Common use of Standard Time Clause in Contracts

Standard Time. The Retrocessionaires shall remain liable for all losses under original contracts in force until their expiration or renewal dates, whichever come first, plus an additional 12 month period should an original contract be renewed at an original reinsured's option. In addition, the Retrocessionaires shall remain liable as respects any run-off obligations under the original contracts covered hereunder. In the event a Retrocessionaire opts not to continue its participation on the agreement replacing this Agreement, the Retrocessionaire shall remit to the Retrocedent 90% of the Retrocessionaire's share of the positive balance of premium received, less losses paid, and less ceding and other commissions within 30 days after the termination of the Agreement. This provision shall not apply in the event this Agreement is not renewed. Notwithstanding the cancellation of this Agreement as hereinabove provided, its provisions shall continue to apply to all unfinished business hereunder to the end that all obligations and liabilities incurred by each party hereunder prior to such termination shall be fully performed and discharged.