Common use of PREMIUM DUE Clause in Contracts

PREMIUM DUE. For each policy reinsured under this Agreement, reinsurance premiums are payable annually in advance. These annual premiums are due on the issue date and each subsequent policy anniversary. For policies in force as of November 30, 2010, THE COMPANY will calculate an additional amount (the “True-Up Amount”) due on December 1, 2010. For each policy, the True-Up Amount will equal the annual reinsurance premium calculated from the most recent anniversary (prior to December 1. 2010) less the premiums paid from the date of that anniversary through November 30, 2010. On or around the fifth business day of each calendar month, THE COMPANY will calculate the amount of premiums payable for that month. Within 20 days of such time, THE COMPANY will send to THE REINSURER a statement of account for that period along with payment of the full balance due. Also, there will be a supplemental reinsurance premium. The supplemental reinsurance premium is shown in Schedule B and is due on the Effective Date. On any payment date, monies payable between THE REINSURER and THE COMPANY under this Agreement may be netted to determine the payment due. This offset will apply regardless of the insolvency of either party as described in the ‘INSOLVENCY’ section, to the extent permitted by law. If the statement of account shows a balance due THE COMPANY, THE REINSURER will remit that amount to THE COMPANY within 30 days of receipt of the statement of account. If the reinsurance premium cannot be determined on an exact basis by the dates described below, such payments will be paid in accordance with a mutually agreed upon formula which will approximate the actual payments.

PREMIUM DUE. For each policy reinsured under this Agreement, reinsurance premiums are payable annually in advanceon a policy month basis. These annual premiums are due on the issue date and on each subsequent policy month anniversary. For policies in force as of November 30, 2010, THE COMPANY will calculate an additional amount (the “True-Up Amount”) due on December 1, 2010. For each policy, the True-Up Amount will equal the annual reinsurance premium calculated from the most recent anniversary (prior to December 1. 2010) less the premiums paid from the date of that anniversary through November 30, 2010. On or around the fifth business day of each calendar Each month, THE COMPANY will calculate the amount of monthly premiums payable for that monthas the amount equal to 1/12 of the annual reinsurance premium as defined in Section 11. Within 20 30 days after the close of such timeeach reporting period, THE COMPANY will send send, or cause to be sent, to THE REINSURER a statement of account for that period along with payment of the full balance due. Also, there will be a supplemental reinsurance premium. The supplemental reinsurance premium is shown in Schedule B and is due on the Effective Date. On any payment date, monies payable between THE REINSURER COMPANY and THE COMPANY REINSURER under this Agreement may be netted to determine the payment due. This offset will apply regardless of the insolvency of either party as described in the ‘INSOLVENCY’ sectionSection 24, to the extent permitted by law. If the statement of account shows a balance Y-UL/VUL II – 2005 – RGA - PICA due THE COMPANY, THE REINSURER will remit that the undisputed amount to THE COMPANY within 30 days of receipt of the statement of account. All financial transactions under this Agreement will be in United States dollars. If the reinsurance premium cannot be determined on an exact basis by the dates described below, such payments will be paid in accordance with a mutually agreed upon formula which will approximate the actual payments. Adjustments will then be made to reflect actual amounts when such information is available.