Common use of Commutations Clause in Contracts

Commutations. Peerless covenants and agrees not to commute any Ceded External Reinsurance Arrangement with respect to the Reinsured Liabilities incurred under the RAM Rewritten Policies or the Peerless Retroceded Policies each of which have policy periods that become effective during the term of this Agreement, without the consent of OBIC.

Commutations. Peerless OBIC covenants and agrees not to commute any Ceded External Reinsurance Arrangement with respect to the Reinsured Liabilities incurred under the RAM Rewritten Policies or the Peerless Retroceded Policies each of which have policy periods that become effective during the term of this Agreement, without the consent of OBICPeerless.