Common use of Payment to the Clause in Contracts

Payment to the. Company by the issuing banks of amounts drawn on the letters of credit pursuant to subsections 14.6.2 (a), (b) and (d), above, shall constitute payment by the Reinsurer pursuant to this Agreement and shall discharge the Reinsurer of the obligation which gave rise to the draw, provided however the Reinsurer may later contest whether it had failed to reimburse or pay the Company as required by this Agreement.