Common use of Non-Payment of Premiums Clause in Contracts

Non-Payment of Premiums. The Reinsurer may terminate its liability for any Reinsured Policy for which the premiums have not been paid within 60 days after the Due Date stated in Exhibit F, by giving the Company 15 days written notice of such termination. Notwithstanding such termination, the Company is still obligated to pay the overdue premiums, plus interest to the date of payment. The Company will not force termination under the provisions of this Article solely to avoid the recapture requirements or to transfer the Reinsured Policies to another reinsurer.

Non-Payment of Premiums. The Reinsurer may terminate its liability for any Reinsured Policy for which the premiums have not been paid within 60 XX days after the Due Date stated in Exhibit F, by giving the Company 15 XX days written notice of such termination. Notwithstanding such termination, the Company is still obligated to pay the overdue premiums, plus interest to the date of payment. The Company will not force termination under the provisions of this Article solely to avoid the recapture requirements or to transfer the Reinsured Policies to another reinsurer.

Non-Payment of Premiums. The Reinsurer may terminate its liability for any Reinsured Policy for which the premiums have not been paid within 60 days after the Due Date stated in Exhibit F, by giving the Company 15 days written notice of such termination. Notwithstanding such termination, the Company is still obligated to pay the overdue premiums, plus interest interest, to the date of payment. The Company will not force termination under the provisions of this Article solely to avoid the recapture requirements or to transfer the Reinsured Policies to another reinsurer.