Common use of REPORTS AND REIMBURSEMENTS Clause in Contracts

REPORTS AND REIMBURSEMENTS. Accounts shall be submitted by the Reinsured to the Reinsurer on a quarterly basis, in arrears. Within 30 days of the end of each calendar quarter, the Reinsured shall submit to the Reinsurer a statement setting forth the Reinsurer’s quota share participation in the Premiums payable to the Reinsurer hereunder, Premium Adjustments, Ultimate Net Loss activity, reserves (including IBNR reserves), etc., in each case, for the prior calendar quarter, and within thirty (30) days of the end of each calendar year, the Reinsured shall submit to the Reinsurer a statement setting forth the Profit Commission due the Reinsured, if any, under ARTICLE VII for the prior calendar year. Any net balance payable to or from either Party shall be paid by the debtor Party within 15 days of the receipt of such statement. The form of the quarterly and calendar year statements and the information set out therein shall be mutually agreed as between the Parties, and subject to the Parties’ mutual amendments, as the Parties may agree from time to time. This ARTICLE XIII will survive the termination or expiration of this Agreement.