BALANCES IN DEFAULT. The Reinsurer will have the right to terminate this Agreement, when balances are in default, by giving ninety (90) days written notice of termination to the Ceding Company. As of the close of the last day of this ninety (90) day notice period, the Reinsurer’s liability for all risks reinsured under this Agreement will terminate. The first day of this ninety (90) day notice of termination, resulting from default as described in paragraph four of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as shown in Schedule I.
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
BALANCES IN DEFAULT. Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first business day in January prior to the due date of the premium when renewal premiums are not paid within sixty (60) days of the due date or premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
BALANCES IN DEFAULT. If the Reinsurer is delinquent by more than thirty (30) days on an undisputed amount due to the Ceding Company relating to a claim:
BALANCES IN DEFAULT. The Reinsurer will have the right to terminate the reinsurance for new business and all policies having reinsurance premiums in arrears, by giving ninety (90) days written notice of its intention to the Ceding Company. If all reinsurance premiums in arrears, including any that become in arrears during the ninety (90) day notice period, are not paid before the expiration of the notice period, the Reinsurer will be relieved of all liability under those policies as of the last date to which premiums have been paid for each policy. Reinsurance on policies on which reinsurance premiums subsequently fall due will automatically terminate as of the last date to which premiums have been paid for each policy, unless reinsurance premiums on those policies are paid on or before their due date pursuant to section 4 above. The first day of this ninety (90) day notice of termination, resulting from default as described in section 4 of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as shown in Schedule I.
BALANCES IN DEFAULT. The Reinsurer will have the right to terminate this Agreement, when balances are in default, by giving ninety (90) days' written notice of termination to the Ceding Company. As of the close of the last day of this ninety- (90) day notice period, the Reinsurer's liability for all risks reinsured under the default statements will terminate. The first day of this ninety (90) day notice of termination, resulting from default as described in paragraph four of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety- (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as shown in Schedule I. The Ceding Company will not force termination under the provisions of this section to avoid the recapture requirements or to transfer the block of business to another Reinsurer.
BALANCES IN DEFAULT. The Reinsurer will have the right to terminate this Agreement, when balances are in default, by giving ninety (90) days written notice of termination to the Ceding Company. As of the close of the last day of this ninety (90) day notice period, the Reinsurer's liability for all risks reinsured under this Agreement will terminate. The first day of this ninety (90) day notice of termination, resulting from default as described in paragraph four of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as follows: The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
BALANCES IN DEFAULT. When balances are in default, each party reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on January 1, prior to the due date of the premium when premium is delinquent. The payment of reinsurance premiums is a condition precedent to the liability of the Reinsurer for reinsurance covered by this Agreement. In the event that reinsurance premiums are not paid within sixty (60) days after the last day of each billing month, the Reinsurer will have the right to terminate the reinsurance for all coverages having reinsurance premiums in arrears. If the Reinsurer elects to exercise its right of termination, it will give the Ceding Company ninety (90) days written notice of its intention. Such notice will be sent by certified mail. Terminated reinsurance may be reinstated, subject to approval by the Reinsurer, within sixty (60) days of the date of termination, and upon payment of all reinsurance premiums in arrears including any interest accrued thereon. The Ceding Company will not force termination under the provisions of this section to avoid the recapture requirements or to transfer the block of business to another Reinsurer.
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on January 1 prior to the due date of the premium when: Renewal premiums are not paid within sixty (60) days of the due date. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued. SCHEDULE I REINSURANCE SPECIFICATIONS (CONTINUED) -------------------------------------- -------------------------------------------------------------------------------- ARBITRATION, ARTICLE XIII: --------------------------------------------------------------------------------
BALANCES IN DEFAULT. [Redacted]
