Premium True Up Sample Clauses

Premium True Up. (i) Within thirty (30) days following the 5th business day of every calendar month following the Assumption Effective Date for the duration of the Transition Period, the Company may recalculate the amounts specified in Section 2.5(b)(ii) and Section 2.5(c) considering the monthly post-Assumption Effective Date information available to the Parties (such calculations resulting in the calculation of the "Actual UPR Transfer Amount" for the purposes of Section 2.5(b)(ii) and the "Actual Earned and Collected Premiums" for the purposes of Section 2.5(c); the Actual UPR Transfer Amount and the Actual Earned and Collected Premiums, together, the "Actual Premium Amounts") and, if the Actual Premium Amounts are different from the Initial UPR Transfer Amount (as may be subsequently adjusted on a monthly basis pursuant to this Section 2.5(d)(i» and/or Estimated Earned and Collected Premiums, as applicable, the Company shall notify the Assuming Insurer of its computation of the Actual Premium Amounts, together with its work papers used to compute' the same (the "True Up Report"). Failure of the Company to deliver the True Up Report within the time period specified herein shall be deemed confirmation by the Company of the Initial UPR Transfer Amount (as may be subsequently adjusted on a monthly basis pursuant to this Section 2.5(d)(i) and the Estimated Earned and Collected Premiums as, respectively, the Actual UPR Transfer Amount and the Actual Earned and Collected Premiums. (ii) Within ten (10) days following the Assuming Insurer's receipt of the True Up Report, the Parties shall confer in good faith with regard to the Actual Premium Amounts and, if necessary, an appropriate adjus1ment shall be made to the amounts due or payable pursuant to this Section 2.5(d) as agreed upon by the Parties. If the Parties are unable to agree on the Actual Premium Amounts within twenty (20) days of the Assuming Reinsurer's receipt of the True Up Report, "Alternative Accountants," whose decision on the matter shall be binding on the Parties, shall be designated by agreement between the Company and the Assuming Insurer. If the Parties fail to agree on the selection of the Alternative Accountants, the Alternative Accountants shall be selected by mutual agreement of each of the Company's and the Assuming Insurer's outside independent auditors. The selection of Alternative Accountants, whether by the Parties or outside auditors, shall take place within ten (10) days of the decision to select...
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Related to Premium True Up

  • Premium Payment The Bank shall pay any premiums due on the Policy.

  • Premium Payments If an employee with at least three years of service in the employ of the Shaker Heights Board of Education should exhaust his/her sick leave within the time specifications of this contract and is granted a leave of absence by the Board, the Board shall continue to pay his/her premiums in accordance with his/her work assignment for the following fringe benefits for a period not to exceed twelve (12) months. The payment of such premiums will cease on the effective date an employee retires, resigns, goes on disability retirement or his/her contract is terminated. 1. PPO medical coverage 2. Prescription drug coverage

  • PREMIUM TAX The Reinsurer will not reimburse the Ceding Company for premium taxes.

  • Premium Pay “Premium Pay” is a special pay rate for working during times that are less desirable, such as weekends, holidays or late shifts. The City will not pay the Consultant Premium Pay.

  • PREMIUM ACCOUNTING The Company will pay the Reinsurer premiums in accordance with the terms specified in Exhibit C-1. The method and requirements for reporting and remitting premiums are specified in Exhibit F.

  • Premium Taxes If premium taxes are incurred, they will be deducted from the contract accumulation, to the extent permitted by law.

  • Payment Due Date Unless City notifies the Contractor that a dispute exists, Payment shall be made within [Enter number of days, generally ≥ 30] calendar days, measured from (1) the delivery of goods and/or the rendering of services or (2) the date of receipt of the invoice, whichever is later. Payment is deemed to be made on the date on which City has issued a check to Contractor or, if Contractor has agreed to electronic payment, the date on which City has posted electronic payment to Contractor.

  • PREMIUM ADJUSTMENT If THE COMPANY overpays a reinsurance premium and THE REINSURER accepts the overpayment, THE REINSURER’s acceptance will not constitute or create a reinsurance liability or increase in any existing reinsurance liability. Instead, THE REINSURER will be liable to THE COMPANY for a credit in the amount of the overpayment. If a reinsured policy terminates, THE REINSURER will refund the excess reinsurance premium. This refund will be on a prorated basis without interest from the date of termination of the policy to the date to which a reinsurance premium has been paid.

  • Premium Recapture With respect to any Mortgage Loan without Prepayment Penalties that prepays in full during the first 90 days following the related Closing Date, and with respect to any Mortgage Loan that is repurchased pursuant to Subsection 9.04, the Seller shall pay the Purchaser, within 30 calendar days after giving notice of such prepayment in full or repurchase, an amount equal to the excess of the Purchase Price Percentage for such Mortgage Loan over par, multiplied by the outstanding principal balance of such Mortgage Loan as of the related Cut-off Date.

  • Due Date All fees contemplated under Section 3(a) above and reimbursement for all expenses contemplated under Section 3(b) above are due and payable within ten (10) days of receipt of an invoice provided by GFS. Any fees or reimbursements due hereunder not received by its due date may be assessed interest at the maximum amount permitted by law.

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