Return Premiums; Undesignated Premium Payments by Clients Sample Clauses

Return Premiums; Undesignated Premium Payments by Clients. (a) Buyer will promptly remit any Return Premiums it receives from any Carrier on or after the Effective Date to the applicable Client; provided, however, that if, at the time such Return Premiums are received from the Carrier, any Premiums/Fees Receivable due from such Client remain outstanding to Seller or Buyer or have been written off by Seller or Buyer as bad debt in accordance with Seller or Buyer’s Accounts Receivable collection policy, as applicable, then such Return Premiums will be treated as follows: (i) the Return Premiums will be paid over to Buyer or Seller, as the case may be, for application against the outstanding Premiums/Fees Receivables in reverse order of their invoicing, i.e., with application to be made against the most recently invoiced Premiums/Fees Receivables first; and (ii) any remaining Return Premiums after application against all outstanding Premiums/Fees Receivable will be remitted by Buyer to the Client. Seller will promptly deliver to Buyer any Return Premiums that Seller receives from any Carrier on or after the Effective Date, so that Buyer may remit or apply such Return Premiums as appropriate under this Section 1.6. For clarity, no monies due under this Section 1.6(a) will be subject to any limitations set forth in Article 6. (b) If any monies received on or after the Effective Date from a Client for payment of any Premiums/Fees Receivable are not accompanied by an invoice, an invoice number, or other reasonable indication as to which Premiums/Fees Receivable the Client intended to apply such monies, such monies will be applied in the order of their invoicing, i.e., with application to be made to the oldest aged Premiums/Fees Receivables first.
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