BASIS OF RETROCESSION Sample Clauses

BASIS OF RETROCESSION. A. Subject to Retrocedant (1) establishing the FWA in accordance with the Funds Withheld Account Article and crediting to such FWA the Withheld Premium less the Pre-Closing UNL and (2) paying directly to Retrocessionaire the Payable Premium, in accordance with the Reinsurance Premium Article on the Closing, Retrocedant shall cede to Retrocessionaire, and Retrocessionaire shall assume from Retrocedant, 100% of the UNL from the Effective Date according to the terms and conditions of this Agreement, subject at all times to the Aggregate Limit. B. Except as otherwise provided for herein, all reinsurance provided under this Agreement shall be subject to the same rates, terms, conditions, waivers, and interpretations, and to the same modifications, cancellations and alterations, as the Underlying Contracts. Retrocessionaire shall absolutely and unconditionally follow the underwriting fortunes of Retrocedant in respect of the Subject Business, and Retrocessionaire shall be bound, without limitation, by all payments and settlements entered into by Retrocedant, subject always to the terms, conditions and limitations of this Agreement. C. Retrocedant shall have the sole authority to administer the Underlying Contracts in all respects, which authority shall include, but not be limited to, authority to bill for and collect premiums, adjust all claims and handle all disputes. Any proposed amendments, commutations and cancellations of the Underlying Contracts that require the consent of Retrocedant shall be subject to the consent of Retrocessionaire and, absent having provided such consent, Retrocessionaire shall not be responsible for any UNL resulting from such amendments, commutations, or cancellations. Retrocessionaire will be deemed to have consented to Retrocedant’s action if Retrocessionaire fails to respond to Retrocedant’s written request for such consent: 1. within 15 Business Days with respect to commutations;
Sample 1
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Related to BASIS OF RETROCESSION

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