Common use of REINSURANCE PREMIUM Clause in Contracts

REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 1. The amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto; or 2. The sum of the following: a. The percentage, shown as "Condominium, Dwelling and Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Condominium, Dwelling and Homeowners business during the term of this Contract; and b. The percentage, shown as "Manufactured Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Manufactured Homeowners business during the term of this Contract. B. The Company shall pay the Reinsurer a deposit premium for each excess layer of the amount, shown as "Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Quarterly Deposit Premium" for that excess layer in Schedule A attached hereto, on June 1, September 1 and December 1 of 2004 and March 1, 2005. C. Within 45 days after the expiration of this Contract, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph A, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly.

REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 1. The amount, shown as "Annual Minimum Premium" for that excess layer in Schedule A attached hereto; or, in the event the early expiration provision outlined in paragraph A of Article II is exercised by the Company, the amount shown as "Early Expiration Minimum Premium" for that excess layer in Schedule A attached hereto. In the event that this Contract is terminated in accordance with the provisions of paragraph B of Article II, the annual minimum premium for each excess layer shall be a pro rata portion of the "Annual Minimum Premium" for that excess layer in Schedule A attached hereto. 2. The sum of the following: a. The percentage, shown as "Condominium, Dwelling and Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross net earned premium for Condominium, Dwelling and Homeowners business during the term of this Contract; and b. The percentage, shown as "Manufactured Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Manufactured Homeowners business during the term of this Contract. B. The Company shall pay the Reinsurer a an annual deposit premium for each excess layer of the an amount, shown as "Annual Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the an amount, shown as "Quarterly Deposit Premium" for that excess layer in Schedule A attached hereto, on June 1, September 1 and December 1 of 2004 1, 1996, and March 1 and June 1, 20051997. However, in the event that this Contract expires on June 30, 1997 in accordance with the provisions of paragraph A of Article II, the Reinsurer shall return to the Company a pro rata portion of the deposit premium for each excess layer payable on June 1, 1997. In the event that this Contract is terminated at any time, in accordance with the provisions of paragraph B of Article II, the Company shall pay a pro rata portion of the amount, shown as "Annual Deposit Premium," for that excess layer in Schedule A attached hereto. C. Within 45 60 days after the expiration or termination of this Contract, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph A, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly.

REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 1. The amount, shown as "Minimum Premium" for that excess layer in Schedule A attached hereto; or 2. The sum of the following: a. The percentage, shown as "Condominium, Dwelling Homeowners and Homeowners Commercial Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Condominium, Dwelling Homeowners and Homeowners Commercial Property business during the term of this Contract; and b. The percentage, shown as "Manufactured Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Manufactured Homeowners business during the term of this Contract. B. The Company shall pay the Reinsurer a deposit premium for each excess layer of the amount, shown as "Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Quarterly Deposit Premium" for that excess layer in Schedule A attached hereto, on June 1, September 1 and December 1 of 2004 2003 and March 1, 20052004. C. Within 45 days after the expiration of this Contract, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph A, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly.

REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 1. The amount, shown as "Minimum Premium" for that excess layer in Schedule A attached heretohereto (in the event this Contract is terminated prior to May 31, 2006, no minimum premium shall apply); or 2. The sum of the following: a. The percentage, shown as "Condominium, Dwelling and Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Condominium, Dwelling and Homeowners business during the term of this Contract; and b. The percentage, shown as "Manufactured Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Manufactured Homeowners business during the term of this Contract. B. The Company shall pay the Reinsurer a deposit premium for each excess layer of the amount, shown as "Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Quarterly Deposit Premium" for that excess layer in Schedule A attached hereto, on June 1, September 1 and December 1 of 2004 2005 and March 1, 20052006. However, if this Contract is terminated prior to May 31, 2006, no deposit premium installments shall be due from the Company after the effective date of termination. C. Within 45 days after the termination or expiration of this Contract, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph A, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly.

REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 1. The amount, shown as "“Minimum Premium" ” for that excess layer in Schedule A attached hereto; or 2. The sum of the following: a. The percentage, shown as "Condominium, Dwelling and Homeowners “Premium Rate" ” for that excess layer in Schedule A attached hereto, of the Company's ’s gross earned premium for Condominium, Dwelling and Homeowners business during the term of this Contract; and b. The percentage, shown as "Manufactured Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Manufactured Homeowners Property business during the term of this Contract. B. The Company shall pay the Reinsurer a deposit premium for each excess layer of the amount, shown as "“Deposit Premium" ” for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "“Quarterly Deposit Premium" ” for that excess layer in Schedule A attached hereto, on June 1, September 1 and December 1 of 2004 and March 1, 2005. C. Within 45 days after the expiration of this Contract, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph A, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly. D. “Gross earned premium” as used herein is defined as earned premium of the Company for the classes of business reinsured hereunder, before the deduction of any premiums ceded by the Company for reinsurance which inures to the benefit of this Contract. Gross earned premium will not include the Company’s earned premium for Homeowners, Manufactured Homeowners and Condominium policies that include a “No Wind/No Water” exclusion. It is understood that gross earned premium shall include catastrophe fees, but shall exclude MGA fees, DRST fees and policy surcharges to recoup residual market deficit assessments.

REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 1. The amount, amount shown as "“Contract Minimum Premium" ” (or a pro rata portion thereof if this Contract is terminated prior to May 31, 2010, subject to no known losses) for that excess layer in Schedule A attached hereto; or 2. The sum of the following: a. The percentageCompany’s aggregate total insured value for policies that include wind coverage in force on September 30, 2009, multiplied by the percentage shown as "Condominium, Dwelling and Homeowners Premium “Adjustment Rate" ” for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Condominium, Dwelling and Homeowners business during the term of this Contract; and b. The percentage, shown as "Manufactured Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Manufactured Homeowners business during the term of this Contract. B. The Company shall pay the Reinsurer a deposit premium for each excess layer of the amount, shown as "“Contract Deposit Premium" ” for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "of the “Quarterly Deposit Premium" ” for that excess layer in Schedule A attached hereto, hereto on June 1, September 1 and December 1 of 2004 2009 and March 1, 20052010. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and Termination Article, no deposit premium installments shall be due after the effective date of termination; however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of the “Contract Deposit Premium” for that excess layer in Schedule A attached hereto as of the effective date of termination. C. Within 45 30 days after the expiration effective date of this Contracttermination or expiration, or within 30 days after September 30, 2009 (the date to be selected by the Company), the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph AA above, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptlypromptly remitted.

REINSURANCE PREMIUM. A. As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 1. The amount, shown as "Minimum Premium" for that excess layer in Schedule A attached heretohereto (in the event this Contract is terminated prior to May 31, 2006, no minimum premium shall apply); or 2. The sum of the following: a. The percentage, shown as "Condominium, Dwelling and Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Condominium, Dwelling and Homeowners business during the term of this Contract; and b. The percentage, shown as "Manufactured Homeowners Premium Rate" for that excess layer in Schedule A attached hereto, of the Company's gross earned premium for Manufactured Homeowners Property business during the term of this Contract. B. The Company shall pay the Reinsurer a deposit premium for each excess layer of the amount, shown as "Deposit Premium" for that excess layer in Schedule A attached hereto, in four equal installments of the amount, shown as "Quarterly Deposit Premium" for that excess layer in Schedule A attached hereto, on June 1, September 1 and December 1 of 2004 2005 and March 1, 20052006. However, if this Contract is terminated prior to May 31, 2006, no deposit premium installments shall be due from the Company after the effective date of termination, and the Reinsurer shall return the unearned portion of any deposit premium paid by the Company. C. Within 45 days after the termination or expiration of this Contract, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph A, and any additional premium due the Reinsurer or return premium due the Company for each such excess layer shall be remitted promptly.