Common use of Premium Taxes and Assessments Clause in Contracts

Premium Taxes and Assessments. The Reinsurer shall pay the Company on a monthly basis an amount equal to two percent (2%) of the gross Premiums on the Policies and the Post-Closing Policies collected by the Reinsurer, as an advance against the Reinsurer’s liabilities for premium Taxes payable by the Company and assessments to the Company by state guaranty or insolvency or similar associations or funds, to the extent that such Taxes and assessments are allocable to Premiums paid on or after the Effective Date. Amounts payable pursuant to this Section 3.10 shall be reflected on the Accountings delivered hereunder and shall be paid pursuant to the provisions of Section 3.6. Not later than June 30 after each calendar year falling within the term of this Agreement, the Company shall provide the Reinsurer with an accounting of its actual premium Tax and guaranty fund assessment liability with respect to the Policies and the Post-Closing Policies for such calendar year (without giving effect to any credits due to the Company for any guaranty fund assessments paid by the Company prior to Closing). If such accounting reflects amounts owed to the Reinsurer, the Company shall pay such amounts in cash to the Reinsurer with the accounting. If it reflects amounts owed to the Company (including any interest or penalties relating to underpayment of estimated Taxes based on information provided by the Reinsurer), the Reinsurer shall pay such amounts in cash to the Company within five (5) Business Days of receiving the accounting. The Company shall payor provide the Reinsurer with the benefit of guaranty fund assessments previously reimbursed by the Reinsurer to the extent such payments were actually utilized to reduce the Company’s tax liabilities. The utilization of any outstanding assessments by the Company shall be determined on a FIFO basis (those assessments made in earlier years shall be considered used first).

Premium Taxes and Assessments. The Reinsurer shall pay the Company on a monthly basis an amount equal to two percent (2%) of the gross Premiums on the Policies and the Post-Closing Policies collected by the Reinsurer, as an advance against the Reinsurer’s 's liabilities for premium Taxes payable by the Company and assessments to the Company by state guaranty or insolvency or similar associations or funds, to the extent that such Taxes and assessments are allocable to Premiums paid on or after the Effective Date. Amounts payable pursuant to this Section 3.10 shall be reflected on the Accountings delivered hereunder and shall be paid pursuant to the provisions of Section 3.6. Not later than June 30 after each calendar year falling within the term of this Agreement, the Company shall provide the Reinsurer with an accounting of its actual premium Tax and guaranty fund assessment liability with respect to the Policies and the Post-Closing Policies for such calendar year (without giving effect to any credits due to the Company for any guaranty fund assessments paid by the Company prior to Closing). If such accounting reflects amounts owed to the Reinsurer, the Company shall pay such amounts in cash to the Reinsurer with the accounting. If it reflects amounts owed to the Company (including any interest or penalties relating to underpayment of estimated Taxes based on information provided by the Reinsurer), the Reinsurer shall pay such amounts in cash to the Company within five (5) Business Days of receiving the accounting. The Company shall payor provide the Reinsurer with the benefit of guaranty fund assessments previously reimbursed by the Reinsurer to the extent such payments were actually utilized to reduce the Company’s 's tax liabilities. The utilization of any outstanding assessments by the Company shall be determined on a FIFO basis (those assessments made in earlier years shall be considered used first).

