Notice of Pendency of Claim Sample Clauses
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Notice of Pendency of Claim. It is understood, however, that in the event of the insolvency of Cedent the liquidator or receiver or statutory successor of Cedent shall give written notice to Reinsurer of the pendency of a claim against Cedent on the Reinsured Contracts reinsured hereunder within a reasonable time after such claim is filed in the insolvency proceeding and during the pendency of such claim. Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to Cedent or its liquidator or receiver or statutory successor. It is further understood that the expense thus incurred by Reinsurer shall be chargeable, subject to court approval, against Cedent as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to Cedent as a result of the defense undertaken by Reinsurer.
Notice of Pendency of Claim. It is understood, however, that in the event of the insolvency of Retrocedent the liquidator or receiver or statutory successor of Retrocedent shall give written notice to Retrocessionaire of the pendency of a claim against Retrocedent on the Reinsured Contracts reinsured hereunder within a reasonable time after such claim is filed in the insolvency proceeding and during the pendency of such claim. Retrocessionaire may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to Retrocedent or its liquidator or receiver or statutory successor. It is further understood that the expense thus incurred by Retrocessionaire shall be chargeable, subject to court approval, against Retrocedent as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to Retrocedent as a result of the defense undertaken by Retrocessionaire.