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.

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.

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.