Common use of PROFIT COMMISSIONS Clause in Contracts

PROFIT COMMISSIONS. The Company agrees that any profit commissions which may become due, as set forth in the Quota Share Agreement, shall be the property of the General Agent provided the General Agent is not in default of the Managing General Agency Agreement. The General Agent agrees that any profit commissions that may become due shall not be payable to the General Agent until the Company has received such from the reinsurers.

PROFIT COMMISSIONS. The Company agrees that any profit commissions commission(s) which may become due, as set forth in the Quota Share Agreement, Agreement shall be the property of the General Agent Agent, provided the General Agent is in not in default of the Managing General Agency Agreement. The General Agent agrees that any profit commissions that may become due shall not be payable to the General Agent until the Company has received such from the reinsurers.

PROFIT COMMISSIONS. The Company agrees that any profit commissions which may become due, as set forth in the Property Quota Share Agreement, shall be the property of the General Agent provided the General Agent is not in default of the Managing General Agency Agreement. The General Agent agrees that any profit commissions that may become due shall not be payable to the General Agent until the Company has received such from the reinsurers.

PROFIT COMMISSIONS. The Company agrees that any profit commissions which may become due, as set forth in the All Lines Quota Share AgreementContract, shall be the property of the General Agent provided the General Agent is not in default of the Managing General Agency Agreement. The General Agent agrees that any profit commissions that may become due shall not be payable to the General Agent until the Company has received such from the reinsurers.

PROFIT COMMISSIONS. The Company agrees that any profit commissions which may become due, as set forth in the All Lines Quota Share Agreement, shall be the property of the General Agent provided the General Agent is not in default of the Managing General Agency Agreement. The General Agent agrees that any profit commissions that may become due shall not be payable to the General Agent until the Company has received such from the reinsurers.