Common use of NOTICE OF LOSS AND LOSS SETTLEMENTS Clause in Contracts

NOTICE OF LOSS AND LOSS SETTLEMENTS. The Reinsurers agree to abide by all loss settlements of the Reassured which at its sole discretion shall adjust, settle or compromise all losses and all such adjustments, settlements or compromises shall be binding upon Reinsurers subject to the terms, conditions and limitations of the original policies and this Contract. The Reassured shall provide individual loss reports to the Reinsurers of all claims reserved at or above USD5,000,000, and in the event of loss settlements by the Reassured, the Reinsurers agree to settle to the Reassured their proportion of such loss settlements immediately upon receipt of satisfactory proof of loss. Where the Reassured's original policies and/or specific coverage parts of their original policies provide for loss adjustment expenses in addition to limit, all loss adjustment expenses paid by the Reassured shall be apportioned in proportion to the respective interests in the loss of the parties hereto as such interests finally appear and shall be in addition to their share of the loss recoverable hereunder. In the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the expense incurred in securing such final reduction or reversal shall be pro-rated between the Reinsurers and the Reassured in the proportion that each benefits from such reduction or reversal; and the expenses incurred up to the time and date of the original verdict or judgment shall be pro-rated in proportion to each party's interest in such verdict or judgment. Notwithstanding the foregoing, in the event that the Reassured's original policies and/or specific coverage parts of their original policies are issued with loss adjustment expenses included within the original policy limit, such loss adjustment expenses shall be included as Loss for the purposes of recovery hereunder. In the event of external legal or external adjustment expenses, including outside monitoring counsel expenses, which are incurred by the Reassured in connection with a claim or potential claim hereunder and which are not the subject of the Reassured's original policy, then Reinsurers shall also be liable for their proportion of such expenses in addition to their share of the loss recoverable hereunder. The Reinsurers shall also accept additional liability, solely on cessions made hereunder, for legal expenses incurred in respect of coverage questions and legal actions in connection with a claim or potential claim hereunder (hereinafter referred to as "declaratory judgment and/or rescission expenses"). It being understood and agreed that:

NOTICE OF LOSS AND LOSS SETTLEMENTS. A Paid and outstanding loss bordereaux for all claims with incurred amounts (indemnity, defense and expense combined), established by the Reassured of' USD1,000,000 or more shall be rendered by the Reassured within 45 days of the end of each calendar quarter, being within 45 days of June 30th, 2006 and quarterly thereafter. In addition to the foregoing, such loss bordereaux shall include all SEC Securities Class Action D&O notices advised to the Reassured irrespective of reserve. It is understood and agreed, both by the Reassured and Reinsurers, that all paid and outstanding losses shall be advised to Reinsurers solely by quarterly bordereaux. The bordereaux shall solely comprise numerical details of the paid and outstanding amounts of each loss together with other data to identify the claim, including the stock "Ticker" symbol for Public D&O claims, all as shown on the example bordereaux format(s) attached hereto as Appendix C to this Contract and which have been mutually agreed by the Reassured and Reinsurers. It is clearly understood and agreed that such bordereaux shall not provide any other details of the claim and that there shall be no requirement to provide assessment of potential liability or other evaluations of each claim. In addition to the bordereaux as described above, the Reassured will provide individual loss reports for all claims with a reserve of USD1,000,000 or greater. The Reinsurers agree to abide by all loss settlements of the Reassured which at its sole discretion shall adjust, settle or compromise all losses and all such adjustments, settlements or compromises shall be binding upon the Reinsurers subject to the terms, conditions and limitations of the original policies and this Contract. The Reassured shall provide individual loss reports to the Reinsurers of all claims reserved at or above USD5,000,000, and in the event of loss settlements by the Reassured, the Reinsurers agree to settle to the Reassured their proportion share of such loss settlements immediately upon payments within 30 days of receipt of satisfactory proof the quarterly bordereaux; the bordereaux being the sole billing documentation necessary to effect settlements from Reinsurers. It is understood and agreed that requests for individual loss reports by Reinsurers hereon shall not delay their payment of loss. Where a claim once