Common use of PAID LOSSES IN EXCESS OF BEGINNING RESERVES Clause in Contracts

PAID LOSSES IN EXCESS OF BEGINNING RESERVES. (i) At the end of the first calendar quarter in which Paid Losses (calculated with the references to "Valuation Date" in the definition thereof being to such quarter-end and subject to Section 5(c)) exceed the Beginning Reserves (such excess, the "Excess"), Buyer may give written notice of the Excess to Seller. Such notice shall be accompanied by a report of independent public accountants designated by Buyer (who may also be the independent public accountants of Seller or Buyer) setting forth the amount of Paid Losses and showing in reasonable detail the calculation thereof. If at any time within thirty (30) days of the receipt of such notice, Seller gives written no- xxxx to Buyer that it disputes the Paid Losses or any component thereof, Appointed Experts shall be engaged to confirm the calculation of Paid Losses. The Appointed Experts shall confirm the calculation of the Paid Losses within forty-five (45) days of the date Seller gives such notice, and give notice to the Escrow Agent of the amount of the Excess. Except as provided in Section 5(c), the Appointed Experts' confirmation of the calculation shall be final and binding on all parties. On the later of (A) the end of the 30-day period referred to in this Section 6(d)(i) and (B) the delivery by the Appointed Experts of their confirmation of the calculation of the Excess, the Escrow Agent shall release from the Escrow Account and deliver to Buyer Escrowed Funds in an amount equal to any Excess. (ii) Following the release of Escrowed Funds pursuant to Section 6(d)(i), from time to time, Buyer shall give written notice to Seller of Paid Losses since the last such release to the end of any subsequent calendar quarter ("Additional Paid Losses"), accompanied by a reasonably detailed report of the Buyer's calculation of such Additional Paid Losses, at the end of such calendar quarter. Upon the receipt of such report, the Escrow Agent shall release from the Escrow Account and deliver to the Buyer Escrowed Funds in an amount equal to such Additional Paid Losses. (iii) The release of Escrowed Funds pursuant to Section 6(d) shall not affect the right of Seller to dispute the amount of Paid Losses included in any Reserve Deficiency or Reserve Redundancy submitted by or on behalf of Buyer.

PAID LOSSES IN EXCESS OF BEGINNING RESERVES. (i) At the end of the first calendar quarter in which Paid Losses (calculated with the references to "Valuation Date" in the definition thereof being to such quarter-end and subject to Section 5(c)) exceed the Beginning Reserves (such excess, the "Excess"), Buyer may give written notice of the Excess to Seller. Such notice shall be accompanied by a report of independent public accountants designated by Buyer (who may also be the independent public accountants of Seller or Buyer) setting forth the amount of Paid Losses and showing in reasonable detail the calculation thereof. If at any time within thirty (30) days of the receipt of such notice, Seller gives written no- xxxx notice to Buyer that it disputes the Paid Losses or any component thereof, Appointed Experts shall be engaged to confirm the calculation of Paid Losses. The Appointed Experts shall confirm the calculation of the Paid Losses within forty-five (45) days of the date Seller gives such notice, and give notice to the Escrow Agent of the amount of the Excess. Except as provided in Section 5(c), the Appointed Experts' confirmation of the calculation shall be final and binding on all parties. On the later of (A) the end of the 30-day period referred to in this Section 6(d)(i6(c)(i) and (B) the delivery by the Appointed Experts of their confirmation of the calculation of the Excess, the Escrow Agent shall release from the Escrow Account and deliver to Buyer Escrowed Funds in an amount equal to any Excess. (ii) Following the release of Escrowed Funds pursuant to Section 6(d)(i6(c)(i), from time to time, Buyer shall give written notice to Seller of Paid Losses since the last such release to the end of any subsequent calendar quarter ("Additional Paid Losses"), accompanied by a reasonably detailed report of the Buyer's calculation of such Additional Paid Losses, at the end of such calendar quarter. Upon the receipt of such report, the Escrow Agent shall release from the Escrow Account and deliver to the Buyer Escrowed Funds in an amount equal to such Additional Paid Losses. (iii) The release of Escrowed Funds pursuant to Section 6(d6(c) shall not affect the right of Seller to dispute the amount of Paid Losses included in any Reserve Deficiency or Reserve Redundancy submitted by or on behalf of Buyer.

