Common use of Initial Premium Clause in Contracts

Initial Premium. The Retrocedant undertakes to pay (on a funds withheld basis) the amount in Canadian Dollars, as set out below (the “Initial Premium”): Canadian Dollars (“CAD”) CAD ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars (“USD”) USD 14 m The Parties hereby acknowledge that the Initial Premium number set forth above was calculated in accordance with the principles set forth in Schedule 5.01 hereto.