billing of the Reassured's original policies and/or specific coverage parts of their original policies provide for loss adjustment expenses in addition to limit, all loss adjustment expenses paid claim has been presented by the Reassured shall be apportioned in proportion to the respective interests in the loss of the parties hereto as such interests finally appear and shall be in addition to their share of the loss recoverable hereunderReinsurers. In addition, responses to requests for individual loss reports shall not be delayed or withheld by the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on Reassured. Notwithstanding such verdict or judgment, or a judgment is reversed outrightquarterly bordereaux settlements, the expense incurred in securing such final reduction or reversal shall be pro-rated between Reassured may request an immediate cash loss settlement from the Reinsurers and the Reassured in the proportion that each benefits from such reduction or reversal; and the expenses incurred up to the time and date of the original verdict or judgment shall be pro-rated in proportion to each party's interest in such verdict or judgment. Notwithstanding the foregoing, in the event that the Reassured's original policies and/or specific coverage parts amount due from the Reinsurers in respect of their original policies are issued with an individual claim is USD1,000,000 or more. Such cash loss adjustment expenses included within billings shall be made solely utilizing the original policy limitsame format as the quartxxxx xxxdereaux collections and will be payable 15 days upon receipt of the cash loss settlement. Reinsurers may request additional information on any claim reported on the bordereaux. However, such loss adjustment expenses requests (including assessment of potential liability or evaluations of individual claims) shall be included as Loss for not delay their payment of a claim once billing of the purposes of recovery hereunder. In the event of external legal or external adjustment expenses, including outside monitoring counsel expenses, which are incurred claim has been presented by the Reassured in connection with a claim to Reinsurers. In addition, responses to requests for additional information shall not be delayed or potential claim hereunder and which are not the subject of withheld by the Reassured's original policy, then Reinsurers shall also be liable for their proportion of such expenses in addition to their share of the loss recoverable hereunder. The Reinsurers shall also accept additional liability, solely on cessions made hereunder, for legal expenses incurred in respect of coverage questions and legal actions in connection with a claim or potential claim hereunder (hereinafter referred to as "declaratory judgment and/or rescission expenses"). It being understood and agreed that:.

NOTICE OF LOSS AND LOSS SETTLEMENTS. A paid and outstanding loss bordereaux for all claims with incurred amounts (indemnity, defense and expense combined), established by the Reassured of $1,500,000 or more shall be rendered by the Reassured within 45 days of the end of each calendar quaver, being within 45 days of September 30th, 2003 and quarterly thereafter. It is understood and agreed, both by the Reassured and the Reinsurers, that all paid and outstanding losses shall be advised to Reinsurers solely by quarterly bordereaux and that no individual loss reports are to be provided unless specifically requested by Reinsurers. The bordereaux shall solely comprise numerical details of the paid and outstanding amounts of each loss together with other data to identify the claim, all as shown on the example bordereaux format(s) attached hereto as Appendix A to this Contract and which have been mutually agreed by the Reassured and Reinsurers. It is clearly understood and agreed that such bordereaux shall not provide any other details of the claim and that there shall be no requirement to provide assessment of potential liability or other evaluations of each claim. The Reinsurers agree to abide by all loss settlements of the Reassured which at its sole discretion shall adjust, settle or compromise all losses and all such adjustments, settlements or compromises shall be binding upon the Reinsurers subject to the terms, conditions and limitations of the original policies and this Contract. The Reassured shall provide individual loss reports to the Reinsurers of all claims reserved at or above USD5,000,000, and in the event of loss settlements by the Reassured, the Reinsurers agree to settle to the Reassured their proportion share of such loss settlements immediately upon payments within 45 days of receipt of satisfactory proof the quarterly bordereaux; the bordereaux being the sole billing documentation necessary to effect settlements from Reinsurers. It is understood and agreed that requests for individual loss reports by Reinsurers hereon shall not delay their payment of loss. Where a claim once billing of the Reassured's original policies and/or specific coverage parts of