Common use of Payment of Amounts Indicated in Accounting and Settlement Reports Clause in Contracts

Payment of Amounts Indicated in Accounting and Settlement Reports. Simultaneously with Reinsurer’s delivery of the accounting and settlement reports required to be provided to Cedent by Reinsurer under Section 4.1 hereof, Reinsurer shall pay any amounts due to Cedent indicated by such accounting and settlement reports. Reinsurer shall pay any allowances due to the Cedent shown on the report required to be provided to Reinsurer by Cedent under Section 4.2 hereof on or before the tenth (10th) Business Day following its receipt of such report. Cedent shall pay any amount due to Reinsurer on or before the thirtieth (30th) Business Day following its receipt of the accounting and settlement reports required to be provided to Cedent by Reinsurer under Section 4.1 hereof. Any late payment of an amount required by this Quota Share Reinsurance Agreement to be paid or remitted by Cedent to Reinsurer or by Reinsurer to Cedent shall bear simple interest from and including the date such payment is due under this provision until, but excluding, the date of payment, at a rate per annum equal to the rate announced by Citibank, N.A. as its “Base Rate” plus two percent (2%).

Payment of Amounts Indicated in Accounting and Settlement Reports. Simultaneously with Reinsurer’s 's delivery of the accounting and settlement reports required to be provided to Cedent by Reinsurer under Section 4.1 hereof, Reinsurer shall pay any amounts due to Cedent indicated by such accounting and settlement reports. Reinsurer shall pay any allowances due to the Cedent shown on the report required to be provided to Reinsurer by Cedent under Section 4.2 hereof on or before the tenth (10th) thirtieth 30th Business Day following its receipt of such report. Cedent shall pay any amount due to Reinsurer on or before the thirtieth (30th) Business Day following its receipt of the accounting and settlement reports required to be provided to Cedent by Reinsurer under Section 4.1 hereof. Any late payment of an amount required by this Quota Share Loss Portfolio Reinsurance Agreement to be paid or remitted by Cedent to Reinsurer or by Reinsurer to Cedent shall bear simple interest from and including the date such payment is due under this provision until, but excluding, the date of payment, at a rate per annum equal to the rate announced by Citibank, N.A. as its “Base 90-Day Treasury Rate” plus two percent (2%).

Payment of Amounts Indicated in Accounting and Settlement Reports. Simultaneously with Reinsurer’s 's delivery of the accounting and settlement reports required to be provided to Cedent by Reinsurer under Section 4.1 hereof, Reinsurer shall pay any amounts due to Cedent indicated by such accounting and settlement reports. Reinsurer shall pay any allowances due to the Cedent shown on the report required to be provided to Reinsurer by Cedent under Section 4.2 hereof on or before the tenth thirtieth (10th30th) Business Day following its receipt of such report. Cedent shall pay any amount due to Reinsurer on or before the thirtieth (30th) Business Day following its receipt of the accounting and settlement reports required to be provided to Cedent by Reinsurer under Section 4.1 hereof. Any late payment of an amount required by this Quota Share Reinsurance Agreement to be paid or remitted by Cedent to Reinsurer or by Reinsurer to Cedent shall bear simple interest from and including the date such payment is due under this provision until, but excluding, the date of payment, at a rate per annum equal to the rate announced by Citibank, N.A. as its “Base 90-Day Treasury Rate” plus two percent (2%).