PAID LOSSES IN EXCESS OF BEGINNING RESERVES. (i) At the end of the first calendar quarter in which Paid Losses (calculated with the references to "Valuation Date" in the definition thereof being to such quarter-end and subject to Section 5(c)) exceed the Beginning Reserves (such excess, the "ExcessEXCESS"), Buyer may give written notice of the Excess to SellerACGL. Such notice shall be accompanied by a report of independent public accountants designated by Buyer (who may also be the independent public accountants of Seller ACGL or Buyer) setting forth the amount of Paid Losses and showing in reasonable detail the calculation thereof. If at any time within thirty (30) days of the receipt of such notice, Seller ACGL gives written no- xxxx notice to Buyer that it disputes the Paid Losses or any component thereof, Appointed Experts shall be engaged to confirm the calculation of Paid Losses. The Appointed Experts shall confirm the calculation of the Paid Losses within forty-five (45) days of the date Seller ACGL gives such notice, and give written notice and instructions to the Escrow Agent of with respect to the amount of the Excess. Except as provided in Section 5(c), the Appointed Experts' confirmation of the calculation shall be final and binding on all parties. On the later of (A) the end of the 30-day period referred to in this Section 6(d)(i) and (B) the delivery by the Appointed Experts of their confirmation of the calculation of the Excess, the Escrow Agent shall shall, upon its receipt of written instructions from the Appointed Experts, release from the Escrow Account and deliver to Buyer Escrowed Funds in an amount equal to any Excess. (ii) Following the release of Escrowed Funds pursuant to Section 6(d)(i), from time to time, Buyer shall give written notice to Seller ACGL of Paid Losses since the last such release to the end of any subsequent calendar quarter ("Additional Paid LossesADDITIONAL PAID LOSSES"), accompanied by a reasonably detailed report of the Buyer's calculation of such Additional Paid Losses, at the end of such calendar quarter. Upon the receipt of such reportreport and written instructions of Buyer, the Escrow Agent shall release from the Escrow Account and deliver to the Buyer Escrowed Funds in an amount equal to such Additional Paid Losses. (iii) The release of Escrowed Funds pursuant to Section 6(d) shall not affect the right of Seller ACGL to dispute the amount of Paid Losses included in any Reserve Deficiency or Reserve Redundancy submitted by or on behalf of Buyer.

PAID LOSSES IN EXCESS OF BEGINNING RESERVES. (i) At the end of the first calendar quarter in which Paid Losses (calculated with the references to "Valuation Date" in the definition thereof being to such quarter-end and subject to Section 5(c)) exceed the Beginning Reserves (such excess, the "ExcessEXCESS"), Buyer may give written notice of the Excess to Seller. Such notice shall be accompanied by a report of independent public accountants designated by Buyer (who may also be the independent public accountants of Seller or Buyer) setting forth the amount of Paid Losses and showing in reasonable detail the calculation thereof. If at any time within thirty (30) days of the receipt of such notice, Seller gives written no- xxxx notice to Buyer that it disputes the Paid Losses or any component thereof, Appointed Experts shall be engaged to confirm the calculation of Paid Losses. The Appointed Experts shall confirm the calculation of the Paid Losses within forty-five (45) days of the date Seller gives such notice, and give written notice and instructions to the Escrow Agent of with respect to the amount of the Excess. Except as provided in Section 5(c), the Appointed Experts' confirmation of the calculation shall be final and binding on all parties. On the later of (A) the end of the 30-day period referred to in this Section 6(d)(i) and (B) the delivery by the Appointed Experts of their confirmation of the calculation of the Excess, the Escrow Agent shall shall, upon its receipt of written instructions from the Appointed Experts, release from the Escrow Account and deliver to Buyer Escrowed Funds in an amount equal to any Excess. (ii) Following the release of Escrowed Funds pursuant to Section 6(d)(i), from time to time, Buyer shall give written notice to Seller of Paid Losses since the last such release to the end of any subsequent calendar quarter ("Additional Paid LossesADDITIONAL PAID LOSSES"), accompanied by a reasonably detailed report of the Buyer's calculation of such Additional Paid Losses, at the end of such calendar quarter. Upon the receipt of such reportreport and written instructions of Buyer, the Escrow Agent shall release from the Escrow Account and deliver to the Buyer Escrowed Funds in an amount equal to such Additional Paid Losses. (iii) The release of Escrowed Funds pursuant to Section 6(d) shall not affect the right of Seller to dispute the amount of Paid Losses included in any Reserve Deficiency or Reserve Redundancy submitted by or on behalf of Buyer.