Common use of Default Amounts Clause in Contracts

Default Amounts. The Retrocessionaire shall bear the risk of any Default Amount under any and all Inuring AXA RE Retrocession Agreements, provided that upon the receipt by Retrocessionaire of a payment pursuant to the Reserve Agreement reflecting all or part of any Default Amount, the Retrocessionaire shall immediately relinquish, and the Retrocedant shall immediately succeed to, any and all rights with regard to any such Default Amount, whether by novation or assignment, subrogation or otherwise. Any future steps to enforce or otherwise act with regard to such rights shall be at the cost of the Retrocedant, provided, that the Retrocessionaire shall at its own cost take all necessary and reasonable steps to give full effect to the subrogation, assignment, novation or other arrangement.