Common use of Claims and Losses Clause in Contracts

Claims and Losses. (1) The Company shall have complete and sole control of and direction of all efforts to: (i) mitigate, investigate, negotiate, settle or defend a Net Loss, (ii) prevent, mitigate, or investigate a probable Net Loss under Policies as to which the Company has posted a loss reserve, (iii) investigate and work out a potential Net Loss, and (iv) to protect, perfect and exercise any subrogation, salvage or reimbursement rights or security interests with respect to any Policy, and may take any action as it may deem advisable with respect thereto. All Net Loss settlements by the Company, all salvage and subrogation settlements, and all settlements with an Issuer (or with an underlying obligor of that Issuer), shall be final, conclusive and unconditionally binding upon the Reinsurer and the Reinsurer hereby agrees to be bound by any determination made by the Company hereunder. (2) The Company will give to the Reinsurer at least three Business Days' notice of Net Loss that the Company will require a cash loss payment for all Net Losses; and such payment is due within one Business Day of receipt by the Reinsurer of such notice of Net Loss. The Reinsurer shall effect payment by wire transfer of federal funds to the party designated by the Company in the notice. Details of the Net Loss will be provided to the Reinsurer by the Company promptly by mail, or by such other means as requested by the Reinsurer. (3) The Reinsurer shall pay to the Company the Reinsurer's Proportionate Share of any Net Allocated Loss Adjustment Expenses paid by the Company at the times and in the manner specified in the Accounts, Reports and Payments Article.

Claims and Losses. (1) The Company shall have complete and sole control of and direction of all efforts to: (i) mitigate, investigate, negotiate, settle or defend a Net Loss, (ii) prevent, mitigate, or investigate a probable Net Loss under Policies as to which the Company has posted a loss reserve, (iii) investigate and work out a potential Net Loss, and (iv) to protect, perfect and exercise any subrogation, salvage or reimbursement rights or security interests with respect to any Policy, and may take any action as it may deem advisable with respect thereto. All Net Loss settlements by the Company, all salvage and subrogation settlements, and all settlements with an Issuer (or with an underlying obligor of that Issuer), shall be final, conclusive and unconditionally binding upon the Reinsurer and the Reinsurer hereby agrees to be bound by any determination made by the Company hereunderReinsurer. (2) The Company will give Reinsurer shall pay to the Reinsurer at least three Business Days' Company the Reinsurer's Proportionate Share of any loss within ten business days following receipt of notice of Net Loss from the Company that the Company will require a cash loss has made payment for all Net Losses; and such payment is due within one Business Day of receipt by the Reinsurer of such notice of Net Loss. The Reinsurer shall effect payment by wire transfer of federal funds to the party designated by the Company in the notice. Details of the Net Loss will be provided to the Reinsurer by the Company promptly by mail, or by such other means as requested by the Reinsurer. (3) The Reinsurer shall pay to the Company the Reinsurer's Proportionate Share of any Net Allocated Loss Adjustment Expenses paid by the Company at the times and in the manner specified in the Accounts, Reports and Payments Article.

Claims and Losses. (1) The Company shall have complete and sole control of and direction of all efforts to: (i) mitigate, investigate, negotiate, settle or defend a Net Loss, (ii) prevent, mitigate, or investigate a probable Net Loss under Policies as to which the Company has posted a loss reserve, (iii) investigate and work out a potential Net Loss, and (iv) to protect, perfect and exercise any subrogation, salvage or reimbursement rights or security interests with respect to any Policy, and may take any action as it may deem advisable with respect thereto. All Net Loss settlements by the Company, all salvage and subrogation settlements, and all settlements with an Issuer (or with an underlying obligor of that Issuer), shall be final, conclusive and unconditionally binding upon the Reinsurer and the Reinsurer hereby agrees to be bound by any determination made by the Company hereunderReinsurer. (2) The Company will give Reinsurer shall pay to the Reinsurer at least three Business Days' Company the Reinsurer's Proportionate Share of any loss within one business day following receipt of notice of Net Loss from the Company that the Company will require a cash loss has made payment for all Net Losses; and such payment is due within one Business Day of receipt by the Reinsurer of such notice of Net Loss. The Reinsurer shall effect payment by wire transfer of federal funds to the party designated by the Company in the notice. Details of the Net Loss will be provided to the Reinsurer by the Company promptly by mail, or by such other means as requested by the Reinsurer. (3) The Reinsurer shall pay to the Company the Reinsurer's Proportionate Share of any Net Allocated Loss Adjustment Expenses paid by the Company at the times and in the manner specified in the Accounts, Reports and Payments Article.