Payment of Profit Commission Sample Clauses

Payment of Profit Commission. Within thirty (30) days following the second anniversary of the first Underwriting Year, the Company's accountants shall calculate the Loss Ratio (as defined in Section 3.3(c)) and corresponding Profit Commission, if any, with respect to Policies produced during the first Underwriting Year. Within thirty (30) days thereafter, the Company shall remit a copy of its Loss Ratio calculation to the General Agent along with payment of the Profit Commission, if any, owed to the General Agent. On or before August 1st of each year thereafter (until such time as all losses under the Policies at issue have been fully settled and paid), the Company's accountants shall annually recalculate the Loss Ratio and, if necessary, adjust the Profit Commission as set forth herein. In the event the Profit Commission recalculated during the year at issue is less than the Profit Commission calculated in the immediately preceding year, the General Agent shall return the difference between such amounts to the Company. In the event the Profit Commission recalculated during the year at issue is greater than the Profit Commission calculated in the immediately preceding year, the Company shall pay the difference to the General Agent as additional Profit Commission. Any Profit Commission adjustments payable to the Company or the General Agent, as the case may be, shall be paid on or before September 1st of the year at issue. The Company's obligation to pay Profit Commission or Provisional Commission shall be subject at all times to any offset rights the Company may have under the Agreement or otherwise, including, without limitation, the right to offset against such amounts any Corridor Return Commission owed to the Company. If the General Agent fails to return any portion of the Profit Commission due the Company, the Company shall be entitled to draw against the Letter of Credit required under Section 3.3(e) to satisfy any shortfall or seek payment under the guarantee attached as Schedule 3 to the Agreement.
Sample 1
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Related to Payment of Profit Commission

  • Management Fees and Compensation No Credit Party shall, and no Credit Party shall permit any of its Subsidiaries to, pay any management, consulting or similar fees to any Affiliate of any Credit Party or to any officer, director or employee of any Credit Party or any Affiliate of any Credit Party except:

  • Payment of Commissions Payments of selling commissions and any other fees due to the Dealer pursuant to this Agreement will be made by the Dealer Manager to the Dealer. Selling commissions and such other fees due to the Dealer pursuant to this Agreement will be paid to the Dealer within 30 days after their receipt by the Dealer Manager. The Dealer, in its sole discretion, may authorize the Dealer Manager to deposit selling commissions and any other payments due to it pursuant to this Agreement directly to its bank account. If the Dealer so elects, the Dealer shall provide such deposit authorization and instructions in Schedule 2 to this Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Dealer Manager has reallowed any selling commissions or fees to the Dealer for a sale of one or more Shares and the subscription is rescinded as to one or more of the Shares covered by such subscription, the Dealer shall decrease the next reallowance of selling commissions or payment of other compensation otherwise payable to the Dealer by the Dealer Manager under this Agreement by an amount equal to the selling commissions or fees paid to the Dealer for the sale of the Shares as to which the subscription is rescinded. In the event that no reallowance of selling commissions or payment of other compensation is due to the Dealer Manager after such rescinded subscription occurs, the Dealer shall pay the amount specified in the preceding sentence to the Dealer Manager within seven (7) days following receipt of notice by the Dealer from the Dealer Manager stating the amount owed as a result of rescinded subscriptions.

  • Compensation; Reimbursement At the closing of each Offering (each, a “Closing”), the Company shall compensate Xxxxxxxxxx as follows:

  • Compensation and Expense Reimbursement A. Client will pay the Company, as compensation for the services provided for in this Agreement and as reimbursement for expenses incurred by Company on Client's behalf, in the manner set forth in Schedule A annexed to this Agreement which Schedule is incorporated herein by reference.

  • Payment of Compensation Subject to the provisions of this paragraph, payment of the Subadviser's compensation for the preceding month shall be made within 15 days after the end of the preceding month.

  • Payment of Bonuses The Bonus payable to an Executive for any Fiscal Year shall be paid in accordance with the following provisions:

  • Payment of Bonus Within fifteen (15) days of such termination, the Company shall pay to the Executive his Target Bonus pursuant to Section 3(b), prorated for the number of days of employment completed by the Executive during the year in which his employment terminated.

  • Indemnification and Reimbursement of Payments on Behalf of Executive The Company, Employer and their respective Subsidiaries shall be entitled to deduct or withhold from any amounts owing from the Company or any of its Subsidiaries to Executive any federal, state, local or foreign withholding taxes, excise taxes, or employment taxes (“Taxes”) imposed with respect to Executive’s compensation or other payments from the Company or any of its Subsidiaries or Executive’s ownership interest in the Company, including, without limitation, wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity. In the event the Company or its Subsidiaries does not make such deductions or withholdings, Executive shall indemnify the Company and its Subsidiaries for any amounts paid with respect to any such Taxes, together with any interest, penalties and related expenses thereto.

  • Recovery of Bonus and Incentive Compensation Any bonus and incentive compensation paid to you during a CPP Covered Period is subject to recovery or “clawback” by the Company if the payments were based on materially inaccurate financial statements or any other materially inaccurate performance metric criteria.

  • Compensation and FUND ACCOUNTING Expenses FUND ACCOUNTING shall be paid as compensation for its services pursuant to this Agreement such compensation as may from time to time be agreed upon in writing by the two parties. FUND ACCOUNTING shall be entitled, if agreed to by the Fund on behalf of the Portfolio, to recover its reasonable telephone, courier or delivery service, and all other reasonable out-of-pocket, expenses as incurred, including, without limitation, reasonable attorneys' fees and reasonable fees for pricing services.

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