Common use of EXTRA CONTRACTUAL OBLIGATIONS Clause in Contracts

EXTRA CONTRACTUAL OBLIGATIONS. The Retrocessionaire shall indemnify the Company for the Ceded Percentage of any Extra Contractual Obligations. An Extra Contractual Obligation will be deemed to have occurred on the same date as the occurrence or claim covered under the Ceded Contract and will constitute part of the original loss. Loss Adjustment Expenses in respect of Extra Contractual Obligations will be covered hereunder in the same manner as other Loss Adjustment Expenses. However, this Article will not apply where the loss has been incurred due to fraud (including settlements and/or an admission of fraud and/or criminal acts) of a member of the board of directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder.

EXTRA CONTRACTUAL OBLIGATIONS. The Retrocessionaire shall indemnify the Company for the Ceded Percentage of any Extra Contractual Obligations. An Extra Contractual Obligation will be deemed to have occurred on the same date as the occurrence or claim covered under the Ceded Contract and will constitute part of the original loss. Loss Adjustment Expenses in respect of Extra Contractual Obligations will be covered hereunder in the same manner as other Loss Adjustment Expenses. However, this Article will not apply where the loss has been incurred due to fraud (including settlements and/or an admission of fraud and/or criminal acts) of a member of the board of directors or a corporate officer of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.