Common use of Share of premium Clause in Contracts

Share of premium. 5.1 The Insurer shall be entitled to share in all premiums received by the ARP Manager in respect of all ARP Policies incepting in the relevant Indemnity Period or under any arrangements made pursuant to paragraph 2.8 in respect of that period in accordance with its Percentage Participation from time to time, subject to: 5.1.1 deduction of administration and management charges (including any applicable Value Added Tax) by the ARP Manager; 5.1.2 (where the Insurer has agreed that these may be paid on its behalf by the ARP Manager under paragraph 2.3.5 or where the obligation to pay such amounts falls on the ARP Manager as a matter of law) deduction of any amounts payable by the ARP Manager to HM Revenue and Customs by way of Insurance Premium Tax; 5.1.3 any set-off against the liability of the Insurer from time to time under paragraph 6; 5.1.4 any set-off against the liability of the Insurer from time to time in respect of claims arising on ARP Policies or in respect of any arrangements made pursuant to paragraph 2.8 incepting in any previous Indemnity Period; 5.1.5 any adjustment required under paragraph 6.5; 5.1.6 any adjustment to the Insurer‘s Percentage Liability in accordance with paragraph 3.9; 5.1.7 any adjustment to the Insurer‘s Initial Participation Percentage Participation or Percentage Liability in accordance with paragraph 9; 5.1.8 the addition of any income earned (net of any taxation in respect of that income) on premiums received by the ARP Manager; and 5.1.9 deduction of any sum due pursuant to paragraph 8.1, such share after taking into account each of the above adjustments being referred to in this Agreement as the ARP Amount. 5.2 If, on the date 3 months following the end of the relevant Indemnity Period, the ARP Amount in respect of any Indemnity Period is greater than zero, the ARP Manager shall pay such sum to the Insurer within 20 business days thereafter, but without prejudice to its rights under to make any subsequent demands under paragraph 6. 5.3 The ARP Manager shall keep all premiums received in respect of ARP Policies or under any arrangements made pursuant to paragraph 2.8 in a separate account in relation to each Indemnity Period and held by the ARP Manager on trust for the Qualifying Insurers which participate in the ARP at any time during the relevant Indemnity Period. 5.4 The ARP Manager shall execute a Deed of Trust in the form attached to this Schedule 1, setting out the terms on which it shall hold sums as agent and trustee of each Qualifying Insurer

Share of premium. 5.1 The Insurer shall be entitled to share in all premiums received by the ARP Manager in respect of all ARP Policies incepting in the relevant Indemnity Period or under any arrangements made pursuant to paragraph 2.8 in respect of that period in accordance with its Percentage Participation from time to time, subject to: 5.1.1 deduction of administration and management charges (including any applicable Value Added Tax) by the ARP Manager; 5.1.2 (where the Insurer has agreed that these may be paid on its behalf by the ARP Manager under paragraph 2.3.5 or where the obligation to pay such amounts falls on the ARP Manager as a matter of law) deduction of any amounts payable by the ARP Manager to HM Revenue and Customs by way of Insurance Premium Tax; 5.1.3 any set-off against the liability of the Insurer from time to time under paragraph 6; 5.1.4 any set-off against the liability of the Insurer from time to time in respect of claims arising on ARP Policies or in respect of any arrangements made pursuant to paragraph 2.8 incepting in any previous Indemnity Period; 5.1.5 any adjustment required under paragraph 6.5; 5.1.6 any adjustment to the Insurer‘s Insurer’s Percentage Liability in accordance with paragraph 3.9; 5.1.7 any adjustment to the Insurer‘s Insurer’s Initial Participation Percentage Participation or Percentage Liability in accordance with paragraph 9; 5.1.8 the addition of any income earned (net of any taxation in respect of that income) on premiums received by the ARP Manager; and 5.1.9 deduction of any sum due pursuant to paragraph 8.1, such share after taking into account each of the above adjustments being referred to in this Agreement as the ARP Amount. 5.2 If, on the date 3 months following the end of the relevant Indemnity Period, the ARP Amount in respect of any Indemnity Period is greater than zero, the ARP Manager shall pay such sum to the Insurer within 20 business days thereafter, but without prejudice to its rights under to make any subsequent demands under paragraph 6. 5.3 The ARP Manager shall keep all premiums received in respect of ARP Policies or under any arrangements made pursuant to paragraph 2.8 in a separate account in relation to each Indemnity Period and held by the ARP Manager on trust for the Qualifying Insurers which participate in the ARP at any time during the relevant Indemnity Period. 5.4 The ARP Manager shall execute a Deed of Trust in the form attached to this Schedule 1, setting out the terms on which it shall hold sums as agent and trustee of each Qualifying Insurer

Share of premium. 5.1 The Insurer shall be entitled to share in all premiums received by the ARP Manager in respect of all ARP Policies incepting in the relevant Indemnity Period or under any arrangements made pursuant to paragraph 2.8 in respect of that period in accordance with its Percentage Participation from time to time, subject to: 5.1.1 deduction of administration and management charges (including any applicable Value Added Tax) by the ARP Manager; 5.1.2 (where the Insurer has agreed that these may be paid on its behalf by the ARP Manager under paragraph 2.3.5 or where the obligation to pay such amounts falls on the ARP Manager as a matter of law) deduction of any amounts payable by the ARP Manager to HM Revenue Customs and Customs Excise by way of Insurance Premium Tax; 5.1.3 any set-off against the liability of the Insurer from time to time under paragraph 6; 5.1.4 any set-off against the liability of the Insurer from time to time in respect of claims arising on ARP Policies or in respect of any arrangements made pursuant to paragraph 2.8 incepting in any previous Indemnity Period; 5.1.5 any adjustment required under paragraph 6.5; 5.1.6 any adjustment to the Insurer‘s Insurer’s Percentage Liability in accordance with paragraph 3.9; 5.1.7 any adjustment to the Insurer‘s Insurer’s Initial Participation Percentage Participation or Percentage Liability in accordance with paragraph 9; 5.1.8 the addition of any income earned (net of any taxation in respect of that income) on premiums received by the ARP Manager; and 5.1.9 deduction of any sum due pursuant to paragraph 8.1, such share after taking into account each of the above adjustments being referred to in this Agreement as the “ARP Amount”. 5.2 If, on the date 3 months following the end of the relevant Indemnity Period, the ARP Amount in respect of any Indemnity Period is greater than zero, the ARP Manager shall pay such sum to the Insurer within 20 business days thereafter, but without prejudice to its rights under to make any subsequent demands under paragraph 6. 5.3 The ARP Manager shall keep all premiums received in respect of ARP Policies or under any arrangements made pursuant to paragraph 2.8 in a separate account in relation to each Indemnity Period and held by the ARP Manager on trust for the Qualifying Insurers which participate in the ARP at any time during the relevant Indemnity Period. 5.4 The ARP Manager shall execute a Deed of Trust in the form attached to this Schedule 1, setting out the terms on which it shall hold sums as agent and trustee of each Qualifying Insurer