Common use of Conversion Charges Clause in Contracts

Conversion Charges. Within ten (10) business days following the end of each calendar month during the term of this Agreement (or, with respect to the calendar month in which this Agreement is terminated, within ten (10) business days following the termination date), SLNY shall pay to the U.S. Branch an amount equal to 10% of the sum of the face amounts of the Conversion Policies issued during such calendar month.

Conversion Charges. Within ten (10) business days following the end of each calendar month during the term of this Agreement (or, with respect to the calendar month in which this Agreement is terminated, within ten (10) business days following the termination date), SLNY the U.S. Branch shall pay to the U.S. Branch SLNY an amount equal to 10% XX (redacted number) of the sum of the face amounts of the Conversion Policies issued during such calendar month.