Common use of DEFERRED PREMIUM Clause in Contracts

DEFERRED PREMIUM. 6.1.1 The value of the Agreed Assets is the bid value of the Agreed Assets, being the average of the valuations provided by the Approved Bond Dealers at the close of business on the Business Day immediately prior to the Transfer Date. 6.1.2 XL Mid Ocean and the Cedant undertake to co-operate, in good faith, to procure that the Approved Bond Dealers value the Agreed Assets in accordance with the provisions of this clause 6.1. 6.1.3 The average of the valuations provided by the Approved Bond Dealers in accordance with this clause 6.1 will be final and binding on the Parties.