Premium Taxes and Assessments. The Reinsurer shall pay the Company on a monthly basis an amount equal to two percent (2%) of the gross Premiums on the Policies and the Post-Closing Policies collected by the Reinsurer, as an advance against the Reinsurer’s 's liabilities for premium Taxes payable by the Company and assessments to the Company by state guaranty or insolvency or similar associations or funds, to the extent that such Taxes and assessments are allocable to Premiums paid on or after the Effective Date. Amounts payable pursuant to this Section 3.10 shall be reflected on the Accountings delivered hereunder and shall be paid pursuant to the provisions of Section 3.6. Not later than June 30 after each calendar year falling within the term of this Agreement, the Company shall provide the Reinsurer with an accounting of its actual premium Tax and guaranty fund assessment liability with respect to the Policies and the Post-Closing Policies for such calendar year (without giving effect to any credits due to the Company for any guaranty fund assessments paid by the Company prior to Closing). If such accounting reflects amounts owed to the Reinsurer, the Company shall pay such amounts in cash to the Reinsurer with the accounting. If it reflects amounts owed to the Company (including any interest or penalties relating to underpayment of estimated Taxes based on information provided by the Reinsurer), the Reinsurer shall pay such amounts in cash to the Company within five (5) Business Days of receiving the accounting. The Company shall payor pay or provide the Reinsurer with the benefit of guaranty fund assessments previously reimbursed by the Reinsurer to the extent such payments were actually utilized to reduce the Company’s 's tax liabilities. The utilization of any outstanding assessments by the Company shall be determined on a FIFO basis (those assessments made in earlier years shall be considered used first).

Premium Taxes and Assessments. The Reinsurer shall pay the Company on a monthly basis an amount equal to two percent (2%) of the gross Premiums on the Policies and the Post-Closing Policies collected by the Reinsurer, as an advance against the Reinsurer’s 's liabilities for premium Taxes payable by the Company and assessments to the Company by state guaranty or insolvency or similar associations or funds, to the extent that such Taxes and assessments are allocable to Premiums paid on or after the Effective Date. Amounts payable pursuant to this Section 3.10 3.11 shall be reflected on the Accountings delivered hereunder and shall be paid pursuant to the provisions of Section 3.6. Not later than June 30 after each calendar year falling within the term of this Agreement, the Company shall provide the Reinsurer with an accounting of its actual premium Tax and guaranty fund assessment liability with respect to the Policies and the Post-Closing Policies for such calendar year (without giving effect to any credits due to the Company for any guaranty fund assessments paid by the Company prior to Closing). If such accounting reflects amounts owed to the Reinsurer, the Company shall pay such amounts in cash to the Reinsurer with the accounting. If it reflects amounts owed to the Company (including any interest or penalties relating to underpayment of estimated Taxes based on information provided by the Reinsurer), the Reinsurer shall pay such amounts in cash to the Company within five (5) Business Days of receiving the accounting. The Company shall payor pay or provide the Reinsurer with the benefit of any guaranty fund assessments previously reimbursed by the Reinsurer to the extent such payments were actually utilized to reduce the Company’s 's tax liabilities. The utilization of any outstanding assessments by the Company shall be determined on a FIFO basis (those assessments made in earlier years shall be considered used first).

Premium Taxes and Assessments. The Reinsurer shall pay the Company on a monthly basis an amount equal to two percent (2%) of the gross Premiums on the Policies and the Post-Closing Policies collected by the Reinsurer, as an advance against the Reinsurer’s liabilities for premium Taxes payable by the Company and assessments to the Company by state guaranty or insolvency or similar associations or funds, to the extent that such Taxes and assessments are allocable to Premiums paid on or after the Effective Date. Amounts payable pursuant to this Section 3.10 shall be reflected on the Accountings delivered hereunder and shall be paid pursuant to the provisions of Section 3.6. Not later than June 30 after each calendar year falling within the term of this Agreement, the Company shall provide the Reinsurer with an accounting of its actual premium Tax and guaranty fund assessment liability with respect to the Policies and the Post-Closing Policies for such calendar year (without giving effect to any credits due to the Company for any guaranty fund assessments paid by the Company prior to Closing). If such accounting reflects amounts owed to the Reinsurer, the Company shall pay such amounts in cash to the Reinsurer with the accounting. If it reflects amounts owed to the Company (including any interest or penalties relating to underpayment of estimated Taxes based on information provided by the Reinsurer), the Reinsurer shall pay such amounts in cash to the Company within five withinfive (5) Business Days of receiving the accounting. The Company shall payor pay or provide the Reinsurer with the benefit of guaranty fund assessments previously reimbursed by the Reinsurer to the extent such payments were actually utilized to reduce the Company’s tax liabilities. The utilization of any outstanding assessments by the Company shall be determined on a FIFO basis (those assessments made in earlier years shall be considered used first).