Common use of Reporting and Payments Clause in Contracts

Reporting and Payments. 1. The Reinsured will provide the Reinsurer with information necessary to properly account for the policies reinsured. Information will be provided on an aggregate consolidated basis. Not later than thirty (30) days after the end of each calendar quarter, the Reinsured will submit a report substantially in accordance with Schedule D. The Reinsured agrees to provide or make available to the Reinsurer such documentation as may be necessary to support the items reported. If a net amount is owed the Reinsurer, the Reinsured shall enclose payment with the quarterly report. If a net amount is owed the Reinsured, the Reinsurer shall remit within fifteen (15) days of the receipt of the quarterly report. The amount owed shall be increased by interest at 11.78% per annum effective compounded daily for each day that the remittance is late.