Common use of No Extracontractual Damages Clause in Contracts

No Extracontractual Damages. The Reinsurer assumes no liability under this Agreement for any damages, fines, penalties, costs or expenses, or portion thereof, levied on or assessed against the Cedent by any court or regulatory body on the basis of negligence, oppression, malice, fraud, fault, wrongdoing or bad faith by the Cedent in connection with any claim or for any other act or omission, unless the Reinsurer shall have received prior notice of and shall have concurred prior to the actions taken or not taken by the Cedent that led to the levies or assessments, in which case, the Reinsurer shall pay its share of such levy or assessment.