Surplus Contribution. (a) In addition to paying your policy premium, you agree to make a contribution to Vault’s surplus in the amounts and during the period of time set forth in subsection (b) below (the “Surplus Contribution”). You understand and agree that the amounts paid as Surplus Contributions will be credited as policyholder surplus for the benefit and protection of all Vault subscribers and that Surplus Contributions made to Vault are not premiums for insurance.
(b) The Surplus Contribution is payable to Vault on or prior to the initial effective date of your coverage and within 30 calendar days of the effective date of all endorsements generating an additional premium. For each of the first five years of your membership with Vault, the Surplus Contribution will be paid at the following rates: (i) Ten percent (10%) of annual Homeowners (with Windstorm coverage) policy premium; and (ii) Four percent (4%) of annual policy premium for all other policies.
(c) In the event the SAC determines that additional Surplus Contributions will be required of subscribers, Vault will notify you in advance and such additional Surplus Contributions will only be due for policies you elect to renew.
Surplus Contribution. Members agree to make, in addition to policy premium payments, a surplus contribution to PSE (“Surplus Contribution”). The Surplus Contribution will be quantified on the policy declaration page and is payable to PSE on or prior to the initial effective date of coverage, or in accordance with the first xxxx, and within 30 days of the effective date of all endorsements generating an additional premium. The Surplus Contribution will be made during the first five (5) full years of each policy designated as a Participating Policy. If a member terminates a policy, and then buys the same policy at a later date, the years will reset and start from zero. Surplus Contributions may be adjusted or waived for certain policy types at the sole discretion of PSRM.
Surplus Contribution. The Subscriber agrees to pay his or her policy premium and agrees to make, in addition to policy premiums, a surplus contribution to PURE (“Surplus Contribution”). The surplus contribution is payable to PURE on or prior to the initial effective date of coverage and within 30 days of the effective date of all endorsements generating an additional premium. The Surplus Contribution will be made during the first five full years of membership. The possibility of future surplus contributions, if any, will be determined by the Subscribers’ Advisory Committee and communicated to the Subscriber prior to renewal of the Subscriber’s policy(ies) The current Surplus Contributions are based on the total premiums written and will be: • 10% of total annual Homeowners Premiums • 10% of total annual Watercraft Premiums • 4% of total annual Premiums for all other policies
Surplus Contribution. The Subscriber agrees to pay his or her policy premium and agrees to make, in addition to policy premiums, a surplus contribution to PURE (“Surplus Contribution”). The surplus contribution is payable to PURE on or prior to the initial effective date of coverage and within 30 days of the effective date of all endorsements generating an additional premium. The Surplus Contribution will be made during the first five full years of membership. The possibility of future surplus contributions, if any, will be determined by the Subscribers’ Advisory Committee and communicated to the Subscriber prior to renewal of the Subscriber’s policy(ies) e: unts paid as surplus contributions will be credited as urplus contributions made to PURE are not premiums for us contributions to its Subscribers is subject to provisions of The current Surplus Contributions are based on the total premiums written and will b • 10% of total annual Homeowners Premiums • 10% of total annual Watercraft Premiums • 4% of total annual Premiums for all other policies
Surplus Contribution. 21 SECTION 5. Representations, Warranties and Agreements. . . . . . . . . . . . . . . . . .22
Surplus Contribution. On the Initial Borrowing Date, an amount of at least $23,500,000 shall have been contributed to CalComp, CCIC (to the extent acquired on or prior to the Initial Borrowing Date) and/or CBIC. The acceptance of the benefits of the Loans on the Initial Borrowing Date and on the date of each Loan thereafter shall constitute a representation and warranty by the Borrower to each of the Banks that all of the applicable conditions specified in this Section 4 exist or have been satisfied as of such date. All of the certificates, legal opinions and other documents and papers referred to in this Section 4, unless otherwise specified, shall be delivered to the Administrative Agent at its Notice Office for the account of each of the Banks.
