Payments by the Parties Sample Clauses
The "Payments by the Parties" clause defines the obligations of each party regarding the transfer of funds or settlement of financial responsibilities under the agreement. It typically outlines when payments are due, acceptable methods of payment, and any conditions or documentation required for payment processing. For example, it may specify that one party must pay a certain amount within 30 days of receiving an invoice, or that payments must be made via bank transfer. The core function of this clause is to ensure clarity and predictability in financial transactions between the parties, reducing the risk of disputes over payment terms and timing.
Payments by the Parties. (a) Payments by the Parties at Closing.
(i) On the Closing Date, the Ceding Company shall transfer to the Trust Account, on behalf of the Reinsurer, the amount of Eligible Assets contemplated in Section 2.04(c)(i) of the Master Transaction Agreement. For the avoidance of doubt such Eligible Assets include accrued interest on the assets in such portfolio.
(ii) On the Closing Date, the Reinsurer shall pay to the Ceding Company, the USIC Ceding Commission as contemplated in Section 2.04(a)(i) of the Master Transaction Agreement.
(iii) If the estimated Required Balance as of the Effective Time exceeds the aggregate Statutory Book Value of the Eligible Assets transferred to the Trust Account contemplated in Section 3.1(a)(i) (in each case, as set forth in the Estimated Closing Statement), the Reinsurer shall, on the Closing Date, transfer to the Trust Account additional Eligible Assets with a Statutory Book Value equal to such excess.
Payments by the Parties. 3 ARTICLE 6 TERMINATION . . . . . . . . . . . . . . . . . . . . . . . . 4 ARTICLE 7 EXPENSE REIMBURSEMENT . . . . . . . . . . . . . . . . . . . 5
Payments by the Parties. 5.1 - Payments Compensation payments to Nymox by L-S and expense reimbursements payments by Nymox to L-S or L-S to Nymox shall be made quarterly in United States dollars and the Parties shall share exchange rate risks between the Belgian Franc and the United States dollar by the method described and illustrated in Exhibit C. Payments shall be made within 30 days of the closing of the financial quarter by L-S or within 30 days of receipt of an invoice by Nymox or L-S as the case may be.
5.2 - Audit During the Term and for one year after its termination or expiration, Nymox shall have the right, should it wish to do so, to retain an independent certified public accounting firm, to which L-S has no reasonable objection, to examine the relevant parts of books and records of L-S to verify Net sales, charges to Nymox for personnel and other expenses and monies due. L-S at its discretion may require the accounting firm to sign a confidential disclosure agreement prior to the effective execution of the audit. Said accounting firm shall only report its results and shall not disclose to Nymox, any information other than that necessary to verify the above information. Such audits, if requested, shall be conducted during reasonable business hours and not more than once per year. Notice of an audit date sufficient to allow L-S to organize its records shall be given by the auditing firm. The cost of the audit will be borne by Nymox unless the audit results in an adjustment of fifty thousand United States dollars ($50,000) or more, in which case L-S will be responsible for the both the amount of the adjustment and the cost of the audit.
Payments by the Parties. 16.1 Any payment to be made on foot of this Agreement by any party to another, or to any outside party shall be paid in full within 90 days of falling due unless otherwise provided in this Agreement or otherwise agreed in writing between the all parties affected by it.
Payments by the Parties. (a) Payments by the Parties at Closing.
(i) (ii) (iii) (b) (c)
Payments by the Parties. Each Party will make payments as set forth in this
Payments by the Parties. (a) On the Closing Date, (i) the Ceding Company and the Reinsurer shall transfer amounts as set forth in Section 2.03 of the Master Transaction Agreement and (ii) the Reinsurer shall transfer the Specified Balance to the Segregated Account, which may be in accordance with Section 4.8(c).
(b) Following the Closing Date, in accordance with Section 2.04 and Section 2.05 of the Master Transaction Agreement, the Parties will finalize the Initial Reinsurance Premium in respect of the Reinsured Policies and make any adjustment payments or Trust Account or Subsidiary Trust Account deposits necessary to reflect the difference between (i) the amounts reflected on the Final Statement of Net Settlement and the Estimated Statement of Net Settlement and (ii) the Base Deposit Balance and the Estimated Base Deposit Balance, in each case as such estimated amounts may be adjusted pursuant to Section 2.03(b) of the Master Transaction Agreement; provided that, in connection with any adjustment payment to be made by the Reinsurer pursuant to this Section 3.1(b) or otherwise in connection with the transactions contemplated by this Agreement, the Reinsurer may (and may direct the Subsidiary Grantor to) withdraw Eligible Assets from the Trust Account and Subsidiary Trust Account, as applicable, in accordance with the procedures set forth in the Trust Agreement and the Subsidiary Trust Account, as the case may be, in each case with the prior consent of the Ceding Company (not to be unreasonably withheld, conditioned or delayed, it being understood that the Ceding Company’s withholding, conditioning or delay of such consent shall be deemed reasonable if, other than with respect to the withdrawal of cash, the Market-to-Book Ratio would decline as a result of such withdrawal).
Payments by the Parties. (a) On the Inception Date, the Ceding Company shall transfer to the Trust Account, on behalf of the Reinsurer, and the Working Account the amount of Eligible Assets (which shall be comprised solely of cash and cash equivalents) contemplated in Section 2.3 of the Master Transaction Agreement. For the avoidance of doubt, such Eligible Assets include accrued interest on the assets in such portfolio.
(b) The transfer of Eligible Assets on the Inception Date shall be adjusted and settled between the Ceding Company and the Reinsurer in accordance with Section 2.4 of the Master Transaction Agreement.
Payments by the Parties