their original policies provide for loss adjustment expenses in addition to limit, all loss adjustment expenses paid claim has been presented by the Reassured shall be apportioned in proportion to the respective interests in the loss of the parties hereto as such interests finally appear and shall be in addition to their share of the loss recoverable hereunderReinsurers. In addition, responses to requests for individual loss reports shall not be delayed or withheld by the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on Reassured. Notwithstanding such verdict or judgment, or a judgment is reversed outrightquarterly bordereaux settlements, the expense incurred in securing such final reduction or reversal shall be pro-rated between Reassured may request an immediate cash loss settlement from the Reinsurers and the Reassured in the proportion that each benefits from such reduction or reversal; and the expenses incurred up to the time and date of the original verdict or judgment shall be pro-rated in proportion to each party's interest in such verdict or judgment. Notwithstanding the foregoing, in the event that the Reassured's original policies and/or specific coverage parts of their original policies are issued with loss adjustment expenses included within amount due from the original policy limit, such loss adjustment expenses shall be included as Loss for the purposes of recovery hereunder. In the event of external legal or external adjustment expenses, including outside monitoring counsel expenses, which are incurred by the Reassured in connection with a claim or potential claim hereunder and which are not the subject of the Reassured's original policy, then Reinsurers shall also be liable for their proportion of such expenses in addition to their share of the loss recoverable hereunder. The Reinsurers shall also accept additional liability, solely on cessions made hereunder, for legal expenses incurred in respect of coverage questions and legal actions in connection with a an individual claim is $1,000,000 or potential claim hereunder (hereinafter referred to more. Such cash loss billings shall be made solely utilizing the same format as "declaratory judgment and/or rescission expenses"). It being understood and agreed that:the quartxxxx xxxdereaux collections.

NOTICE OF LOSS AND LOSS SETTLEMENTS. The Reinsurers agree to abide by all loss settlements of the Reassured which at its sole discretion shall adjust, settle or compromise all losses and all such adjustments, settlements or compromises shall be binding upon Reinsurers subject to the terms, conditions and limitations of the original policies and this Contract. The Reassured shall provide individual loss reports to the Reinsurers of all claims reserved at or above USD5,000,000USD 2,500,000, and in the event of loss settlements by the Reassured, the Reinsurers agree to settle to the Reassured their proportion of such loss settlements immediately upon receipt of satisfactory proof of loss. Where the Reassured's original policies and/or specific coverage parts of their original policies provide for loss adjustment expenses in addition to limit, all loss adjustment expenses paid by the Reassured shall be apportioned in proportion to the respective interests in the loss of the parties hereto as such interests finally appear and shall be in addition to their share of the loss recoverable hereunder. In the event a verdict or judgment is reduced by an appeal or a settlement, subsequent to the entry of the judgment, resulting in an ultimate saving on such verdict or judgment, or a judgment is reversed outright, the expense incurred in securing such final reduction or reversal shall be pro-rated between the Reinsurers and the Reassured in the proportion that each benefits from such reduction or reversal; and the expenses incurred up to the time and date of the original verdict or judgment shall be pro-rated in proportion to each party's interest in such verdict or judgment. Notwithstanding the foregoing, in the event that the Reassured's original policies and/or specific coverage parts of their original policies are issued with loss adjustment expenses included within the original policy limit, such loss adjustment expenses shall be included as Loss for the purposes of recovery hereunder. In the event of external legal or external adjustment expenses, including outside monitoring counsel expenses, which are incurred by the Reassured in connection with a claim or potential claim hereunder and which are not the subject of the Reassured's original policy, then Reinsurers shall also be liable for their proportion of such expenses in addition to their share of the loss recoverable hereunder. The Reinsurers shall also accept additional liability, solely on cessions made hereunder, for legal expenses incurred in respect of coverage questions and legal actions in connection with a claim or potential claim hereunder (hereinafter referred to as "declaratory judgment and/or rescission expenses"). It being understood and agreed that: