The Reinsures and the Reassured hereby agree that if the Reassured shall at any time be placed in the hand of a receiver, assignee or trustee for the purpose of liquidation on account of insolvency, and if written notice be given to the Reinsures of said happening, their successors in the Reinsures in lieu of payment to the Reassured, their successors in interest and assigns, shall pay that portion of any loss due direct to the Assured less the premium, if any, due to Reinsures, it being herein distinctly understood and agreed that any such payment by Reinsures directly to the said Assured shall fully discharge and release the Reinsures from any and all further liability in connection therewith.
