Article III, Section 4
Section 4. Mode of Payment and Treatment of Unpaid Monies. All contributions of the Producer shall be made payable to the Plan by transmitting to the Directors a check payable to the Plan and shall be payable weekly or monthly at the initial election of each Producer as follows:
- For the Producer who elects to pay on a weekly basis, the contribution will be due 10 days after the close of the week in which the Writer is paid. An additional 30 day grace period will be given before the payment is delinquent. If the payment is not made within this period, interest on the delinquent payment will be charged from the end of the week in which the Writer is paid;
- For the Producer who elects to pay on a monthly basis, the contribution will be due 10 days after the close of the month in which the Writer is paid. An additional 10 day grace period will be given before the payment is deemed as delinquent. If the payment is not made within this period, interest on the delinquent payment will be charged from the end of the month in which the Writer is paid.
- A Participant shall receive credit towards eligibility for benefits, based upon monies due to the Plan but which are unpaid, unless the delinquent Employer is considered (pursuant to resolutions of the Directors) to be the Participant's loan-out corporation.
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