REINSURANCE FOLLOWS ORIGINAL POLICIES. This Agreement shall be construed as an honorable undertaking between the parties hereto and shall not be defeated by technical legal construction, it being the intention of this Agreement that the fortunes of the Reinsurer with respect to a Net Loss covered by the Reinsurer under this Agreement or with respect to any exercise by the Company pursuant to the first paragraph of Article 10 hereunder shall follow the fortunes of the Company. Nothing herein shall in any manner create any obligations or establish any rights against the Reinsurer in favor of any third parties or any persons not parties to this Agreement.
REINSURANCE FOLLOWS ORIGINAL POLICIES. Reinsurance ceded under this Agreement is subject to the terms and conditions of the original policy or policies comprising Reassured's Business and automatically follows all changes in coverages and all endorsements made a part of such original policy or policies, provided, however, that any such changes made by Reassured after the effective date of this Agreement are consented to by Reinsurer, which consent shall not be unreasonably withheld or delayed.
REINSURANCE FOLLOWS ORIGINAL POLICIES. It is the intention of the parties that the Accepting Company shall follow the fortunes of the Ceding Company with respect to the Policies in every respect; and the Accepting Company’s reinsurance under this Agreement shall be subject to the same terms, rates, conditions, waivers, modifications, alterations and cancellations as Policies.
REINSURANCE FOLLOWS ORIGINAL POLICIES. It is the intention of the parties that the fortunes of the policies shall affect the Company and the Reinsurer in every respect; and the Reinsurer’s reinsurance under this Agreement shall be subject to the same terms, rates, conditions, waivers, modifications, alterations and cancellations as the Company’s policies.
REINSURANCE FOLLOWS ORIGINAL POLICIES. (a) All reinsurance under this Agreement shall be subject in all respects to the same rates, terms, conditions, waivers and interpretations, and to the same modifications, cancellations and alterations as the respective Covered Policies to which such reinsurance relates, and, subject to Section 19, all Loss and potential Loss settlements by or on behalf of the Company shall be binding on the Reinsurer, the true intent of this Agreement being that the Reinsurer shall, in every case to which this Agreement applies, follow the fortunes of the Company; provided, however, that this Section shall not be construed to expand the liability of the Reinsurer beyond what is specifically assumed under this Agreement without the Reinsurer’s prior written consent. Subject to paragraph (b) below and Section 19, the Company shall have complete and sole control of and direction of all activities, efforts and decisions relating to Covered Policies and the risks ceded under this Agreement, including all activities, efforts and decisions to (i) mitigate, investigate, negotiate, settle or defend a Loss or potential Loss, (ii) prevent, mitigate or investigate a Loss or potential Loss under Covered Policies as to which the Company has posted a loss reserve, (iii) investigate or work out a Loss or potential Loss, and (iv) protect, perfect and exercise any Recovery or security interests or other rights relating to any Covered Policy and may take any action as it may deem advisable with respect thereto. The Reinsurer shall be bound by the judgment of the Company as to the obligations and liabilities of the Company under any original insurance, subject to Section 19. The Reinsurer acknowledges that certain Covered Policies may provide that the Company’s obligations to make payment under its Policies are unconditional, irrevocable and non-cancellable by the Company for any reason and that the Company has waived, and agreed not to assert, any and all rights (whether by counterclaim, set-off or otherwise) and defenses (including any defense of fraud or any defense based on misrepresentation, breach of warranty, or non-disclosure of information by any Person) whether acquired by subrogation, assignment or otherwise to the extent such rights and defenses may be available to the Company to avoid payment of its obligations under any Policy in accordance with the express provisions of any Policy.
REINSURANCE FOLLOWS ORIGINAL POLICIES. 15 13 Taxes..................................................... 15 14
REINSURANCE FOLLOWS ORIGINAL POLICIES. Page 4 ARTICLE 8 Reports.......................................................Page 4 ARTICLE 9
REINSURANCE FOLLOWS ORIGINAL POLICIES. All reinsurance for which the Reinsurer shall be liable by subscribing to this Agreement shall be subject in all respects to the same rates, terms, conditions, interpretations, waivers, the exact proportion of premiums paid to the Reinsured and to the same modification, alterations and cancellations as the respective Policies of the Reinsured to which such reinsurance relate, the true intent of this Agreement being that the Reinsurer shall, in every case to which this Agreement applies and in the proportion specified in the Reinsurance Memoranda, follow the fortunes of the Reinsured. This Agreement shall be construed as an honorable undertaking between the parties hereto and shall not be defeated by technical legal constructions. However, except as provided in Article XV, nothing in this Agreement shall be construed to expand the liability of the Reinsurer beyond what is specifically assumed under this Agreement by creating rights of any third party,
REINSURANCE FOLLOWS ORIGINAL POLICIES. Each Reinsurance Memorandum attached to this Agreement is subject in all respects to the terms and conditions of the Policy to which it relates, the true intent of the Agreement being that the Reinsurer shall, in the amount specified in the Reinsurer Memoranda, follow the fortunes of the Company, provided, however, that this clause shall not be construed to create in any third party any rights under this Agreement.
REINSURANCE FOLLOWS ORIGINAL POLICIES. The Reinsurer’s share of the liabilities under this Agreement shall be subject in all respects to the same interpretations, terms, rates, conditions, waivers, modifications, alterations and cancellations as the respective policies of the Company, as it is the intent of this Agreement that the Reinsurer shall, in every case to which this Agreement applies, except as otherwise specifically provided, follow the fortunes of the Company; provided, however, that this Article shall not be construed to expand the liability of the Reinsurer beyond what is specifically assumed under this Agreement.
