Net Payable definition
Examples of Net Payable in a sentence
Notwithstanding the above, if, at any point during the calendar year, the amount of a Party’s Net Payable exceeds ten million dollars ($10,000,000.00), the Party shall pay such Net Payable, within ninety (90) days of receipt of a written demand by the Party to which the Net Payable is owed.
No later than sixty (60) days following the close of the applicable calendar year, any Adjustments occurring during the applicable calendar year shall be netted between any two Parties, and any Party with a net payable after calculating offsetting Adjustments to another Party (a “Net Payable”) shall pay the amount of such Net Payable to the Party to which the Net Payable is owed.
If a Monthly Net Payable Amount is payable to the reinsurers, PHL shall pay to VFL an amount equal to one-third of such Monthly Net Payable Amount.
If a Monthly Net Payable Amount is payable by the reinsurers, VFL shall pay to PHL an amount equal to one-third of such Monthly Net Payable Amount.
Any Net Payable Loss will be based on Paid Losses and 30-Day Amounts only and will be the amount calculated under a Proof of Loss Claim which has been subjected to the Claims Procedures by the Claims Reviewer subject to limited exceptions, except for payments due on the Final Loss Payment Date, in which case the final settlement of all liabilities in respect of such Loss Event under the Reinsurance Agreement may include payment for any Loss Reserves on the Final Loss Payment Date.
Additionally, the Ceding Insurer may provide an estimate of Net Payable Loss for the purposes of calculating the Estimated Payable Loss, which will not be subjected to the Claims Procedures and will take into account Paid Losses as well as Loss Reserves estimates.
As of any Payment Date, the “Estimated Payable Loss” for a Loss Event is an amount equal to the Ceding Insurer’s estimate of the Net Payable Loss (taking into account estimated Loss Reserves) with respect to such Loss Event.
Following determination of the actual FHCF Reinsurance, the Net Payable Loss will be recalculated accordingly, which may result in a Loss Payment or a 30-Day Reimbursement Amount.
Furthermore, for the purpose of calculating the Actual Payable Loss set forth in the True-Up Interest Statement, Net Payable Loss will be calculated based on the Paid Losses set forth in the most recently provided Proof of Loss Claim with respect to each applicable Loss Event and subjected to the Claims Procedures by the Claims Reviewer and Loss Reserves reviewed by the Loss Reserve Specialist.
Payable Rs. ----------- Net Payable Rs. ----------- This figures given in the Memorandum for payable has been verified and bill passed for payment (in words and figures) Date: Note: While quoting rates for each item of work, the contractor shall include for the following irrespective whether it has been mentioned or not in the description of the item without any extra claim / payment.