Aggregate Basis. With respect to Contracts written on an aggregate basis (not subject to an aggregate limit) and at the option of EMC Re, the term “Occurrence” shall also mean all loss or losses, whether or not related to or arising from the same event or occurrence, that are subject to and covered under an aggregate basis Contract (or, if such losses arise under two or more Contracts written on an aggregate basis), during the twelve (12) month policy period of that Contract (or if two or more such Contracts are issued to the same risk, during any twelve (12) month policy period of the Contract chosen by EMC Re). The date of the “Occurrence” shall be the inception date of such new or renewal policy period (or if such losses arise under two or more Contracts, the inception, anniversary or renewal date of the Contract chosen by EMC Re). The term “policy period” refers to each annual period of the Contract which is written on an aggregate basis. To be certain, EMC Re, at its option, shall be entitled to extract any “Net Loss” arising from an “Occurrence” as defined above from the provisions of this paragraph to apply the basic per occurrence reinsurance coverage of this XOL Agreement.
Aggregate Basis. With respect to Policies written on an aggregate basis (not subject to an aggregate limit) and at the option of EMCC, the term “Occurrence” shall also mean all loss or losses, whether or not related or arising from the same event or occurrence, that are subject to and covered under an aggregate basis Policy (or, if such losses arise under two or more Policies written on an aggregate basis), during the twelve (12) month policy period of that Policy (or if two or more such Policies are issued to the same risk, during any twelve (12) month policy period of the Policy chosen by EMCC). The date of the “Occurrence” shall be the inception date of such new or renewal policy period (or if such losses arise under two or more Policies, the inception, anniversary or policy renewal date of the Policy chosen by EMCC). The term “policy year” refers to each annual period of the Policy which is written on an aggregate basis. To be certain, EMCC, at its option, shall be entitled to extract any “Net Loss” arising from an “Occurrence” as defined above from the provisions of this paragraph to apply the basic per occurrence reinsurance coverage of this Restated Agreement.
Aggregate Basis. Base Rent and Contingent Rent shall each be calculated and paid to the BOR on an aggregate basis, which shall include all applicable Phase I Projects.
