Common use of Net Basis Clause in Contracts

Net Basis. The liability of the Retrocessionaire towards the Retrocedant shall arise at the same time as and to the same extent as the Net Liability of the Retrocedant, such Net Liability being after all appropriate deductions for (1) claims upon the Inuring AXA RE Retrocession Agreements, subject to Article 4 below, and (2) salvage, subrogation and other recoveries received other than recoveries pursuant to the Inuring AXA RE Retrocession Agreements. Subject to Article 4 below, any and all amounts received as salvage or subrogation or other recovery, which are recovered subsequently to any payment or settlement under this Agreement by the Retrocessionaire shall be for the account of the Retrocessionaire and credited to the FW Canadian Account Balance or, following a FW Canadian Cash Call of the FW Canadian Account Balance, paid in cash, to the extent of the Retrocessionaire’s quota share participation in the Net Liability receiving the benefit of the salvage, subrogation or recovery, even if recovered after termination or expiry of this Agreement.

Net Basis. The liability of the Retrocessionaire towards the Retrocedant shall arise at the same time as and to the same extent as the Net Liability of the Retrocedant, such Net Liability being after all appropriate deductions for (1) claims upon the Inuring AXA RE Retrocession Agreements, subject to Article 4 below, and (2) salvage, subrogation and other recoveries received other than recoveries pursuant to the Inuring AXA RE Retrocession Agreements. Subject to Article 4 below, any and all amounts received as salvage or subrogation or other recovery, which are recovered subsequently to any payment or settlement under this Agreement by the Retrocessionaire shall be for the account of the Retrocessionaire and credited to the relevant FW Canadian Account Balance Subaccount Balance(s) or, following a FW Canadian Cash ▇▇ ▇▇▇▇ Call of the all FW Canadian Account BalanceSubaccount Balances, paid in cash, to the extent of the Retrocessionaire’s quota share participation in the Net Liability receiving the benefit of the salvage, subrogation or recovery, even if recovered after termination or expiry of this Agreement.