Common use of Retrocession Clause in Contracts

Retrocession. (a) At the direction of the Company, the Underwriting Manager shall arrange and purchase retrocessional cover for the benefit of the Company (“Ceded Retrocession Agreements”). Except as directed by the Company, the Underwriting Manager shall have no authority hereunder to purchase or otherwise bind retrocessional cover for the benefit of the Company or to terminate, waive or amend the terms of any Ceded Retrocession Agreements. (b) The Underwriting Manager shall manage and administer the Ceded Retrocession Agreements, including providing all reports and notices required in regard to the Ceded Retrocession Agreements to the retrocessionaires thereunder within the time required by the applicable retrocession agreement or agreements and doing all other things necessary to comply with the terms of the Ceded Retrocession Agreements. Without limiting the foregoing, the Underwriting Manager shall timely pay retrocession premiums due to retrocessionaires under the Ceded Retrocession Agreements from funds in the Operating Account and shall diligently seek to collect from such retrocessionaires all reinsurance receivables due thereunder.

Retrocession. (a) At the direction of the Company, the Underwriting Manager shall arrange and purchase retrocessional cover for the benefit of the Company (“Ceded Retrocession Agreements”). Except For the avoidance of doubt, except as directed by the Company, the Underwriting Manager shall have no authority hereunder to purchase or otherwise bind retrocessional cover for the benefit of the Company or to terminate, waive or amend the terms of any Ceded Retrocession Agreements. (b) The Underwriting Manager shall manage and administer the Ceded Retrocession Agreements, including providing all reports and notices required in regard to the Ceded Retrocession Agreements to the retrocessionaires thereunder within the time required by the applicable retrocession agreement or agreements and doing all other things necessary to comply with the terms of the Ceded Retrocession Agreements. Without limiting the foregoing, the Underwriting Manager shall timely pay retrocession premiums due to retrocessionaires under the Ceded Retrocession Agreements from funds in the Operating Account and shall diligently seek to collect from such retrocessionaires all reinsurance receivables due thereunder.