Premium Deposit definition
Examples of Premium Deposit in a sentence
The District agrees to maintain a Premium Deposit Account (PDA) in order to provide a reserve of funds to mitigate future insurance premium increases for all employees.
Thereafter, the Servicer shall be entitled to reimbursement from the applicable Insurance Account for the amount of any such advance from moneys on deposit therein not related to the Premium Deposit Amount necessary to make timely payment of the next Monthly Premium.
Wherever the term "premiums" is used in this Agreement, it will include deposits made by the Company into the Premium Deposit Fund described in Exhibit B for payment of future premiums as they become due.
Borrower has deposited the Initial Blanket Insurance Premium Deposit in the Tax and Insurance Escrow Funds on the date hereof (as set forth in clause (ii)(A) in the immediately preceding paragraph).
Borrower’s allocable share of the annual Insurance Premiums for the blanket policy for the period from the date hereof through August 1, 2005 is the Initial Blanket Insurance Premium Deposit.
The District agrees to maintain a Premium Deposit Account (PDA) in order to provide funds to mitigate future insurance premium increases for all employees.
At least 60 calendar days before each Payment Date, the Ceding Insurer (a) will deposit any amount necessary so that the amount in the Premium Deposit Account as of such date is at least equal to the Installment Premium payments due on the next two succeeding Payment Dates, or (b) may withdraw any amount held in the Premium Deposit Account in excess of the Installment Premium payment due on the next two succeeding Payment Dates in each case subject to paragraph 3 below.
At least 60 days before each Payment Date during the Extension Period, the Ceding Insurer will deposit any amount necessary so that the amount in the Premium Deposit Account as of such date is at least equal to the Installment Premium payments due on the two next succeeding Payment Dates; except that with respect to the Payment Date immediately preceding the Commutation Date, no additional deposit will be due.
The Ceding Insurer shall charge in favor of the Reinsurer the Premium Deposit Account to secure its obligations to make Installment Premium payments under this Agreement and shall cause Citibank to provide account balance information to the Reinsurer on a monthly basis and on request.
In the event that the Ceding Insurer fails to pay any Installment Premium when due, then within four Business Days of the relevant Payment Date (“Premium Deposit Account Withdrawal Date”), the Reinsurer will be authorized to have an amount equal to the Installment Premium due withdrawn from the Premium Deposit Account and paid to the Reinsurer.