Ocean Marine Settlement Reports Clause Samples

Ocean Marine Settlement Reports. (i) Not later than February 28, 1997, Purchaser shall deliver to Seller a certificate (each such certificate being referred to as an "Ocean ----- Marine Settlement Report") setting forth Purchaser's determination of the "net ------------------------ program income" realized or the "net program loss" incurred by the Company and its Subsidiaries and attributable to the Ocean Marine Program between November 1, 1996, and January 31, 1997, and shall include Ocean Marine Case Reserves and Ocean Marine IBNR Reserves for all outstanding losses incurred under the program. Seller shall be entitled to receive, on or prior to March 31, 1997, an amount equal to the "net program income" realized by the Company and its Subsidiaries and attributable to the Ocean Marine Program, if any, set forth in such Ocean Marine Settlement Report. Purchaser, on the other hand, shall be entitled to receive from Seller, on or prior to March 31, 1997, an amount equal to the "net program loss" incurred by the Company and its Subsidiaries and attributable to the Ocean Marine Program, if any, set forth in such Ocean Marine Settlement Report. In the event there exists on March 31, 1997 a dispute which has not been resolved pursuant to Section 9.8(c), payment shall be made promptly, but in no event more than two (2) business days after the dispute has been resolved. (ii) Not later than May 31, 1997, August 31, 1997, and November 30, 1997, and on February 28, May 31, August 31 and November 30 of each year thereafter (until there are no longer any outstanding losses incurred under the Ocean Marine Program that have not been finally resolved) Purchaser shall deliver to Seller an Ocean Marine Settlement Report setting forth Purchaser's determination of the "net program income" realized or the "net program loss" incurred by the Company and its Subsidiaries and attributable to the Ocean Marine Program for the preceding three (3) month periods ended January 31, April 30, July 31 and October 31, respectively, and shall include Ocean Marine Case Reserves and Ocean Marine IBNR Reserves as of the end of such three (3) month periods ended January 31, April 30, July 31 and October 31, respectively, for all outstanding losses incurred under the program. Seller shall be entitled to receive, on or prior to the date that is sixty (60) days after the end of each three (3) month period ended January 31, April 30, July 31 and October 31, respectively, an amount equal to the "net program income" realized by the C...