Common use of Loss Obligations and the Required Security Amount Clause in Contracts

Loss Obligations and the Required Security Amount. Any balance due to the Retrocessionaire shall be remitted by the Company along with the quarterly report. For the avoidance of doubt, premiums retained by the cedents on the Ceded Contracts as funds withheld shall not be payable by the Company to the Retrocessionaire until actually received by the Company. Any balance due to the Company shall be remitted by the Retrocessionaire within 30 days of receipt of the quarterly report. Should payment due from the Retrocessionaire exceed $100,000 (or equivalent in original currency of the relevant Ceded Contract(s)) as respects any one Loss, the Retrocessionaire shall within 5 business days pay its share of such Loss upon written request by the Company accompanied by supporting documentation. Any special remittance made pursuant to this provision shall be credited to the Retrocessionaire in the account in which the paid Loss appears. If the Company is required to fund a claim or loss fund pursuant to the terms of a Ceded Contract, the Retrocessionaire shall indemnify the Company for its proportionate share of such fund. Within 60 days following the end of each fiscal year, the Company shall furnish the Retrocessionaire with a statement showing the Unearned Premium, the total reserves for outstanding Losses, including Loss Adjustment Expenses, and any other information which the Retrocessionaire may require for its annual financial statements.

Loss Obligations and the Required Security Amount. Any balance due to the Retrocessionaire shall be remitted by the Company along with the quarterly report. For the avoidance of doubt, premiums retained by the cedents on the Ceded Contracts as funds withheld shall not be payable by the Company to the Retrocessionaire until actually received by the Company. Any balance due to the Company shall be remitted by the Retrocessionaire within 30 days of receipt of the quarterly report. Should payment due from the Retrocessionaire exceed $100,000 (or equivalent in original currency of the relevant Ceded Contract(s)) as respects any one Loss, the Retrocessionaire shall within 5 business days pay its share of such Loss upon written request by the Company accompanied by supporting documentation. Any special remittance made pursuant to this provision shall be credited to the Retrocessionaire in the account in which the paid Loss appears. If the Company is required to fund a claim or loss fund pursuant to the terms of a Ceded Contract, the Retrocessionaire shall indemnify the Company for its proportionate share of such fund. Within 60 days following the end of each fiscal year, the Company shall furnish the Retrocessionaire with a statement showing the Unearned Premium, the total reserves for outstanding Losses, including Loss Adjustment Expenses, and any other information which the Retrocessionaire may require for its annual financial statements.. Any inadvertent error, omission or delay in complying with the terms and conditions of this Agreement shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery. ARTICLE 14