Net Amounts. 7.1 Notwithstanding the references in Clauses 2 (Reinsurance), 3 (Reinsurance Premiums) and 4 (Reinsurance Claims) to any Premium Payment or Claim Amount and Clauses 5 (Expenses Cashflow) and 6 (Recoveries) to any Expenses Cashflow Amount and Recoveries, becoming due for payment by one party to the other party, the payments to be made by the parties in respect of such amounts shall be determined on a net basis in accordance with Clause 7.2 and, subject to Clauses 3.1 and 8.2, paid in accordance with Clause 7.3 by the last Business Day of each month (the "Netting Day"). The relevant payment obligations of each of PLAE and PLL under Clauses 3 (Reinsurance Premiums), 4 (Reinsurance Claims), 5 (Expenses Cashflow) and 6 (Recoveries) shall be deemed satisfied and discharged by the payment by the relevant party of any such net amount.
Appears in 4 contracts
Samples: Reinsurance Agreement, Reinsurance Agreement, Reinsurance Agreement
