Common use of Return of Premium Clause in Contracts

Return of Premium. (a) Retrocessionaire shall calculate the Return Premium as of each anniversary of the inception of the Reinsurance Contracts and upon the earlier of the commutation of, final settlement under or termination of the Reinsurance Contracts (each such date and including the Effective Date hereof, a "CALCULATION DATE") and shall promptly notify Retrocedant of such determination. As of each anniversary of the date hereof, if the difference between the current calculation of aggregate Return Premiums accrued since the prior anniversary and the prior calculation of aggregate Return Premiums as of the next preceding anniversary is positive, Retrocessionaire shall promptly pay such difference to Retrocedant. If the difference is negative, Retrocedant shall promptly pay such difference to Retrocessionaire, provided however, that no payment will be required if the cumulative aggregate Return Premium for such Reinsurance Contract would be less than zero upon such payment. (b) The Return Premium as of any Calculation Date shall be equal to: (i) any profit commission that Retrocedant is obligated to pay under the Reinsurance Contract, as determined therein since the prior Calculation Date, plus (ii) the product of: the Deficit Accrual Percentage, as listed in Section E of the Appendix of the Reinsurance Contract, and the greater of the difference between the Beginning Deficit and the Ending Deficit, and zero. The Beginning Deficit as of any Calculation Date shall be the deficit (as defined in the Reinsurance Contract) as of the prior Calculation Date. If the inception anniversary date of the Reinsurance Contract does not coincide with the Effective date, the Beginning Deficit as of the Calculation Date that is the Effective Date shall be adjusted to include premiums earned, excluding deficit penalty premium accruals, and cumulative losses incurred, including any incurred but not reported loss reserves carried by Retrocedant, since the immediately prior anniversary date. The Ending Deficit shall be the deficit as of such Calculation Date.

Return of Premium. (a) Retrocessionaire shall calculate the Return Premium (as defined below) as of each anniversary of the inception of the Reinsurance Contracts and upon the earlier of the commutation of, final settlement under or termination of the Reinsurance Contracts (each such date and including the Effective Date hereof, a "CALCULATION DATE") and shall promptly notify Retrocedant of such determination. As of each anniversary of the date hereof, if the difference between the current calculation of aggregate Return Premiums accrued since the prior anniversary and the prior calculation of aggregate Return Premiums as of the next preceding anniversary is positive, Retrocessionaire shall promptly pay such difference to Retrocedant. If the difference is negative, Retrocedant shall promptly pay such difference to Retrocessionaire, provided however, that no payment will be required if the cumulative aggregate Return Premium for such Reinsurance Contract would be less than zero upon such payment. (b) The Return Premium as of any Calculation Date shall be equal to: (i) any profit commission that Retrocedant is obligated to pay under the a Reinsurance Contract, as determined therein since the prior Calculation Date, plus (ii) the product of: the Deficit Accrual Percentage, as listed in Section E of on Exhibit I hereto for the Appendix of the respective Reinsurance ContractContracts, and the greater of (1) the difference between the Beginning Deficit and the Ending Deficit, and (2) zero. The Beginning Deficit as of any Calculation Date shall be the deficit (as defined in the Reinsurance Contract) as of the prior Calculation Date. If the inception anniversary date of the Reinsurance Contract does not coincide with the Effective date, the Beginning Deficit as of the Calculation Date that is the Effective Date shall be adjusted to include premiums earned, excluding deficit penalty premium accruals, and cumulative losses incurred, including any incurred but not reported loss reserves carried by RetrocedantRetroce- xxxx, since the immediately prior anniversary date. The Ending Deficit shall be the deficit as of such Calculation Date.

Return of Premium. (a) Retrocessionaire shall calculate the Return Premium (as defined below) as of each anniversary of the inception of the Reinsurance Contracts and upon the earlier of the commutation of, final settlement under or termination of the Reinsurance Contracts (each such date and including the Effective Date hereof, a "CALCULATION DATECalculation Date") and shall promptly notify Retrocedant of such determination. As of each anniversary of the date hereof, if the difference between the current calculation of aggregate Return Premiums accrued since the prior anniversary and the prior calculation of aggregate Return Premiums as of the next preceding anniversary is positive, Retrocessionaire shall promptly pay such difference to Retrocedant. If the difference is negative, Retrocedant shall promptly pay such difference to Retrocessionaire, provided however, that no payment will be required if the cumulative aggregate Return Premium for such Reinsurance Contract would be less than zero upon such payment. (b) The Return Premium as of any Calculation Date shall be equal to: (i) any profit commission that Retrocedant is obligated to pay under the a Reinsurance Contract, as determined therein since the prior Calculation Date, plus (ii) the product of: the Deficit Accrual Percentage, as listed in Section E of on Exhibit I hereto for the Appendix of the respective Reinsurance ContractContracts, and the greater of (1) the difference between the Beginning Deficit and the Ending Deficit, and (2) zero. The Beginning Deficit as of any Calculation Date shall be the deficit (as defined in the Reinsurance Contract) as of the prior Calculation Date. If the inception anniversary date of the Reinsurance Contract does not coincide with the Effective date, the Beginning Deficit as of the Calculation Date that is the Effective Date shall be adjusted to include premiums earned, excluding deficit penalty premium accruals, and cumulative losses incurred, including any incurred but not reported loss reserves carried by Retrocedant, since the immediately prior anniversary date. The Ending Deficit shall be the deficit as of such Calculation Date.