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.
Appears in 2 contracts
Samples: Automatic Treaty Reinsurance Agreement (RAM Holdings Ltd.), Treaty Reinsurance Agreement (RAM Holdings Ltd.)
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 Reinsurance Agreement.
Appears in 1 contract
Samples: Second Special Per Occurrence Excess of Loss Reinsurance Agreement (Mbia Inc)
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.. Effective: September 15, 1998 6 of 12
Appears in 1 contract
Samples: Third Special Per Occurrence Excess of Loss Reinsurance Agreement (Mbia Inc)
