Ongoing Payments. To the extent that FAFLIC receives monies, checks, drafts, money orders or other instruments payable to, or to the order of, FAFLIC and allocable to FAFLIC's general account from any third party relating to the Contracts, FAFLIC shall transfer such amounts to the Reinsurer no later than on the date the Monthly Statements are due. If applicable, FAFLIC shall pay such amounts, together with simple interest thereon from, and including, the earliest Monthly Statement on which such amounts could have been recorded to, but not including, the date of payment computed at an annual rate equal to the LIBOR rate.
Appears in 2 contracts
Sources: Coinsurance Agreement (Separate Acct Va K of First Allmerica Financial Life Ins Co), Core Coinsurance Agreement (Vel Ii Acct of State Mutual Life Assur Co of America)