Repayment of Commissions. Except as otherwise provided in Schedule 3.1, if MetLife cancels a policy or contract for any reason or if the policy or contract owner exercises any right to cancel a policy or contract, and, as a result, MetLife refunds or returns any amount of any payment made on such policy or contract, any compensation thereon paid by MetLife to Broker, or by MetLife to a Broker, shall be promptly repaid to MetLife by Broker. In addition, Xxxxxx shall promptly repay to MetLife the amount of any other charge back of compensation in connection with the Products that have been issued pursuant to this Agreement in accordance with Schedule 3.1. If MetLife waives a premium for any reason, Broker shall not be entitled to compensation on such waived premium.
Repayment of Commissions. (i) If Chesapeake elects to purchase some or all of the Chesapeake Firm Shares in accordance with its election to exercise the preemptive rights which it holds in connection with the Company's offering of the Firm Shares, the Underwriters shall pay, as soon as is reasonably practicable after the First Closing Date, to the Company an amount equal to the number of Chesapeake Firm Shares purchased by Chesapeake in accordance with its election to exercise the preemptive rights which it holds in connection with the Company's offering of the Firm Shares, multiplied by the amount obtained by subtracting the purchase price per Firm Share to be paid by the several Underwriters to the Company set forth in Section 2(a) herein from the public offering price set forth on the outside front cover page of the Prospectus.
Repayment of Commissions. Agency will repay Company commissions, not to exceed amount paid to Agency, under the following conditions. Repayments under this schedule will be netted against any commissions owed to Agency by Company with respect to other products offered by Company. For purposes of processing repayments, withdrawals will be considered deducted from the Contract in the following order:
Repayment of Commissions. In the event that a contract is surrendered within the first year of the issue date, a portion of the commission paid thereon shall be charged back to the PAYEE based on the following schedule: CHARGE BACK AS A % OF COMMISSIONS RECEIVED DURATION THAT CONTRACT DURING THE FIRST WAS IN-FORCE CONTRACT YEAR Less than 3 months 100% Greater than or equal to 3 months, but less than 6 months 75% Greater than or equal to 6 months, but less than 9 months 50% Greater than or equal to 9 months, but less than 12 months 25% VARIABLE UNIVERSAL LIFE If a policy on which commissions have been annualized lapses or surrenders during the first contract year, the charge back will equal the commission paid on the excess of annualized premium over actual premium paid.
Repayment of Commissions. The Parties agree that the Set Off Amount will be paid as follows: (i) amounts outstanding as of December 12, 2001 (which are approximately $1.5 million) of the amounts owed by VENTURE to SALES shall be used to offset amounts owed by SALES to VENTURE and (ii) on or before December 31, 2002, the rest of the Set Off Amount (approximately $3.1 million), owed by VENTURE to SALES shall be repaid by SALES to VENTURE.
Repayment of Commissions. To the extent that Manufacturer has paid a commission to the Representative on any sale or transaction which is excluded from the payment of any commission under Section 3.2 above, the Representative shall promptly refund such commission to Manufacturer or, at Manufacturer's option and upon written notice to the Representative, Manufacturer may set-off the amount of such commission against any unpaid commissions owed by Manufacturer to the Representative.
Repayment of Commissions. In the event that a contract is surrendered within the first year of the issue date, a portion of the commission paid thereon shall be charged back to the Payee based on the following schedule: VARIABLE ANNUITIES ------------------ CHARGE BACK AS A % OF COMMISSIONS RECEIVED DURATION THAT CONTRACT DURING THE FIRST WAS IN-FORCE CONTRACT YEAR Less than 3 months 100% Greater than or equal to 3 months, but less than 6 months 75% Greater than or equal to 6 months, but less than 9 months 50% Greater than or equal to 9 months, but less than 12 months 25% VARIABLE UNIVERSAL lIFE ----------------------- If a policy on which commissions have been annualized lapses or surrenders during the first contract year, the charge back will equal the commission paid on the excess of annualized premium over actual premium paid.
Repayment of Commissions. Except as otherwise provided in Compensation Schedule 3.1, In the event of a chargeback of commissions, any compensation paid by Phoenix to Broker (whether or not a portion of such compensation is paid by the Broker to a Sub-Producer) shall be promptly repaid to Phoenix by Broker. Broker shall reasonably cooperate with and assist Phoenix in the recovery of any such compensation. Repayments of commissions are required in the following instances:
Repayment of Commissions. If, on Policies solicited by You or Your Producers, XXXX pays any refunds on premiums received by it, You shall immediately reimburse OLIC for any commissions received by You or Your Producers with respect to such refund premiums.
Repayment of Commissions. Except as otherwise provided in Schedule 3.1, if Brighthouse cancels a policy or contract for any reason or if the policy or contract owner exercises any right to cancel a policy or contract, and, as a result, Brighthouse refunds or returns any amount of any payment made on such policy or contract, any compensation thereon paid by Brighthouse to Broker, or by Brighthouse to a Broker, shall be promptly repaid to Brighthouse by Broker. In addition, Xxxxxx shall promptly repay to Brighthouse the amount of any other charge back of compensation in connection with the Products that have been issued pursuant to this Agreement in accordance with Schedule 3.1. If Brighthouse waives a premium for any reason, Broker shall not be entitled to compensation on such waived premium.
