date is specified, the due date will shall be ninety (90) 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. D. 4. Failure by the Reinsurer or the Company Reassured to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest payment penalty payable at a rate equal to the 90-90 day Treasury Xxxx ask yield Bill rate as published in the Money Rate Section or any successor section in of the Midwest Edition of The Wall Street Journal on the first business day following the date a remittance becomes due, plus 12% per annum, to be compounded and adjusted quarterly. Any interest which occurs pursuant to this Article will 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 payment is receivedIntermediary, where applicable, receives payment. E. 5. The validity of any claim or payment may be contested under the provisions of this AgreementContract. If the debtor party prevails in an arbitration or any other proceedingsuch action, there will shall be no interest payment penalty due. Otherwise, any interest will be calculated and be due as outlined above. F. The 6. If a Reinsurer will advance advances payment of any claim it is contesting. Should the Reinsurer prevail in the contest, and prevails such action, the Company will Reassured shall 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. G. 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 one hundred dollars ($100) USD100 or less will shall be waived. Waiver of such interest, however, will shall not affect the waiving party's rights right to similar interest for any other failure by the other party to make payment when due under this Article. H. 8. Nothing in this Article will shall diminish any legal remedies that which either party may have against the other.

Interest Penalty. The interest amounts provided for in this Article will apply to the Reinsurer or to the Company in the following circumstances: A. Loss payments payment owed by the Reinsurer to the Company will shall have a due date to the Company as specified in Article VII, Reports and Remittances, of this Agreement90 calendar days following the date of the billing and/or proof of loss. B. Payment of any premium will shall be due to the Reinsurer will have a due within 90 calendar days of the date as specified in Article VII, Reports and Remittances, this Agreement. Any premium adjustments will be due by the debtor party within 150 calendar days of the expiration of this Agreement. C. Payment on return of premiumpremiums, commissions, profit sharing or any amounts not provided in subparagraphs paragraph A. or B. above, will shall have the due date as specified in this Agreement. If no due date is specified, the due date will shall be ninety (90) 90 days following the date of billing. D. Failure by the Reinsurer or the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest payment penalty payable at a rate equal to the 90-90 day Treasury Xxxx ask yield rate as published in the Money Rate Section or any successor section in the Midwest Edition of The Wall Street Journal on the first business day following the date a remittance becomes due, plus 1% per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article will 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 payment is receivedIntermediary, where applicable, receives payment. E. The validity of any claim or payment may be contested under the provisions of this Agreement. If To the extent the debtor party prevails .in whole or part in an arbitration or any other proceeding, there will shall be no interest payment penalty due. Otherwise, any interest will be calculated and be due as outlined above.. Accountants Professional Liability AmerInst - Bermuda at January 1, 2004 Page 8 of 17 - CCC reference: T036 F. The If a Reinsurer will advance advances payment of any claim it is contesting. Should the Reinsurer prevail , and prevails in the contest, the Company will shall 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. 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 one hundred dollars ($100) 100 or less will shall be waived. Waiver of such interest, however, will interest shall not affect the waiving party's ’s rights to similar interest for any other failure by the other party to make payment when due under this Article. H. Nothing in this Article will shall diminish any legal remedies that either party may have against the other.

Interest Penalty. The interest amounts provided for in this Article will apply to the Reinsurer or to the Company in the following circumstances: A. Loss payments payment owed by the Reinsurer to the Company will shall have a due date to the Company as specified in Article VII, Reports and Remittances, of this Agreement90 calendar days following the date of the billing and/or proof of loss. B. Payment of any premium will shall be due to the Reinsurer will have a due within 90 calendar days of the date as specified in Article VII, Reports and Remittances, this Agreement. Any premium adjustments will be due by the debtor party within 150 calendar days of the expiration of this Agreement. C. Payment on return of premiumpremiums, commissions, profit sharing or any amounts not provided in subparagraphs paragraph A. or B. above, will shall have the due date as specified in this Agreement. If no due date is specified, the due date will shall be ninety (90) 90 days following the date of billing. D. Failure by the Reinsurer or the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest payment penalty payable at a rate equal to the 90-90 day Treasury Xxxx ask yield rate as published in the Money Rate Section or any successor section in the Midwest Edition of The Wall Street Journal on the first business day following the ----------------------- date a remittance becomes due, plus 11 % per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article will 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 payment is receivedintermediary, where applicable, receives payment. E. The validity of any claim or payment may be contested under the provisions of this Agreement. If To the extent the debtor party prevails in whole or part in an arbitration or any other proceeding, there will shall be no interest payment penalty due. Otherwise, any interest will be calculated and be due as outlined above. F. The If a Reinsurer will advance advances payment of any claim it is contesting. Should the Reinsurer prevail , and prevails in the contest, the Company will shall 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. 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 one hundred dollars ($100) 100 or less will shall be waived. Waiver of such interest, however, will interest shall not affect the waiving party's rights to similar interest for any other failure by the other party to make payment when due under this Article. H. Nothing in this Article will shall diminish any legal remedies that either party may have against the other.

