Common use of SECURITY AND PAYMENT Clause in Contracts

SECURITY AND PAYMENT. 1. MGA shall have the right to offset any amounts due MGA from PRODUCER against amounts due PRODUCER by MGA. 2. In the event MGA receives an insufficient funds check from PRODUCER, MGA may elect to deem insufficient funds check as breach of contract, which may result in the cancellation of said PRODUCER’S Agreement. MGA, at its discretion, may elect to process any new or renewal business applications from PRODUCER and requests for endorsement of policies in force only if accompanied by a cashiers check, certified check or cash for the gross premium due until such time that PRODUCER pays in full the obligation covered by the insufficient funds check. 3. PRODUCER agrees to refund unearned commission within 30 days to MGA at the same rate that commissions were paid to PRODUCER. 4. PRODUCER ▇▇▇▇▇▇ gives the MGA authorization to direct deposit any commissions due the PRODUCER for policies written by the PRODUCER on behalf of the MGA. The PRODUCER further authorizes the debit/withdrawal of any amounts owned to the MGA by PRODUCER (fees, policy cancellations, return commissions) that remain outstanding

SECURITY AND PAYMENT. 1. MGA shall have the right to offset any amounts due MGA from PRODUCER against amounts due PRODUCER by MGA. 2. In the event MGA receives an insufficient funds check from PRODUCER, MGA may elect to deem insufficient funds check as breach of contract, which may result in the cancellation of said PRODUCER’S Agreement. MGA, at its discretion, may elect to process any new or renewal business applications from PRODUCER and requests for endorsement of policies in force only if accompanied by a cashiers check, certified check or cash for the gross premium due until such time that PRODUCER pays in full the obligation covered by the insufficient funds check. 3. PRODUCER agrees to refund unearned commission within 30 days to MGA at the same rate that commissions were paid to PRODUCER. 4. PRODUCER ▇▇▇▇▇▇ hereby gives the MGA authorization to direct deposit any commissions due the PRODUCER for policies written by the PRODUCER on behalf of the MGA. The PRODUCER further authorizes the debit/withdrawal of any amounts owned to the MGA by PRODUCER (fees, policy cancellations, return commissions) that remain outstanding