Common use of Payment Under Compensation Schedules Clause in Contracts

Payment Under Compensation Schedules. Company shall pay Broker or an Agency, as applicable, compensation for the sale of each Contract sold by a Representative of Broker as set forth in the then applicable Compensation Schedules that are part of Exhibits A and B, as such Compensation Schedules may be from time to time amended, modified and/or replaced in Company's sole discretion. Company shall use commercially reasonable efforts to provide prior notice of changes to the Compensation Schedules. Company shall identify to Broker or an Agency, as applicable, with each such payment the name or names of the Representative(s) of Broker who solicited each Contract covered by the payment. Broker or an Agency, as applicable, shall be responsible for issuing checks, statements or forms for tax purposes and other administrative duties connected with compensation of such Representatives. Unless otherwise agreed upon by the parties, Company shall have no obligation to any of the employees, agents or Representatives of Broker or an Agency for the payment of any compensation. Any amendment to Exhibits A or B shall be applicable to any Contract for which any application or premium is received by Company on or after the effective date of such amendment. Company, however, reserves the right to amend (i) Exhibits A and/or B with respect to subsequent premiums and renewal commissions, and (ii) such Exhibits pursuant to this subsection even after termination of this Agreement.