Interest Penalty. The interest amounts provided for in this Article will apply to the Reinsurer or to the Company in the following circumstances: A. Loss payments payment owed by the Reinsurer to the Company will shall have a due date to the Company as specified in Article VII, Reports and Remittances, of this Agreement90 calendar days following the date of the billing and/or proof of loss. B. Payment of any premium will shall be due to the Reinsurer will have a due within 90 calendar days of the date as specified in Article VII, Reports and Remittances, this Agreement. Any premium adjustments will be due by the debtor party within 150 calendar days of the expiration of this Agreement. C. Payment on return of premiumpremiums, commissions, profit sharing or any amounts not provided in subparagraphs paragraph A. or B. above, will shall have the due date as specified in this Agreement. If no due date is specified, the due date will shall be ninety (90) 90 days following the date of billing. D. Failure by the Reinsurer or the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest payment penalty payable at a rate equal to the 90-90 day Treasury Xxxx ask yield rate as published in the Money Rate Section or any successor section in the Midwest Edition of The Wall Street Journal on the first business day following the date a ----------------------- remittance becomes due, plus 1% per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article will 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 payment is receivedIntermediary, where applicable, receives payment. E. The validity of any claim or payment may be contested under the provisions of this Agreement. If To the extent the debtor party prevails in whole or part in an arbitration or any other proceeding, there will shall be no interest payment penalty due. Otherwise, any interest will be calculated and be due as outlined above. F. The If a Reinsurer will advance advances payment of any claim it is contesting. Should the Reinsurer prevail , and prevails in the contest, the Company will shall 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. 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 one hundred dollars ($100) 100 or less will shall be waived. Waiver of such interest, however, will interest shall not affect the waiving party's rights to similar interest for any other failure by the other party to make payment when due under this Article. H. Nothing in this Article will shall diminish any legal remedies that either party may have against the other.

Interest Penalty. The interest amounts provided for in this Article will apply to the Reinsurer or to the Company in the following circumstances: A. Loss payments payment owed by the Reinsurer to the Company will shall have a due date to the Company as specified in Article VII, Reports and Remittances, of this Agreement90 calendar days following the date of the billing and/or proof of loss. B. Payment of any premium will shall be due to the Reinsurer will have a due within 90 calendar days of the date as specified in Article VII, Reports and Remittances, this Agreement. Any premium adjustments will be due by the debtor party within 150 calendar days of the expiration of this Agreement. C. Payment on return of premiumpremiums, commissions, profit sharing or any amounts not provided in subparagraphs A. paragraph A, or B. B, above, will shall have the due date as specified in this Agreement. If no due date is specified, the due date will shall be ninety (90) 90 days following the date of billing. D. Failure by the Reinsurer or the Company to comply with their respective payment obligations within the time periods as herein provided will result in a compound interest payment penalty payable at a rate equal to the 90-90 day Treasury Xxxx ask yield as rate published in the Money Rate Section or any successor section in the Midwest Edition of The Wall Street Journal on the first business day following the ----------------------- date a remittance becomes due, plus 1% per annum, to be compounded and adjusted quarterly. Any interest which that occurs pursuant to this Article will 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 payment is receivedIntermediary, where applicable, receives payment. E. The validity of any claim or payment may be contested under the provisions of this Agreement. If the debtor party prevails in an arbitration or any other proceeding, there will shall be no interest payment penalty due. Otherwise, any interest will be calculated and be due as outlined above. F. The If a Reinsurer will advance advances payment of any claim it is contesting. Should the Reinsurer prevail , and prevails in the contest, the Company will shall 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. 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 one hundred dollars ($100) 100 or less will shall be waived. Waiver of such interest, however, will interest shall not affect the waiving party's rights to similar interest for any other failure by the other party to make payment when due under this Article. H. Nothing in this Article will shall diminish any legal remedies that either party may have against the other.