The Reinsurer's obligation to pay u

The Reinsurer's obligation to pay under this Reinsurance Policy and in accordance with the claims control and loss payment provisions of this Reinsurance Policy arises when the Insurer's reinsured liability becomes payable in accordance with the terms of the Underlying Insurance and is not dependent on the Insurer having actually paid a claim or settled a liability to the Borrower, the Insured Parties or any other person