Common use of Aggregate Basis Clause in Contracts

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. With respect to Policies Contracts 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 to or arising from the same event or occurrence, that are subject to and covered under an aggregate basis Policy Contract (or, if such losses arise under two or more Policies Contracts written on an aggregate basis), during the twelve (12) month policy period of that Policy Contract (or if two or more such Policies Contracts are issued to the same risk, during any twelve (12) month policy period of the Policy Contract 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 PoliciesContracts, the inception, anniversary or policy renewal date of the Policy Contract chosen by EMCC). The term “policy yearperiod” refers to each annual period of the Policy Contract 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 above, from the provisions of this paragraph to apply the basic per occurrence reinsurance coverage of this Restated 100% QS Agreement.